New York, April 19, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Social Media Subscription Global Market Report 2023" - https://www.reportlinker.com/p06320342/?utm_source=GNW
, Netflix, Flintobox, Nature Delivered Ltd (Graze), and Amazon.Com Inc.
The global social media subscription market will grow from $17.07 billion in 2022 to $21.91 billion in 2023 at a compound annual growth rate (CAGR) of 28.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The social media subscription market is expected to grow from $53.97 billion in 2027 at a CAGR of 25.3%.
The social media subscription market includes revenues earned by entities by providing subscription services with subscriptions to Instagram, Facebook, video hosting sites, and social networking sites.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Social media subscriptions are primarily engaged in sales of subscriptions or related services to customers on social media through cash on delivery or online payment methods to customers categorized as women, men and kids.
North America was the largest region in the social media subscription market in 2021. The regions covered in social media subscription report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of social media subscriptions are refill, customize, and membership.Refill refers to filling something again.
The payment modes include cash on delivery and online payments. The various applications involved are beauty and personal care, food and beverage, clothing and fashion, entertainment, health and fitness, and other applications and these are used by adults and kids.
Internet-based streaming services are expected to propel the growth of the social media subscription market.Customers nowadays are preferring to watch their favorite content as and when they wish to from any place which is increasing the popularity of online content streaming.
To watch their favorite content online customers, customers need to avail of subscription to specific sites such as Netflix, Amazon, and more either on a monthly or quarterly, or yearly basis by paying a certain amount for the subscription.For instance, according to Decider, a US-based entertainment, and pop culture destination site data, Netflix has roughly 214 million global paid memberships, as of Q3 2021.
In another survey conducted in America revealed that Americans prefer Netflix to TV to watch operas and movies.It also states that 53% preferred streaming TV shows and 56% online video streaming on monthly basis and only 46% prefer watching live TV.
Therefore, the internet-based streaming services are driving the growth of the social media subscription market.
Customers stop subscribing to service either voluntarily due to dissatisfaction with the service or involuntarily about payment issues termed as churn rate.The slight changes in churn rate can affect the business at the bottom line to a larger extent.
The churn rate affects the monthly recurring revenue as a customer takes the revenue while leaving, customer lifetime value which affects profitability and longevity and customer acquisition costs as the company spends to acquire the customer and if he/she churns before gaining the costs spend. In 2022, an analysis by subscription service Recurly states the overall churn rate for the subscription market to be 5.6%. The B2B churn rate was 5.00% lower than B2C which was 7.05% and also the voluntary churn rate by customers was 4.21% higher than the involuntary churn rate which was 1.39%. The higher churn rate is expected to hinder the revenue generated by the subscription market.
Social Media marketing is the use of social media platforms by companies to increase sales, drive website traffic, and market or promote their products or brands.The companies do social media management by posting content on their social media profiles, responding to their follower’s reviews or comments, and publishing social media advertisements.
For instance, in January 2022, according to Sprout Social data, a US-based software company, there are 3.96 billion total social media users across all platforms and the amount of time adults use social media across all platforms is now higher than ever 95 minutes per day.
In July 2021, MEL Magazine, a California-based magazine acquired Dollar Shave Club for an undisclosed amount.With this acquisition, MEL aims to explore a new business model and DSC company helps MEL magazine to ensure the best digital media partner with its unique voice and talented team.
Dollar Shave Club is a US-based company operating in social media subscription.
The countries covered in the social media subscription market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The social media subscription market research report is one of a series of new reports that provides social media subscription market statistics, including social media subscription industry global market size, regional shares, competitors with a social media subscription market share, detailed social media subscription market segments, market trends and opportunities, and any further data you may need to thrive in the social media subscription industry. This social media subscription market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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