Subscription Nation: Americans Support So Many Media Outlets, They Need Apps To Manage And Track Them
Americans like media. And streaming services have changed the way they consume it. That’s why the average American is subscribed to at least three streaming services, some they don’t even use. Now consumers are turning to apps to help them manage and track their media subscriptions, Bloomberg reported.
Streaming has become such big business, powerhouse companies like Disney, Comcast and AT&T are getting in on the action. Even start-up media founders are creating platforms to capitalize on the constantly growing trend.
Unfortunately for media consumers, the variety of options is causing it harder and harder to get all the channels they like in one place. Hence the multiple subscriptions and forgotten recurring charges.
Listen to GHOGH with Jamarlin Martin | Episode 38: Tony Effik
Jamarlin talks to Tony Effik, SVP of Client Strategy at NBCUniversal, about where the digital media business is going. Tony talks about directing strategy across the largest multi-billion dollar media portfolio, opportunities with subscriptions, and the business of podcasting.
Since the core of innovation is to see a need a meet it – several financial institutions have created apps to help customers remember they’ve been paying recurring monthly fees for services they aren’t even using.
Banking institutions that are forerunners in this movement include, Goldman Sachs Group Inc., Discover Financial Services and Wells Fargo Co. The apps include Clarity Money, Trim, and Control Tower.
There are predictions that these apps will eventually impact the business of streaming giants like Netflix and Hulu because consumers are becoming more likely to cancel services they aren’t using.
“Corporations in America today make money when people aren’t paying attention,’’ Trim co-founder Thomas Smyth told Bloomberg. “We live in a subscription economy. If you’re paying for anything and it’s not a subscription today, it will be tomorrow.”