It is with great pleasure that we announce that Recurly, a leading subscription management and billing platform, has released its highly anticipated State of Subscriptions report for 2024. This report reveals benchmarks and trends based on data collected from millions of subscribers and billions of transactions, and then combines them with best practices to help subscription businesses drive strong growth strategies for the next year.
'Recurly prides itself on its partnership with its customers - taking this expertise in growing subscriber lifetime value with some of the world's biggest brands, and applying these insights and best practices across our customer base,' says Joe Rohrlich, CEO at Recurly.. As a result of the State of Subscriptions report, those in the industry can better understand and optimize their businesses, while they continue to build the long-term subscriber relationships that define success in the industry. It identifies the significant benchmarks and trends throughout the subscriber lifecycle, assisting them in understanding and optimizing their business.."
"
The company prides itself on partnership with its customers, taking our expertise in growing subscriber lifetime value with the world's largest brands and putting those insights and best practices to use for the benefit of all our customers, says Joe Rohrlich, CEO at Recurly.. As a result of The State of Subscriptions report, the industry can understand and optimize their business while establishing the long-term subscriber relationships that define success in our industry. This report identifies the significant benchmarks and trends throughout the subscriber lifecycle to help those in the industry understand and optimize their business.
As a result of The State of Subscriptions report, the industry can understand and optimize their business while establishing the long-term subscriber relationships that define success in our industry. This report identifies the significant benchmarks and trends throughout the subscriber lifecycle to help those in the industry understand and optimize their business.
According to Recurly's State of Subscriptions report for 2024, benchmarks and trends are highlighted for consumer subscription businesses.
Trends to keep an eye on
It is overestimated how much subscriber fatigue there is - growth continues to be strong.While acquisition rates and free trial conversions decreased as a consequence of a market-wide reduction in acquisition spend and a "growth at all costs" mentality, data shows that overall subscriber retention has improved as a result of this decrease in acquisition spend and "growth at all costs" mentality. There is no doubt that subscriber preferences are ever-evolving, however subscriptions remain firmly rooted within the daily routines of most people. The median trial-to-paid conversion rate was 50%, which indicates the proportion of trial users who transition into paying subscribers, proving that consumers are still most likely to choose trials as opposed to paying subscriptions. According to the report, the median success rate for signups stood at 89%, which is a measure of the proportion of initial subscription transactions that were approved. It is important to note that this metric reflects the effectiveness of the checkout process and the backend payment processing in the store.. During the course of the past year, Recurly has seen a 16% increase in active subscribers, and when compared to 2020, the company sees a 105% increase in active subscribers.. The second is. There is a shift in attention from the most profitable subscribers to the brands that build relationships. In order to maintain subscriber relationships, recovery events, which are defined as instances where technology actively prevents involuntary churn, have become an important part of subscribers' satisfaction. The renewal invoice paid rate, which is the percentage of all renewal invoices that are paid in their final state at the end of the year, came in at 96% in 2023 when it was last calculated.. Overall, the median churn rate across all industries was 4%, which was consistent year-over-year regardless of the industry. In a study conducted by Recurly, 72% of at-risk subscribers were saved by Recurly by leveraging recovery events, extending their subscription by a median of 141 days, with 38% of a subscriber's lifetime occurring after a recovery event. It is estimated that Recurly will recover $1 billion in 2023.The company has been able to generate over $1.2 billion in subscription revenue through its churn management solutions through the application of a wide array of strategies, combining years of transactional data with AI-powered transaction retry models for the prediction of lost revenue and its recovery. Recurly is excited to announce a new platform feature, built-in benchmarks, that will be available to all customers as a free upgrade in the near future.. It is a very important addition that will enable our customers to directly compare key performance metrics against similar businesses in their industry so they can make informed decisions. In that way, they will be able to get a clear picture of where they stand in the competitive subscription landscape over specific periods of time", Rohrlich says.. In two of the new dashboards, there will be built-in benchmarks for renewal invoice paid rates and renewal invoice decline rates.. It is expected that additional benchmarking metrics will be added in the coming months, providing comprehensive insights across subscriber acquisition and retention that will allow Recurly customers to better understand the health of the subscription business that they operate.. The power of personalization is underutilized - creating unique subscription offers boosts loyalty to a brand.The subscriber experience should provide subscribers with a co-ownership experience that allows them to configure a subscription that aligns with their specific needs, while allowing them to adjust it as their needs change over time. In order to grow revenues and relationships, it is crucial to be able to personalize the subscription offer (plan length, product, price, payment, and promotion) at scale. There will be a 28% increase in Recurly customers offering plan customizations to allow subscribers to personalize their subscriptions in 2023, resulting in a $2 billion increase..Revenue growth of $ 2 billion in the next few years. As a result of the addition of product add-ons to Recurly customers, incremental revenue from these add-ons increased by 272% from 2020 to 2023.. Subscribers have the option of temporarily suspending their subscription through the subscription pause feature. It has been reported that 40% of Recurly customers have enabled pause in 2023, which indicates that this feature is widely used to prevent cancellations. There are four. A variety of payment types can impact the subscriber's experience—enhancing the convenience and likelihood of a successful payment for subscribers.Subscription payments drive the subscriber experience and provide the framework for preferred payment methods, affordability considerations, and successful subscription payments from a subscriber perspective. In Recurly, debit cards were the most popular method of payment, accounting for 46% of all global transactions. Since the year 2020, both debit cards as well as credit cards have grown in popularity. The importance of alternative payment methods (APMs) cannot be ignored, even though they make up a small percentage of total transactions. In spite of the fact that PayPal only accounted for 19% of total transactions in Recurly in 2023, 45% of respondents to our survey stated that PayPal was their preferred payment method, followed by credit cards (39%) and ACH, debit, and checking account withdrawals (23%). It has been found that APMs present a significantly lower risk of fraud than credit cards (17%) and debit cards (11%), as they offer an additional level of security that both businesses and consumers can benefit from.. In addition to these insights, there are benchmarks by industry included in the report as well.. For access to the comprehensive 2024 State of Subscriptions report, please click here.. Additionally, you will be invited to attend the 2024 State of Subscriptions: Industry Benchmarks and Trends virtual event on February 1st at 9 AM PT / 12 PM ET / 5 PM BST and hear from industry leaders about exclusive findings from the 2024 State of Subscriptions report. You can register here if you would like to attend..Recurly is a subscription management platform that unlocks transformational growth for thousands of innovative companies across the digital media, streaming, publishing, SaaS, education, consumer goods, and professional services industries.. With Recurly's all-in-one, integrated platform, teams are able to manage and optimize their subscriber lifecycles with ease by easily managing and optimizing subscription billing at scale by enabling them to manage and optimize their subscriber lifecycles through Recurly.. Sling, Twitch, Bark, FabFitFun, Paramount, Lucid, and Sprout Social are some of the category-defining companies that have chosen Recurly as a tool to manage billions of dollars in recurring revenues, future-proof their recurring billing and revenue management and recover billions of dollars in lost revenue due to churn.. The company was founded in 2009 and is headquartered in San Francisco, with offices in Boulder and London as well. You can find more information about Recurly at https://recurly.com.Visit www.com.It is a recurring source
It is a recurring source
It is with great excitement that Recurly announces the introduction of a major new platform feature, built-in benchmarks, available to all customers. We believe that it is a very important addition to our product that allows our customers to directly compare their key performance metrics against other businesses in the same industry.. There will be a clear understanding of where they stand in the competitive subscription landscape over a specific period of time," explains Rohrlich.. The dashboards will include built-in benchmarks for two new metrics: renewal invoice paid rate and renewal invoice decline rate.. In the coming months, Recurly will be adding an additional set of benchmarking metrics that will provide comprehensive insights into subscriber acquisition and retention to help customers better gauge the health of their subscription businesses.
In the coming months, Recurly will be adding an additional set of benchmarking metrics that will provide comprehensive insights into subscriber acquisition and retention to help customers better gauge the health of their subscription businesses.
This report also offers additional insights, including benchmarks by industry, and is available for download here. For more information or to access the comprehensive 2024 State of Subscriptions report, please click here. In addition, you are invited to attend the 2024 State of Subscriptions: Industry Benchmarks & Trends virtual event on February 1st at 9 AM PT / 12 PM ET / 5 PM BST to hear from industry leaders about exclusive findings from the 2024 State of Subscriptions report.
In the digital media, streaming, publishing, SaaS, education, consumer goods, and professional services industries, thousands of innovative companies rely on Recurly to unlock transformational growth through subscription-based services.. As a result of Recurly's all-in-one, integrated platform, teams no longer have to worry about automating subscription billing at scale due to being able to easily manage and optimize their subscriber lifecycles. Recurly has been chosen by companies that are category-defining, such as Sling, Twitch, Bark, FabFitFun, Paramount, Lucid and Sprout Social, to manage billions of dollars in recurring revenues, future-proof their recurring billing and revenue management, and recover billions of dollars in lost revenue due to churn.. A San Francisco-based company founded in 2009, Recurly also has offices in Boulder, Colorado, and London, England. Visit the Recurly website for more information: https://recurly.com.Visit http://www.com
Visit http://www.com
Recurring source of information
There has been an incredible amount of money being recovered from Recurly, a leading subscription management and recurring billing platform, in the last few weeks.
We are pleased to announce the appointment of Joe Rohrlich as our new Chief Executive Officer (CEO) of Recurly, one of the leading subscription management and billing platforms...

Source prnewswire