Sales of its subscription services grew 33% year-on-year, and Amazon Web Services (AWS) grew by 29%. Total profits were up by 200% to $6.3 billion compared to the same quarter the year before, beating Amazon’s previous record of $5.2 billion profit back in Q2.

Ebay’s Q3 revenue rises 25% year-on-year in 2020

Ebay’s Q3 2020 financial statement has revealed that its revenue rose 25% to $2.61 billion compared to the same period in 2019, beating expert estimates of $2.48 billion. In the quarter ending 30th September, the marketplace also reported that its number of annual active buyers increased by 5% to total 183 million globally.

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Subscription economy market value due to reach $275 billion globally in 2022

New research by digital technology market research firm Juniper Research has predicted that the global market value of the subscription economy will grow to $275 billion in 2022, up from $224 billion in 2021.

The report, Subscription Economy: Future Strategies & Market Forecasts 2022-2026, evaluated 10 key subscription-based markets and identified that physical goods, digital video, and digital music will generate the highest revenue in 2022. It predicts that increasing adoption of new device types such as smart speakers, as well as the increased availability of streaming content, will drive further adoption of subscriptions to digital services over the coming year.

However, physical goods remain the largest subscription revenue opportunity, according to the report, and are expected to represent 45% of global revenue by 2022. The Covid-19 pandemic is of course a key driver of increased demand in this area, with shoppers “keen to secure reliable sources of medicines and daily essentials” amidst the ongoing pandemic.

The report by Juniper Research also stated that support for alternative payment methods will be key to growth for future subscription-based services. It urged sellers of subscription services to support multiple payment methods such as Open Banking and digital wallets, focusing on the most popular alternative payment forms in their target countries to minimise friction and reduce churn.