First-year Recurly customers have the potential for an 8.6% revenue lift
SAN FRANCISCO, Jan. 16, 2024 /PRNewswire/ —Â Recurly, a leading subscription management and recurring billing platform, today announced that it successfully recovered a whopping $1.2 billion in subscription revenue in 2023 for its customers around the globe.
This milestone represents a 20% increase from 2022, during which Recurly recovered $1 billion for customers, thanks to its churn management solution. New subscription businesses that leverage the full suite of Recurly’s churn management solution can anticipate a potential revenue lift of 8.6% in the first year by closing many points of inefficiency and leakage. This should create a sense of urgency for those who learn about the revenue left on the table in 2023, and the even larger amount they’ll miss out on if they fail to take action in 2024.
“Recurly takes great pride in returning an additional $200 million to our customers in 2023 as we continue to meaningfully advance our industry-leading churn management solution,” said Jonas Flodh, CPO at Recurly. “In today’s economy, every dollar counts, and it’s not just about money. The most successful subscription brands know that providing a seamless payment process with no disruption in service ultimately provides a positive experience, leading to long-term subscriber relationships.”
To minimize the risk of lost revenue, subscription businesses must apply thoughtful proactive and reactive churn management solutions that deploy a full array of strategies, including advanced automation and machine learning to anticipate payment issues and remove friction in the payment experience. Some subscription platforms leverage static rules, but Recurly combines years of transactional data to feed our AI-powered transaction retry models to predict and recover potentially lost revenue. To learn how much revenue Recurly can recover for your business, please visit the Recurly ROI calculator.
“In the last year, we released many new features to improve subscriber retention and revenue recovery,” Flodh said. “One of the exciting updates this year is to include proprietary benchmark reporting as part of our built-in dashboards—comprehensive insights on the health of subscription businesses delivered directly within the Recurly platform, real time.”
To learn more about Recurly and its subscription industry benchmarks, please visit our 2024 State of Subscriptions Report pre-order landing page.
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. Category-defining companies including Sling, Twitch, BarkBox, FabFitFun, Paramount, Lucid, and Sprout Social have chosen Recurly to manage billions of dollars in recurring revenues, future-proof their recurring billing and revenue management, and recover billions of dollars in lost revenue due to churn. Founded in 2009, Recurly is based in San Francisco, with offices in Boulder and London. For more information, visit https://recurly.com.
SOURCE Recurly
