Learn how technology enables companies like Paramount+, Twitch, and Alaska Airlines to acquire and retain millions of subscribers globally.
The subscription model is taking over the world. From streaming services to software to mobility solutions, more and more businesses are shifting to recurring revenue streams. But managing millions of subscriptions is no easy feat.
The Subscription Economy is Booming (But Managing It Is Hard) Subscriptions are taking over the world. From streaming services to software to consumer products, more businesses are shifting to recurring revenue models every day. Gartner predicts that by 2023, 75% of direct-to-consumer brands will offer subscription services.
However, successfully managing millions of subscriptions at scale is incredibly complex. Issues like involuntary churn from failed payments, constantly evolving pricing and packaging needs, global expansion requirements, and more can quickly derail subscription growth.
That’s where solutions like Recurly comes in.
What is Recurly? Recurly is the leading subscription management and billing platform that allows businesses to acquire more customers, reduce involuntary churn, and maximize recurring revenue. Top brands like Paramount+, Twitch, Scentbird, Pret A Manger, and Alaska Airlines rely on Recurly to power their subscription offerings.
With Recurly’s cloud-based platform, businesses can:
• Launch new pricing models, promotions, and packaging in hours without engineering resources
• Recover failed payments with machine learning-driven retry logic
• Automatically update expired cards on file to prevent churn
• Expand globally with automated tax compliance and local payment methods
• Gain rich subscription analytics and reporting
“Recurly has been instrumental in helping us scale our subscription business and rapidly launch new pricing and packaging across our streaming services,” – Shaun Errichiello, EVP of Paramount Streaming.
A good use case of this subscription tech solution is powering Paramount+, Recurly has been a key partner enabling the streaming giant’s impressive growth. Paramount+ leverages this subscription tech solution to manage over 25 million subscriptions across services like Paramount+, Showtime, BET+, and more.
This is where businesses leverage technology to reduce operational waste, in the case of Paramount+ , it can launch new pricing, plans, and promotions in a matter of hours versus weeks. This agility has been critical for rapid testing and optimizing its streaming bundles. This has also facilitated Paramount+’s expansion into over 60 global markets by automating tax compliance and supporting local payment methods.
In the gaming world, it’s all about subscriptions just ask industry leaders Twitch (an Amazon subsidiary). Twitch utilizes Recurly to manage subscriptions for over 2.8 million creators streaming across 140+ countries.
But what how are companies like Recurly able to do this at scale? Simple , AI + its massive dataset of user subscription. Recurly processes over $25 billion in annual recurring revenue and 1 billion transaction events per month across its customer base.
This proprietary data, combined with machine learning, allows Recurly to provide features like:
• Intelligent payment routing and dunning to recover more failed payments
• Customized retry logic and card-updater capabilities to reduce involuntary churn
• Detailed subscription analytics to identify trends and optimize pricing/packaging
As CEO Joe Rickert stated: “Our expertise and the quality of our network data is so strong…we have to go lead in using AI and machine learning to help businesses better predict subscriber behavior and personalize experiences.“
The Future of Subscriptions from streaming to mobility to consumer products, the subscription model will only continue growing.
Whether you’re a Fortune 500 company or start-up, Get in touch with us at Abdi to help you with your transformation.