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39% of consumers don’t want to commit to digital subscriptions

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39% of consumers don’t want to commit to digital subscriptions

Subscription services for television, music or cinema are becoming more and more common and the popularity of platforms such as Spotify or Netflix are a good proof of this. However, there are still many Internet users who are afraid to commit to a long-term subscription, specifically, 4 out of 10 consumers feel “commitment panic”, according to the report The Worldpay Future of Digital Payments, carried out by Morar Consulting through a survey of more than 7000 france mobile from 7 different countries. The results are clear: 58% of those surveyed prefer to pay “per day” for each content they consume and 47% consider that subscriptions make it more difficult to keep track of spending (and whether it compensates or not). In any case, 3 out of 10 consumers believe that with subscriptions they end up losing money and that is why 34% of those who subscribe to a digital payment platform abandon it in the first six months. What’s more, 25% are concerned about the security of creating an account with a subscription service, which is charged periodically, versus making a single payment.

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As Kevin Dallas, one of the directors of Worldpay explains: “Subscription services are very popular today and the most avid users may be surprised if someone questions if they are worth it financially, because the monthly subscriptions pay, and much, if people watch entire series or several movies a month. But this report shows that “laggards” need to be convinced. For everyone to join, we need to provide a greater variety of customizable rates and different payment options. ” He also added that streaming and on-demand subscription models are changing the way we consume content: “While it is clear that this market will continue to expand, our report serves as a warning to content providers: people are increasingly inquiring More, before subscribing, on how the content is being paid for. Betting Email List will be increasingly demanding as the market becomes more mature and the subscription models more flexible. The longevity of the content provider platforms will depend, to a large extent measure, of its capacity to adapt its services to the expectations of the consumers “. What type of content are young people willing to pay for? It should be clarified that there are many more consumers who are willing to subscribe to a payment platform than those who are not, and in fact, more and more users are paying for online content, also among the youngest. Of course, the type of content you pay for has changed: for example, media subscription services have generally been a failure, as reflected in a Cloudsense study : only one 7% of British users and 24% of Americans would pay for this type of content. However, another report from the Media Insight Project shows that millennials are willing to pay for entertainment content, especially for movies and online series (only 20% of young people never watch movies or television through subscription services, a very low percentage).Course on e-Marketing at CEF.- Center for Financial Studies
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