I predict that 2024 is going to be a big year for personal subscriptions.
I don’t want to sound like a broken record, I know that I have talked about it many times before, but personal subscriptions is not only a fantastic way to make money… it is a business model that is becoming so ‘normal’… more and more people are choosing to pay a monthly subscription for the things they enjoy.
Today, most people are paying several subscriptions each month for things like:
- Internet and broadband connection – Sky, Virgin Broadband, Plusnet, etc.
- Mobile phones – Vodafone, Tesco, O2, EE, etc.
- Television networks – SKY, Netflix, Amazon, Acorn TV, BritBox, Apple TV, ITV X, etc.
- Shopping – Amazon Prime.
- Entertainment – Audible, Spotify, Amazon Kindle Unlimited, Patreon, YouTube Music, Ream, etc.
- Health and fitness – gym memberships, online fitness apps, food/recipe delivery (Gusto), sport clubs.
- Drinks – Monthly coffee and wine delivery.
- Storage – Dropbox, Google, storage units.
Monthly subscriptions are now part of everyday life.
Studies show that 63% of the British population subscribe to some form of monthly product or service. That’s around 41.3m people!
The average person has 2.4 active subscriptions and are paying around £39 per month, that’s a total monthly subscription spend of £1.6bn across Britain.
People love monthly subscriptions. People generally get more for their money when they subscribe.
You can still buy individual songs, films, books, and audio books, but why do that when you can pay a small fee and have access to thousands?
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Because of this trend there is a new movement of product creators who are moving from focusing all of their efforts on creating individual products to supplying ‘parts’ regularly via a subscription and then compiling the parts later to create an individual product for those who prefer to consume them that way.
An example would be of a musician working on a new album…
Instead of creating the album then releasing one or two tracks to warm people up for the album release, the new model would have the musician work on individual tracks which are released as part of a subscription as soon as they are done along with any remixes or reworks and then the album would be created and released later using the tracks the subscribers were able to enjoy early.
The subscribers pay to enjoy specific material earlier than other people along with exclusive extra material.
A lot of authors are doing this too. They are writing books which they release as chapters using platforms like Patreon, Ream, and Substack.
Subscribers get to read the chapters as soon as they are released before other people. They can comment and offer feedback. The author may make changes and share them with their subscribers for more feedback.
The book is finally published as a whole after the paying subscribers have read the last chapter.
For fans of specific content, becoming a subscriber for early and exclusive content gives the purchase more value as it allows them to also engage with the creator and other fans.
They are no longer just fans; they become part of an interactive community built around something they love.
They become part of a community… a collective… a part of the creator’s tribe.
They are loyal fans part of the ‘inner circle’.
There is money to be made by building a community.
The good news is that anyone can build a subscription business today.
It may take time to grow but once the number of paying subscribers swells to 500 or more, you are being paid multiple times to create the same piece of content.
One piece of content will earn £5 or £10 if you have just one paying subscriber… yet that same one piece of content could be worth thousands of pounds if you have more than 500 subscribers.
Publishing one post, one article, one chapter of a book, one video, or one piece of music can earn thousands of pounds if you have a large enough number of subscribers.
It may take some time growing your subscriber base – the best way to do that is give quality content away for free, but once your subscriber number starts growing… you are sitting on an incredibly profitable business.
To discover more, click the link below:
How To Cash In With A Subscription Based Business
Kind Regards
John Harrison
PS… Once fully established, you could be earning thousands of pounds each month from work which could take less than a day… depending on what you are providing.
A subscription based business is all about the numbers.
Give a large group of people something they want and need at a price they are happy to pay, and you can be paid multiple times for the one piece of work each week or month.
Here’s that link again: