The subscription market is on a booming trend, with streaming sites and other services generating billions of dollars annually.
According to a McKinsey report, the subscription market size has grown over 100% year-on-year in the past five years, and it shows no signs of slowing down. One analyst predicts that Netflix could have over 300 million subscribers globally by 2028, a remarkable growth from the 70 million subscribers currently on the platform.
However, subscriptions are not limited to streaming alone, with the model transforming to several industries including personal care, food and beverage, clothing and fashion, entertainment, automobile health and fitness, etc. With more people entering the subscription e-commerce market and more industries launching subscriptions, analysts predict the global eCommerce subscription market size is expected to reach $904.28 billion in 2026 at a CAGR of 65.67%.
Ownership is not that important anymore, as users now want media and services at their fingertips rather than physical products to manage. As the world moves to digital subscriptions for virtually any good or service, detailed management of recurring payments has become a necessity. Nonetheless, users of traditional subscription services still face several challenges such as free trial traps, hidden and over-complicated unsubscribing procedures, and small-print agreements, which lose the users’ money on every subscription period.
Additionally, studies show that about 45% of subscribers stick to their subscriptions for about 12 months. However, only 50% of the subscribers actually use up all their subscription periods despite paying the full amount for it. Sometimes, the subscribers actually end up paying for subscriptions for services that they no longer use without their knowledge.
Revuto, a Croatian-based subscription management application, aims to solve these challenges by integrating Web 3 solutions and non-fungible tokens (NFTs), offering added utility to their users. The app aims to offer simple, efficient, and price-friendly subscription channels to every user with the goal to help people take control of their subscription spending by allowing them to decide what, when, and how to pay for their subscriptions.
The Rise and Rise of Revuto In the Subscription Ecosystem
Having released their REVU token barely a year ago, Revuto quickly jumped on the non-fungible token (NFT) bandwagon launching special NFTs to award their investors with higher rewards for users who referred their friends. As interest in Revuto grew, the team launched new NFTs to boost their ecosystem such as Rstronaut NFTs, utility-focused NFTs to boost your staking APR and get a $10K reward in REVU, and R Fund NFTs to support pre-ICO Cardano projects with the opportunity to invest in their tokens early.
The breakthrough line of NFTs, however, was the Revulution NFTs, which launched on July 11, allowing users to trade their subscriptions in the secondary market. This allows users to make a passive income on their unused subscription periods by selling or loaning the NFTs to other users.
NFTs have long been associated with the art and gaming industry in the past. The big question you might be asking is how Revuto has leveraged the power of NFTs to offer users extra utility on their unused subscriptions. Below we dive deeper into how Revuto is using Revulution NFTs to create a secondary market for unused subscriptions and its lifelong subscriptions to Netflix and Spotify accounts.
How NFTs are revolutionizing the subscription economy
As explained above, Revolution NFTs aim to “revolutionize the subscription industry”, allowing subscribers to get any service in the world and monetize their unused subscription period. Imagine you subscribe to Netflix for one year to get a discount. However, a few months into your subscription you decide you do not want the Netflix subscription anymore, or for some reason, you cannot use the account anymore.
To be realistic, Netflix will not refund you back the subscription amount you spent, regardless if you use it or not. This could be the same for any service including gym membership, food delivery, SaaS, Amazon Prime etc. With Revulution NFTs, users will be able to sell this unused subscription period on the open secondary market, which allows them to make back some money, which would otherwise be lost.
-
Monetizing unused subscription periods
Simply, the user holding a Revulution NFT for a specific subscription in their Revuto wallet will get a Revuto virtual debit card, which is used to subscribe to the wanted service. The virtual card is powered by Railsr (formerly Railsbank), and Revuto tops up the card to pay for that subscription as long as there’s a subscription period left.
If the user is no longer interested in the subscription, they can sell or loan their NFT in a secondary marketplace. Once the NFT changes hands, the new owner will get a new Revuto virtual debit card which is topped up by Revuto and can be used to pay for the same service till the subscription period ends. Once the subscription period ends, the NFT will expire, and Revuto won’t be topping up old or issuing new Virtual Debit Cards for that service regardless of who has the NFT in their wallet.
-
A lifetime subscription to Netflix and Spotify
Most of the current subscription services have a finite subscription period, whether weekly, monthly, three months, or annually) which limits users from purchasing longer subscriptions. Not with Revuto’s Revulution NFTs. During the launch of Revulution NFTs, Revuto confirmed a limited number of Revulution NFT holders will get lifetime Netflix and Spotify subscriptions. As expected, these lifelong subscription NFTs will offer users better utility and more value in the secondary markets.
Notwithstanding, Revolution NFTs will also remove any barriers in subscription periods, allowing users to select their preferred time frame for a specific subscription. Unlike the traditional subscription companies offering a fixed period for subscriptions, Revolution NFTs allow anyone to subscribe for any period of time they need, kind of fractionalizing the subscription market.
Final words
By 2030, the subscription market could have ballooned into a trillion-dollar ecosystem, and solutions to the current challenges are needed. With users increasingly selecting to subscribe to their favourite brands, Revuto’s subscription management app could play a big role in shaping the future of the industry.
Monetizing unused subscriptions and having flexible subscription periods, opens up new channels of passive income for users while revolutionizing the industry completely.
