The social media subscription market includes the sales of subscriptions or related services through social media in the Media industry. Subscription business generates revenue by monthly or yearly payments received from customers to continue the access for a good or a service. The companies involved in subscription market are primarily engaged in sales of subscriptions or related services to customers in social media in the form of refill, customize and membership through cash on delivery or online payment methods to customers categorised as women, men and kids.
The global social media subscription market is expected to grow from $55.7 billion in 2019 to about $64 billion in 2020 as the Covid-19 pandemic is expected to boost the revenue of the subscription market as many countries are under lockdown and people are spending significant time on social media and availing several subscription options. The market is expected to stabilize and reach $103.7 billion at a CAGR of 16.8% through 2023.
