I’m not just talking about streaming platforms, which have been biting the wallet for years, or newspapers and magazines, which have simply migrated their long-term models to a new digital era. No, I’m talking about everything. Beer, insurance, cinema: just three of the crazy subscriptions that I’ve currently taken out.
This move stems, obviously, from the collapse of digital advertising and the decline of the high-street. These are two related trends, which have had an enormous impact on the way that product purchasing works.
Media enterprises — whether that’s Netflix or the New York Times — cannot rely on advertising revenue to underwrite their costs, and, similarly, the rise of online retail has made the expense of doing IRL business prohibitive. And so, rather than going to a local bottle shop for my craft beers, I have them sent to me once a month. And where product is not available on subscription, those businesses use subscriptions to incentivise loyalty: just look at ASOS Premier, which puts the fast in fast fashion.
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I’ve got this far in the piece without even mentioning the cost-of-living crisis and the commensurate reduction in households’ discretionary spending. How much are you spending now on eating out, compared to pre-pandemic levels? How much are you spending on wine? How much are you spending on toilet roll? How much are you spending on perfume? How much are you spending on dog food? How much are you spending on newspapers? How much are you spending on porn? If the answers to any of those questions is anything other than “less”, well done you (and please take out a paid subscription to my newsletter).
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Nick Hilton - Aug 30, 2023 (Medium Daily Digest)
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