My personal prediction for 2024 is that more and more people will have their own membership style business where they are paid a monthly subscription fee in exchange for digital content.
Subscription businesses are nothing new.
They have been around for years.
People have always paid money each month to have specific magazines, newspapers, and comics delivered to their homes.
Way back in the 1960s, ‘70s, and ‘80s, before they became more affordable, people would pay a small fee each month to companies like Radio Rentals to rent a television or radio set.
People even paid to have milk delivered to their door each morning (a business that is enjoying a resurgence at the moment).
Anything that requires you to pay a weekly or monthly fee for a product or service is a subscription business.
Today, most people are paying several subscriptions each month for things like:
A recent study found that 63% of the British population subscribe to some form of monthly product or service. That’s around 41.3m people!
It found that the average British person had 2.4 active subscriptions costing them £39 a month. That is a total monthly subscription spend of £1.6bn across Britain.
Subscription based business is BIG business… and the great news is…thanks to technology available today, virtually anyone can run a ‘digital’ subscription business of their own from the comfort of their own home.
They can take it with them and even run it while they travel the world.
To run a successful online business you need one or more of the following:
There are already a lot of people running their own subscription based businesses on platforms like Patreon which have been specifically developed to process monthly subscription payments.
The personal adult entertainment sector has rocketed thanks to platforms like OnlyFans, Fansly, and Admire VIP.
These platforms allow individuals to run their own businesses making money without the need of expensive tech support or development fees.
When I started in this industry, to create a subscription based membership business required you to build a dedicated website that needed you to add and configure expensive plugins or pay a hefty price to install a dedicated website framework.
If you didn’t know how to build those types of websites, you would either spend weeks learning while you built it, or you would pay someone to do it for you.
You would also have to faff around with API keys and connect payment processors like PayPal to work with the software.
It could be quite costly and time consuming.
Today, it is far easier thanks to the development of ‘Facebook’ style platforms which allow users to create a profile, connect their online bank of choice with a few clicks, and start uploading and sharing content as soon as they have been verified.
Depending on the platform, it can take as little as an hour to be set up ready to take payment for your digital content.
The personal adult entertainment industry is not the only one to be thriving thanks to these new easy-to-use platforms.
With platforms like Substack, Patreon, Payhip, and the newest kid on the block, ReamStories, writers are able to build subscription business around their work.
Substack is now expanding to be more than just a simple newsletter and email combo platform, people are using it to share podcasts and videos too.
YouTube, X (formerly Twitter), and even Instagram premium is allowing users to take subscriptions for their content.
Virtually anyone from anywhere can now run an online subscription business selling digital content (pictures, videos, podcasts, fiction, newsletters, live chats).
There are people who are making a decent living selling photos of their feet!
With 5.4 billion internet users daily, there are more than enough people online to find a few hundred or a few thousand who are willing to give you money each month to get access to your digital content.
200 people paying you $10 per month would give you a rather decent $2,000 a month (platform and payment fees to come out of that)… that’s not bad for content that can take minutes to make.
So, the question is… will you be starting your own subscription based business in 2024?
And if not… why not?