The Subscription Model Is Not Dead: 3 Ways to Grow Subscriptions at Your Arts Organization
Description
The subscription model is thriving everywhere else besides the arts—to the tune of 20% of all consumer credit card transactions now go to subscriptions and memberships. So why then, are subscriptions and donations on the decline in the arts?
It turns out, there are three big things these successful brands are doing differently than arts organizations. This episode breaks it down, as well as offers ways to implement these ideas.
Get your free resource for this episode: 3 Reasons Your Subscriptions are Declining & 11 Ways to Combat It.
00:00 Introduction to Season Three of The Offstage Mike
00:34 The Theme of Season Three: Running it Like a Business
01:43 The Importance of Subscriptions in the Cultural Sector
02:03 The Current State of the Subscription Economy
02:58 The Decline of Subscriptions in the Arts
03:05 The Discrepancy Between the Arts and Other Industries
06:58 The Three Big Differences in Subscription Models
07:50 The Importance of First Year Subscription Renewals
14:00 The Impact of Price Increases on Subscription Renewals
20:26 The Three Steps to Combat the First Year Cliff
29:13 Conclusion and Final Thoughts