New data reveals frustration with subscriptions such as streaming services
86% of UK consumers want to be able to switch subscriptions such as streaming services on or off “whenever they like”, according to new research from ecommerce tech platform Bango.
In addition to this desire for greater flexibility from subscription providers, the British public is also looking for an easier way to manage their billing: well over half (60%) want to pay for multiple subscriptions through a single monthly bill.
These findings, released today by Bango, are based on an April survey of 1000 UK consumers.
Locked in, tuned out
The survey has also revealed the extent to which UK consumers feel trapped by inflexible subscriptions. Despite churn rates for subscriptions such as streaming services reaching record highs in 2022, 38% of consumers still say they feel “locked in” to their streaming / subscription providers.
This is compounded by the fact that almost a third (28%) of consumers are actively paying for a subscription which they don’t even use.
“This data is a wake-up call for the UK subscription economy, especially for the streaming services making up the bulk of everyday subscriptions.”Anil Malhotra, Bango CMO & Founder, commenting on the survey
In other markets such as the US, where data shows consumers have faced similar frustrations, a solution is emerging to fill the demand: Super Bundling.
As explained by Juniper Research, Super Bundling services consist of a single payment to a service aggregator such as a telco for several subscriptions, delivered through a single online subscriptions hub. This Super Bundling service allows consumers to enjoy easier management of their subscriptions and fewer card-on-file payments throughout a billing period.
“Increasingly frustrated subscribers are finding themselves locked into multiple services, accounts, and bills. A transformative solution is required, and the focus should be on the creation of Super Bundles. These packages aim to consolidate subscriptions, granting users optimal pricing, bill flexibility, and prioritising the needs of the UK consumer.
Leading the charge on this innovative approach, notable telco brands have already made a commitment to Super Bundling — such as Verizon with their ‘+play’ content hub in the US and Optus with ‘SubHub’ in Australia. These subscription hubs enable subscribers to access a diverse range of services: streamers such as Netflix, Amazon Prime, as well as lifestyle, food, gaming, education subscriptions, and more, all seamlessly managed through a single monthly telco bill.
Super Bundling offers advantages for all parties. Consumers enjoy increased choice, flexibility and control. Subscription providers benefit from telco marketing to reach more consumers. And telcos unlock new revenue streams while improving customer retention.”Anil Malhotra, Bango CMO & Founder
For more information on the subscription economy and Super Bundling, view the full Juniper Research whitepaper on Super Bundling here.