INMA features Sonali Verma, Sophi’s Director of Business Development, on her thoughts about how subscription fatigue is a myth. Here’s a sneak peek:
“We do subscribe to many services. But psychologically, we do not lump them together as “subscriptions.” Instead, we see meal kits as food, filling in the spot on the credit card bill that groceries used to occupy. We see Netflix as entertainment, filling the spot that theatre used to occupy. Similarly, news serves a different need entirely.
Behavioural economist Richard Thaler, who won a Nobel prize in 2017, has documented this as irrational behaviour that he called “mental accounting,” where we don’t treat different buckets of money as entirely fungible. And yet, that is how we operate. I wouldn’t give up my gym membership to accommodate my Spotify habit because they are two separate buckets in my head.”
Read the full article here.