Platform's churn management features minimized attrition-saving 14.8M subscriptions-and potentially boosting recurring revenues as much as 12.9%
SAN FRANCISCO, Jan. 11, 2023 /PRNewswire/ -- Recurly, Inc., a leading direct-to-consumer subscription management and recurring billing platform, today announced that it successfully helped recover nearly $1 billion in revenue for its customers globally in 2022, representing 21.9% year-over-year growth from 2021. With over 50 million active monthly subscribers, Recurly processes in excess of $1B in payments each month for brands like Sling, Twitch, BarkBox, FabFitFun, Paramount, Lucid and Sprout Social, further powering its machine-learning engine to identify opportunities to capture revenue and customers which would otherwise be lost.
"The most successful subscription brands understand that expanding one's customer base is only one core facet of growth. But fostering long-term customer relationships-and nurturing those relationships-is just as important, and arguably, more challenging to do," said Dan Burkhart, CEO and co-founder, Recurly. "Combining enhanced machine learning with a decade-plus of experience in subscription payments and billing, we've given our customers the tools they need to effectively reduce involuntary churn and save subscriptions, saving dollars and subscribers at the same time."
In 2022, the average overall churn rate for Recurly customers was 6.9%, with involuntary churn at 2.2%. Recurly's churn management functionality specifically helps prevent the latter, which tends to happen when a customer's payment method changes or their card expires. Given that data shows that roughly half of a subscriber's total customer lifetime happens after the point of recovery, recovery events are instrumental toward building long-term relationships. All-in-all, 14.8M subscriptions were saved, representing 76.4% of at-risk subscribers.
"Since July, we've released new proactive and reactive features to further improve the subscriber experience, and have also enhanced data visualization tools to deliver comprehensive insights on the health of subscriptions," Burkhart said.
By proactively optimizing transactions to safeguard payment, Recurly helps ensure that consumers avoid issues maintaining their subscriptions, which helps its customers recognize as much as 12.9% more revenue. To learn more about Recurly's churn benchmarks, visit https://recurly.com/resources/report/state-of-subscriptions-churn/.
About Recurly
Thousands of innovative companies across digital media, streaming, publishing, SaaS, education, consumer goods and professional services industries rely on Recurly to unlock transformational growth using subscriptions. Recurly's all-in-one, integrated platform removes the complexities of automating subscription billing at scale by enabling teams to manage and optimize their subscriber lifecycles with ease. https://recurly.com/
Contact:
Mary Cirincione,
mary.cirincione@propellergroup.com
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