With services for subscription services piling up, maybe now is time to reassess priorities, cancelling poor value to unused services.
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00:00Well, quite clearly, subscription models are what they say. I mean, they want to lock you
00:07into a long-term relationship. But of course, you can sort of move around if you wish. But
00:12quite clearly, when you sort of buy something, if it sort of works well, the tradition of
00:17how she bought it, and that was it. But it's a bit like a maintenance contract. So it provides
00:23a guaranteed income stream for sort of the companies providing the product.
00:27The most popular form of subscription service in the UK is TV, with over 18 million UK households
00:34subscribed to at least one streaming service. In the UK, popular subscription models span
00:40various industries, including meal kits, fitness services, beauty boxes, audiobook platforms,
00:46gaming services, and product rentals.
00:50So the sort of the fire and forget model seems to have had its day, and organisations, particularly
00:54in the tech sector, because that's how this largely operates, they want to get you locked
00:59in for as long as possible. Clearly, they can't normally go for more than a year, maybe
01:04two years. But it does provide that sort of guaranteed income. And of course, in many
01:09of the very big organisations, we're talking many millions of subscribers. That can be
01:15sort of a pretty handsome return.
01:17In 2023, approximately one million UK households cancelled their streaming subscriptions, largely
01:23due to rising costs and economic pressures, highlighting perhaps a growing trend of subscription
01:30fatigue.
01:31And, of course, yes, so you sort of get the first month free, and people often have this
01:36this, they go with it with gusto. But of course, you're locked in for sort of the rest of the
01:40year, and perhaps beyond that, because often, it's incumbent upon you to sort of to cease
01:45the subscription, not for them. So of course, it's kind of into perpetuity, if you like.
01:49So of course, and people sort of tend to forget about these things, because they're coming
01:53out their bank accounts. So the sort of the lesson is, check what you're sort of paying
01:56for and make sure you really sort of need it.