During the recent time there have been created services which allowed to change the way various media, software as well as household items are not really purchased, but they are simply provided from the third party on the subscription basis. This service was initially offered in the form of a subscription to the magazine and now has expanded to billions of dollars of value in on-demand video and games , utility services like cloud-based enterprise software delivery (say SaaS) , platform at your door meal services , workouts through your mobile phone and the like. But do you understand what the price of your subscriptions is per year?.
Recent research has shown that the typical household customer subscribes to as many as 5.4 services at a cost of $251 per month. This means $314 every month or over $3760 a year. In order of popularity is the likes of Netflix Hulu and Disney plus plus channels which are usually at the top followed by many customers who subscribe to different accounts in order to access contented preferences. As for Amazon Music’s offerings and Apple Music subscription price are chosen then the bills go higher.
The digital services like software products for many users are compulsory especially those users who are using the products like Adobe Creative Cloud or Microsoft 365 that cost above $50 per month. The not-well-to-do people have not been left behind either and they have also adopted the trend by paying monthly subscription fares like Peloton or ClassPass for things like exercise which can amount to $100 or even more in a month.
This can be seen in the case with the services being more convenient to the consumers due to the personalization options and the constant flow of information that is provided. But the overall costs for some customers are quite high — and which is why sometimes they go above initial estimations. In regard to the abovementioned expenses, financial analysts advise classifying subscription services after 1-2 years to determine which ones are useful and which are not. That will make people make more rational decisions on certain items, and this will benefit them financially by giving them hundreds of dollars in annual savings.
It is also crucial to take into consideration that in the highly progressing world everything is going towards the subscription-based model and it is essential to pay attention to those specific aspects in order not to excessively spend your money, but to get the greatest possible value from it.
