Consumer spending on subscription applications in the United States grew by over 25% in 2020 over the previous year, says new yStats.com market report: “North America Subscriptions & Recurring Payments Market 2021”.
During the onset of the pandemic, consumers worldwide, and in the United States especially, realized the benefits of the subscription purchasing methods. According to a 2021 survey of over 1,500 respondents across the globe, almost two-fifth of them acquired new subscriptions to be able to better cope with the pandemic and the restrictions.
Moreover, consumer spending on subscription applications increased globally by more than 30%, and in the United States by over 25% in 2020, compared to 2019. Furthermore, among the subscription categories, various entertainment services and online news ranked first in 2021. They were followed by downloadable software, and various education and cloud-based services.
In the United States, over half of the total music industry revenue was brought in by subscriptions in 2020. Moreover, with the market revenue growing by about a quarter between 2019 and 2020, the market share is unlikely to decrease post-pandemic. During the last year, especially pronounced was the market growth rate in the sector of consumer retail products and digital media. Moreover, to secure superior customer experience, companies need work with payment service providers that have recurring payment services in their portfolio. According to the recent evaluation of such PSPs operating in the United States, Square ranked first, followed by PayPal and QuickBooks Payment.