Problem: A problem I see emerging in today's world is an abundance of subscription based services in the average home. These services span a wide variety of things based on the consumers preference but usually have a few staples such as Netflix, Hulu, and Spotify. Among these staples there are also the more niche subscriptions such as Bespoke boxes for curated liquor choices, boxes for dog treats and toys, as well as subscription services for food and clothes. These services are only growing in number causing more and more confusion as to where a consumer's monthly expenses are going with all these subscription services also having various due dates making paying these monthly expenses even more time consuming.
Solution: A solution to this growing problem is one more subscription service but one geared towards consolidation. By developing a service that consolidates all of a consumer's subscriptions into one monthly bill we can cut down on the confusion of what subscription services are due and when as well as aggregate how much is being spent on these various services. The service in question (lets call it "Subscribe") would work much like a prepaid debit card where on a given date every month the service charges the consumers main form of payment for the cost of all their subscribed services for that month. The subscriptions themselves for example, Spotify, would then be linked to the Subscribe service and pull its payment from the service itself rather than the consumer's bank.
There are many routes of expansion here such as options for monthly or yearly subscription services to be included in a few different ways. Many subscription services offer discounts if the consumer pays for a full year at a time rather than a month to month cycle, the Subscribe service can capitalize on this by allowing the consumer to set up an allowance that pays towards that yearly price a little every month, for example Amazon Prime charges $12.99 a month or $120 a year giving a yearly savings of $36. Utilizing the Subscribe service can allow a consumer to opt in to the yearly subscription price of $120 while still maintaining a month to month payment structure by allowing Subscribe to charge the consumer $10 a month which would then go into a fund used to pay for their Amazon Prime yearly membership on the due date. This saves the consumer money over the course of a year making the Subscribe service a worthwhile investment that can pay for itself.
Possible enhancements to the service could be to allow a prioritization process. By prioritizing subscriptions a user could ensure their most needed services never get shut off for non-payment while allowing them to skip out on less needed services if they need to. Overall this service would allow consumers to consolidate the amount of bills they pay every month and have a clearer view of how much they spend on subscription services each month and adjust their budgets accordingly allowing for better financial management.
Monetization: There are a few ways to monetize this idea such as charging a flat rate monthly for the convenience of the service or charging a percentage rate based on the grand total of all the subscription services tied to the Subscribe service. Discount agreements might also be secured for handling accounts at scale, enabling users to utilize the service for free.
Contributed by: Steven Marinelli (Intern at Billion Dollar Startup Ideas)