How memberships and online communities are creating new opportunities for recurring revenue and member-to-member business.
Subscriptions are evolving. Beyond products and content, they can offer access to a community: a space where people with shared interests connect, take part in events and build relationships that can lead to new opportunities.
This model is already appearing across different industries. Supercast has added live streaming and chat to creator subscriptions, so members can watch and talk in real time. MS NOW launched a paid membership program with exclusive content, subscriber conversations and opportunities to interact with its hosts. Fast Company has created a private community linked to content and events for its subscribers.
The opportunity for businesses is to go beyond recurring sales: bring people together around shared interests and make it easier for members to exchange knowledge, recommendations and services. A community can give people more reasons to stay, as long as it continues to deliver value. Price still matters: according to Deloitte, 61% of consumers would cancel their favorite streaming service if its monthly price increased by US$5.
Cobuntu is built around this shift in consumer behavior, bringing member management, conversations, events and a marketplace together in one space. This gives communities of people with shared interests an easier way to promote services, find partners and do business with one another. The subscription keeps the community active; the infrastructure helps members exchange value.