In-App Subscription Revenue Expected to Hit $120B in 2024

According to a new report, in-app subscriptions are continuing to grow even though many consumers do not want to subscribe to different services. For the past few years, consumers do not want to buy the full app features. They just subscribe to different services in the app on a weekly or monthly basis. Right now, weekly subscriptions are getting popular with a 15% YoY increase in apps which are supporting this model.

Many of the app developers say that weekly revenue motivates them to keep improving the apps but many experts say that this model can be problematic. Even with a subscription fatigue among consumers, the in-app subscription market is thriving. As per Adapty, the global revenue of in-app subscriptions is expected to hit $120 billion in 2024 which is way higher than last year.

The most common subscription period now is weekly, with 55% of consumers subscribing to in-app services on a weekly basis. Some time ago, many apps just offered monthly or yearly subscriptions so consumers had to choose monthly. There are three reasons why consumers and developers enjoy weekly subscriptions. The first reason is that consumers see weekly subscription as a free trial and the subscription fee is also fairly lower than monthly subscription. Developers also get revenue on a weekly basis with this. Secondly, consumers like weekly subscriptions because they are not completely committed to the app which makes the in-app subscriptions rise in numbers. Third reason is that when the app shows a weekly subscription amount instead of monthly, it will make the app look cheaper and affordable.

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by Arooj Ahmed via Digital Information World