GITNUX MARKETDATA REPORT 2024

Subscription Economy Industry Statistics

The Subscription Economy industry is anticipated to continue its rapid growth, with projections indicating that it will reach a market value of $1 trillion by the year 2023.

Last Updated: June 22, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we explore the thriving subscription economy industry and its incredible impact on global markets. With statistics revealing the substantial growth and consumer trends within the subscription marketplace, it’s evident that this business model has become a dominant force in retail, entertainment, and e-commerce sectors. From the exponential rise in subscription services to the evolving preferences of online consumers, the data presented sheds light on the subscription economy’s expansion and its key players’ impressive market share.

Statistic 1

"The global subscription market was valued at over $350 billion in 2021."

Statistic 2

"The subscription box industry made $10 billion in annual retail sales by 2025."

Statistic 3

"In 2021, over 50% of U.S. online consumers had a streaming service subscription."

Statistic 4

"The subscription e-commerce market has grown by 100% each year from 2011 to 2020."

Statistic 5

"Subscription services account for about 18% of online shopping, up from 5% in 2014."

Statistic 6

"Netflix held about 31% of the global video streaming market share in 2021."

Statistic 7

"There is a 24% increase in global subscription e-commerce during the pandemic."

Statistic 8

"The fastest-growing sector within the subscription economy is business subscriptions with a growth of 25% from 2020 to 2021."

Statistic 9

"In 2021, 15% of online shoppers have signed up for one or more subscription services."

Statistic 10

"More than 7 out of every 10 consumers in the U.S. subscribe to at least one subscription service."

Statistic 11

"The churn rate, the rate at which customers stop subscribing, is 6.7% for the subscription box industry."

Statistic 12

"In 2018, Spotify claimed 36% of global streaming music subscriptions."

Statistic 13

"Sales for subscription service providers are five times higher on mobile platforms."

Statistic 14

"The market size for the global database, storage & backup software publishing industry is $229.9bn in 2021 with a CAGR of 8.6% during 2016-2021."

Statistic 15

"Around 34% of millennials prefer to use a subscription model for services rather than owning products."

Statistic 16

"Video content subscriptions growth rate has quadrupled in the last quarter of 2019 compared to 2018."

The statistics presented clearly highlight the significant growth and prevalence of the subscription economy across various industries, with substantial revenue generated and a rapidly expanding market. The data indicates a strong consumer preference towards subscription-based services, particularly evident in the streaming, e-commerce, and business sectors. The shift towards subscription models is reshaping consumer behavior and business strategies, emphasizing the importance of recurring revenue streams and customer retention. The high subscription adoption rates, coupled with the notable market share held by key players, underscore the enduring impact and potential of the subscription economy as a dominant business model in today’s market landscape.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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