In the past, / people typically bought and owned the products they needed, / whether they were physical copies of movies or music albums.

However, / this traditional approach to consumption / has faced challenges / in recent years / as more people have chosen to subscribe / rather than make purchases.

This transition has accelerated the growth / of what is now known as the subscription economy.

Consumers can now subscribe to almost anything / —from streaming platforms, / such as Netflix and Spotify, / to software solutions and even car rental subscriptions.

The subscription economy has expanded significantly, / experiencing substantial growth / over the past decade, / and is on track to achieve a market size of more than S1.5 trillion / within the next few years.

As a result, / an increasing number of companies / are moving to subscription-based business models / to capitalize on this trend.

Subscription-based business models / benefit both consumers and businesses.

Consumers gain affordable access to a variety of products or services, / often at a lower overall cost / compared to purchasing them individually.

Meanwhile, / businesses secure a stable, steady revenue stream / by fostering long-term customer relationships.

Ultimately, / the growth of the subscription economy is advantageous for both parties, / making it a dominant force / in modern commerce.