A staggering one in three Americans pay for a subscription they never use, and 35% have lost track of how much they spend on subscriptions each month. This trend extends globally, with 28% of Europeans and 27% of Latin Americans experiencing similar difficulties in managing their subscriptions.
These findings come from a new report by Bango, a company specializing in bundling technology. The report, titled "Super Bundling: Global Trends," analyzes data from over 15,000 subscribers across the United States, Europe, and Latin America, highlighting the challenges and opportunities within the subscription market.
One of the key trends identified is the emergence of “Vampire Subscriptions” – subscriptions that drain consumers' bank accounts without their knowledge. This issue is particularly prevalent in the United States, with 44% of consumers struggling to keep track of their subscription sign-ups.
A potential solution to these challenges is the rise of super aggregation. This approach allows subscribers to purchase multiple subscriptions through a centralized platform, often referred to as a content hub. These platforms can provide various benefits, such as loyalty discounts and simplified billing.
Bango CEO Paul Larby notes that while full-service content hubs like Verizon +play are gaining traction in the United States, they haven't fully penetrated European and Latin American markets despite significant consumer demand. "What's clear is that subscribers want choice and flexibility without the annoyance of juggling multiple accounts and bills. Super Bundling through content hubs finally brings that level of flexibility — aggregating multiple services into one single platform with ease. It's an approach that puts the subscriber first while allowing subscription services to share users rather than fighting over them," said Larby.
The demand for all-in-one subscription platforms is strong, with 46% of Europeans, 54% of Americans, and a whopping 68% of Latin Americans expressing their willingness to spend more time using their subscription services if such a platform were available.