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A couple weeks ago, I got an email telling me I just paid $30 for a subscription to Fortune magazine that I didn't even know I had.
Yeah, that is a classic problem.
I think I'm subscribed to like two workout apps that I never actually use.
Yeah, happens all the time.
I realized I'd signed up for this $1 introductory trial to read a single article about crypto bankruptcies, and then I had totally forgotten about it for six months.
But instead of canceling this particular subscription and moving on with my life, I decided to call up someone who's thought a lot about this vexingly common annoyance, an entrepreneur named Haroon Mukhtarzadeh.
All of the companies I've started start from just a problem that annoys me.
It's like the Larry David approach to business.
Sure, that's the way to put it.
About a decade ago, Haroon and his three brothers, who are all business partners, were trying to come up with a new idea for a startup.
They gathered a few times a week to brainstorm in one of their basements, which they'd given this kind of fun nickname.
We called it the floundery because we said, like, we don't know what we want to do.
So what we're going to do is we're going to flounder on ideas, and then when something hits, that's when we'll know it's a good idea.
And we just started kind of tossing around mostly terrible ideas.
There was the virtual reality headset that customers could wear on their stationary bicycles to feel like they were on a real ride.
They decided that idea was just a bit too sweaty.
We had one that was a box that would send you goods from, like, your home country.
So for, like, an immigrant, it would be, like, an assortment of different kind of, like, foods from there or other items from there.
That one, actually, my brother Yaya had decided to sort of run with a little bit.
And I think he might have started with Turkish products.
My mother's Turkish, my father's Afghan.
And he started getting orders and stuff.
And, like, then you realize, like, oh, my God, like, I don't, like, I need, like, a room to put all of these things in.
And there's, like, inventory.
And he's like, this is too complicated.
And he shut it down.
Finally, one day in late 2015, Haroon was in the floundery with his brothers when he started talking about this problem that was on his mind.
A while back, he'd come across an article about how more than a million AOL customers were still paying subscription fees to AOL, even though the era of dial -up internet was long gone.
Haroon thought a lot of those people might not even know they were still being charged.
In the age of automatic credit card payments and paperless bank statements, it could just be incredibly hard to know what subscriptions you were on at any given moment.
Now, Haroon knew there had to be some simple, elegant solution here.
If he could get access to a customer's monthly financial transactions, there should be a way to isolate and identify their recurring payments.
The only problem was that he didn't know how to get that information.
And then my younger brother, Dries, is like, oh, I've been playing around with this company called Plaid that does the whole bank linking thing for you.
And I was like, you're kidding me.
And so we basically, like, jumped on this.
And we all go and I put in my bank passwords and stuff like that, and it downloads all the transactions.
Then we dump them in this giant Excel file.
So I've got, like, years and years of transactions in this giant Excel file.
And then I, like, grabbed my older brother, Zicky, and I'm like, Zicky, look, we need an algorithm that's going to pick out from this large transaction list, you know, subscriptions, recurring stuff.
They need to be, like, maybe the same amount of money.
The name needs to be, like, similar.
They need to be, like, on some kind of regular occurrence.
And he's a math major.
So he's like, I got this.
And, like, he starts, like, writing this algorithm.
And a little while later, boom, like, a list pops out.
A list pops out. All of a sudden, this chaotic jumble of obscurely labeled transactions going back years appears as this orderly list showing all the recurring payments that are getting taken out of Haroon's account on a regular cadence.
And it was like, wow, this is, like, a new view that I've never seen on my finances.
And as Haroon starts to survey this newly revealed financial landscape, almost right away, he finds a troubling series of line items.
And there's a $40 subscription for a security system on a home that I had moved out of, like, over a year prior.
I had paid at least a year to two years.
So somewhere between $500 and the $1 ,000 went out the door.
So you were paying for the home security of whoever lived in your old home?
I don't even know if they were using it, though.
I think I was just paying for it.
There was just free money for the company.
Yeah, exactly. Haroon's brothers then throw their bank statements into the algorithm, and each of them starts to find their own forgotten subscriptions.
It was like four out of four.
Like, all four Muktarzada brothers were not properly tracking their money.
And you're like, okay, if this affects the four of us, it might actually be a bigger thing.
Yeah, and if not, we clearly need it, so let's build it.
A little bit of a spoiler alert.
It was not just the Muktarzada brothers who were experiencing this problem.
And in the years since that fateful day in the floundery, the number of people caught in this web of subscriptions has gone up and up.
What's happened to the subscription economy since you started this company?
The subscription economy definitely exploded.
Hello and welcome to Planet Money.
I'm Alexei Horowitz -Gazi.
And I'm Jeff Guo. Over the past two decades, there's been a sort of tectonic shift happening under our feet as more and more companies have switched from selling goods one by one to services available as a subscription, from razor blades to meal kits to car washes.
But all that convenience has come with a dark side.
Today on the show, how we all fell into the subscription trap.
Who is winning and who is losing in this brave new subscription -based world?
And what the government and the free market are doing to try and fix it.
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Okay, so the problem that Haroon Mukhtarzada and his brothers were setting out to try and solve with their new app about a decade ago, that had not just appeared out of nowhere.
It was the result of this major economic shift, decades in the making.
A shift from selling individual goods to one where almost everything feels like it could be repackaged as a subscription -style service.
To understand how that happened, we called up a guy named Teen Zwo.
Teen set a front -row seat to the rise of what he calls the subscription economy, as the founder and CEO of a company called Zwora.
So you guys are like the infrastructural backbone to some of the biggest subscription services in the world?
That's right. So we're a little bit invisible, right?
To you, you might not know that we exist, but we're powering the money transactions behind anything from Zoom to the New York Times, to General Motors, to power all sorts of subscription services.
The basic outline of the subscription model, Teen explains, is at least as old as the magazines and newspapers and milk delivery services of the 19th century.
Why own a cow when you just want the milk, right?
That's really the idea.
Teen says you can trace the birth of our modern, subscription -obsessed economy to Silicon Valley in the late 1990s, and even more specifically, to one particular company, where he was an early employee.
Well, I think the company that people would point to is Salesforce.
Salesforce is a company that makes database software for other companies to keep track of sales and marketing and customer service.
And up until that point in the late 90s, Teen says, the software industry was still organized around selling individual goods, CDs with programs like Microsoft Word or Adobe Photoshop.
Despite the fact that software was a digital product, it was very much sold on a unit basis.
Customers would buy individual programs on a disc to install on their computers.
For big pieces of corporate software, companies might have to install more servers and hire larger IT departments.
In this model, software was like a tool, like buying a typewriter, that you could use as long as you wanted.
When you decided it was time to upgrade to the latest version, you had to go buy a new copy at full price.
The thing that Teen and his colleagues at Salesforce realized was that in the age of the internet, this traditional model was no longer necessary, so they posited a new model.
Let's create software that people don't have to buy.
Let's create software that we run, that we operate, and you simply point your browser at our servers, and we'll just take care of it for you.
So you can have the milk, if you will, without having to buy the cow.
Salesforce started offering their software as a service.
Now, instead of buying your own copy of some program for a hefty sticker price, you could essentially rent it and spread the cost into smaller recurring payments every month.
More companies could now afford a Salesforce, and everyone could get access to customer service and new software updates in real time.
As for Salesforce, the subscription service model was appealing for a few big reasons.
It made software development less risky.
Instead of making their money in lumpy fits and starts every time they released a new version of their software, subscriptions meant that Salesforce would have a dependable stream of income, month after month.
They could cover the costs of maintaining the software, fund the development of new updates and products, and build on top of an existing customer base.
They could more reliably plan their revenue and costs, and that would make them more attractive to outside investors.
Within a few years, Salesforce proved that this subscription model could be a billion dollar business, and other companies around Silicon Valley started to follow in their footsteps.
Venture capitalists, or VCs, started investing more of their money into startups that offered software as a service, or as the acronym goes, SaaS.
So I think when Salesforce went public in 2004 and really did well, the VCs understood that this is a viable model, and you really started to see the shift.
All startups, really, all software startups, enterprise software became software as a service companies.
Within a decade, Netflix was offering streaming movies and shows as a service, Spotify figured out a new way to offer music as a service, both under the premise that it might be cheaper and more convenient for consumers to essentially rent access to these massive content libraries instead of individually
buying songs or movies.
Even Planet Money has gotten into the subscription game.
We see you, Planet Money Plus.
And as subscriptions transformed the digital world, the enthusiasm for this model started to ripple out to more and more other parts of the economy.
Pretty soon, you could get subscriptions to help you restock your household staples.
So you'd never have to worry about running out of razors or morning coffee or toilet paper.
Yeah, subscriptions are everywhere you look these days.
A lot of the basic infrastructure of the internet runs on subscriptions, things like Amazon Web Services.
Even tractor manufacturers are now selling subscriptions to unlock all the features of the tractor they just sold you.
At this point, does it feel like there's a kind of pressure on almost any type of company if they're trying to convince investors to back them to use a subscription model?
I think what's really telling is if you look at the early stage venture market, and this definitely skews towards technology companies, certainly.
But I'd be hard pressed to see a venture capitalist fund a company that does not have a strong recurring subscription model.
Which brings us back to our consciously floundering businessman, Harun Mukhtarzadeh and his three brothers.
By 2015, when they figured out a way to clearly identify recurring payments in their own financial statements, Harun says it was clear that helping people keep track of their ballooning subscriptions was only going to get more useful.
So they make a basic free website where people can link their bank accounts and find out what subscriptions they're paying for and might want to cancel.
They send it around to some family and friends, and over the next few months, it gets popular.
But then came the requests from users that said, okay, that's great, but why can't I just hit a button and you guys cancel this thing?
And we were like, huh, that would be nice.
That would be nice indeed.
And so we started doing that.
We said, all right, we're going to do that.
Harun and his brothers install a cancel button onto the website.
And when a user pressed it, the request would arrive at the brothers San Francisco office, where one of them, usually Yaya, would take it upon himself to brave the customer service gauntlet of whatever subscription their client wanted to escape.
Yaya was in the corner of this very tiny office, just like making phone calls, like, hi, yes, I want to cancel this subscription, please.
No, I don't use it anymore.
No, thanks, I'm not interested.
Please cancel it. So it's the very familiar dance of trying to convince a company to let you go.
Yes, although with slightly increasing frustration, as Yaya's on his hundredth call or whatever.
Eventually, the brothers were able to get enough users and raise enough venture capital to create an app and outsource this laborious process to a call center in the Philippines.
But they were still having trouble figuring out how to actually make any money.
They considered charging a one -time fee for the app, but decided that would exclude too many would -be users.
They talked about collecting and selling their users' financial data, but Haroon says that option just felt like it would be a betrayal of their customers' trust.
They did try affiliate marketing.
Basically, they earned a commission when their customers signed up for other company services through their app.
We made a little bit.
Like, we were making, like, maybe $15 ,000 a month or something like that.
But our expenses were in the hundreds of thousands at that point.
All of which meant that, after just a few years, the company found itself in a dire financial situation.
And so we basically were like, guys, you know, there's something here, but it's not a sustainable company.
We can't keep paying for the staff that we had hired and the engineers.
It's like, what are we going to do?
And we had this meeting.
I was just like, all right, we basically have enough money for one other try.
Like, one bet. What is the one thing we could do?
The brothers talked through their options.
The affiliate marketing strategy had not worked.
They still don't want to sell customer data.
And finally, Yaya asks the question they've all been kind of avoiding for years.
What if we charged a subscription for this service?
And I mean, the sheer irony of that is why I personally was adamantly opposed to it.
I just said, this is crazy, guys.
Like, we can't have a subscription cancellation service that charges people a subscription for it.
It just seems so ridiculous.
But when you're on death's doorstep, basically you're willing to kind of do whatever.
So that is how after several years doing battle with big subscription, Haroon and his brothers finally succumb to the siren song of the subscription model.
And within a matter of months, Haroon says they started to see the number of premium subscribers grow and grow.
And as soon as I saw that number, I was like, guys, there's something here.
It was $3 a month, too.
We weren't charging a lot or anything.
But when we saw that, we were like, okay, we actually have a revenue model now.
So the subscription model came to the rescue.
The subscription model came to the rescue.
That's right. Over the next few years, the brothers were able to raise tens of millions of dollars in investment.
Turns out venture capital really does like a subscription model.
And in the winter of 2021, Haroon and his brothers announced that they would be selling their app, which they had named Truebill, to the company behind Rocket Mortgage.
And how much did you end up selling the company for?
It was $1 .3 billion.
With a B. With a billion with a B, yeah.
It's a hard number to walk away from.
So in the six years since Haroon first complained to his brothers about his subscription problem in the floundery, the subscription model had exploded across the economy.
And yes, it brought untold convenience to consumers and consistent revenue to businesses.
But it's also meant that we've been juggling with more subscriptions than we can keep track of.
And this, you know, Cambrian explosion of subscription offerings has also exposed some of the deliberate and deceptive ways that companies have been trying to lure in and lock in as many customers as possible.
After the break, the subscription model breaks bad.
And the government strikes back.
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In order to understand why many of us are drowning in more subscriptions than we know what to do with, it's useful to step back and think about how the subscription model has incentivized businesses to behave.
Right. So if you're a business that just sells goods like TVs or whatever, all that matters is how many TVs you sell.
But subscription businesses are built around not only how many customers you can bring in, but also how many customers cancel every month.
That number, the percentage of customers who cancel, is called the churn rate.
And subscription businesses obsess over it.
It's the key to their long -term profitability.
And in a sort of ideal world, when the subscription model is working well, a company's incentives should be aligned with its customers.
To keep the churn rate low and convince customers to stay subscribed, the company might improve their offerings or keep prices low.
But there has always been a sketchy side to subscriptions.
There's famously, you know, a subscription mail order record company called Columbia House.
They used to try to get customers to sign up by offering them 12 CDs for a penny, but then they would charge them full price for new records every month in perpetuity unless they opted out.
And you can still see the temptation for companies to try to gain subscribers or reduce the churn rate by making little tweaks that have nothing to do with improving their services.
Like, maybe they'll just make it a little less clear how much the monthly fees will be after an introductory offer.
Or they'll make it just a teeny bit harder to cancel by adding an extra step.
There's a temptation to take advantage of the fact that we might not have time to go through all the hoops to cancel.
Now, if you want to get a sense of how much of the subscription economy is based on sheer customer inertia, you'll want to talk to Stanford economist Neil Mahoney.
Last year, he and his colleagues released a working paper about this very question.
He says, usually when he talks about his work, people's eyes start to glaze over.
This was one of the examples where people were sort of chomping at the bit to tell me, you know, their example of this phenomenon.
So the ANAK data was showing that a lot of people seem to be struggling with the same problem.
Yeah, for sure. A couple years ago, Neil and his colleagues got access to this massive data set with the credit and debit card transactions of hundreds of thousands of people.
And they designed a neat way to look at whether people were paying for subscriptions they didn't want.
Basically, when people's cards were lost or stolen or expired, they were forced to actively choose whether or not to renew whatever subscriptions they were signed up for.
And what you see, you see this like remarkably crisp pattern, like on average, 2 % of people cancel every month.
And then in the month where their credit card switches over and they have to make a active decision, 8 % of people cancel.
So they're four times more likely to cancel when they're forced to pay attention to decide, do I really want this product?
In other words, tens of thousands of subscribers in this study seem to have been paying for a service that they no longer actually wanted, which, Neil calculated, meant that some of these companies were making anywhere from 20 to over 200 % more revenue than they otherwise might have.
They were benefiting from a sort of inertia premium.
I mean, it sounds like a pretty good deal for some of these companies.
Yeah, and I think that speaks to the issue, right?
That there is a bunch of business models out there which might not be viable if markets were working the way they should, which is if you're not getting good value for money, you leave the product.
Neil explains subscription services that rely heavily on forgetful or trapped customers are benefiting from a kind of monopoly power.
The fact that part of their customer bases are locked in means these firms aren't guided by normal market forces that would lead them to improve their services or lower costs.
It's a barrier to competition.
My markets work when firms compete.
And when you're not canceling a product you no longer want because you forget about it or it's impossibly difficult to cancel, those forces of consumers taking their business to another product are blunted.
Which is why the federal government has now entered the chat.
Subscription traps are a market failure.
Sam Levine is the head of consumer protection at the Federal Trade Commission, which is like the main federal agency in charge of dealing with this subscription mess.
I don't know anyone who's not fed up with some of these subscriptions.
And I know a lot of people who are now more reluctant to sign up for subscriptions because they just don't trust that they're going to be able to cancel it easily.
People are busy. I helped recently my partner's 75 year old mother try to cancel her cable subscription.
It was hellish. She had to convince them that this is what she wanted to do.
She has other things to do.
I had other things to do.
The fact that she needed the director of the Consumer Protection Bureau at the FTC to help her cancel an outrageously expensive cable subscription is a sign of how bad this problem has gotten.
Sam explains that the FTC has had rules going back to the 1970s governing what is and isn't allowed when it comes to subscription model businesses.
But over the last few years, the agency has received tens of thousands of new consumer complaints about deceptive practices on the part of these companies.
Techniques that are way more deliberate and dastardly than just benefiting from the forgetfulness of some of your customers.
Yeah, they use so -called dark patterns or deceptive design practices to obfuscate the terms of service or to deliberately make the process of canceling a subscription nearly impossible.
Over the past few years, the FTC has brought several high profile lawsuits against companies that they see as the most egregious offenders.
Yeah, I mean, we're in litigation with Amazon, but they called their own cancellation process the Iliad flow.
Like the Homeric epic?
Yes, exactly. Which I think is a good example of how folks inside the company were thinking about the cancellation process for Amazon Prime.
So would the customer be like Achilles trying to get into the fortified city of Troy in this metaphor or the customers, the Trojans getting tricked by the Trojan horse of dark patterns?
I think that's a good question.
I would direct to Amazon rather than to me.
We did, of course, ask Amazon to clarify what they meant by naming their cancellation process after the Iliad.
Seems like they might have meant the Odyssey.
They did not answer that part of the inquiry, but they did provide us a statement saying that Amazon Prime sign up and cancellation processes have, quote, always met a standard for customers well above legal requirements.
And we should say Amazon supports and pays to distribute some NPR content.
Now, in another ongoing case filed against Adobe, the FTC alleges that a company executive there referred to an early termination fee tucked into their terms of service for a subscription as, quote, a bit like heroin for Adobe.
Basically suggesting that they were financially addicted to locking in their customers.
But Sam says the solution to this problem has got to be bigger than just a few high profile lawsuits.
He says you have to change the basic cost benefit analysis that companies make as they design their subscription offerings.
Last spring, the FTC said they were going to crack down on deceptive subscription practices.
They proposed something they're calling the click to cancel rule.
And the idea here is to legally require companies to make it at least as easy to cancel any given subscription as it is to sign up.
The FTC commissioners recently voted to pass the rule and it'll go into effect in about six months.
What the rule would do is really change the cost benefit.
Yeah, you can trap people and maybe it'll earn you another $6 .99 a month.
But if you're caught, you could be liable for civil penalties of more than $50 ,000 per violation.
And that's just basic deterrence theory.
The cost of breaking the law needs to exceed the benefit.
And this rule would go a long way toward realigning those incentives to ensure that it does.
You know, since I got that email telling me I'd been paying $30 for a forgotten magazine subscription a couple weeks ago, I've been thinking a lot about why it is that so many of us might find ourselves oversubscribed these days.
A lot of it is explained by this broader economic shift, of course, where buying almost anything nowadays is just more likely to entail a subscription.
And some of it can be chalked up to the fact that a lot of companies are specifically designing their terms of service to lock us in for as long as possible.
But I think there's also something much more deeply human underneath it.
Something that Sam reminded me about when we were talking.
It's the idea that there's this aspirational yearning behind a lot of the purchases we make.
When we sign up for a gym membership after New Year's, it's this kind of bet on ourselves that maybe this will be the year that we'll finally become the healthy, ripped person we dreamed of.
Or maybe it's an incentive to finally change.
Sam says these subscription services have made it so incredibly easy to sign up and enter our credit card information that we can make those aspirational purchases all the time.
You think, yeah, this coming year is going to be the year of, you know, the year I really get into shape, the year I really start cooking.
But then on the back end, when you realize, you know, actually, I don't really have time to cook all of this food and being delivered.
That's when they make it really difficult.
The end result, people are stuck with way too many subscriptions.
This year's finally going to be the year I'm going to purge all the subscriptions that I have not been using.
That is an aspiration, and I understand there are apps you can download to help you do that, but then good luck canceling those apps.
I did not, in fact, feel like signing up for a new subscription in order to cancel all my other ones, but I did pull up Harun Mukhtarzadeh's Rocket Money app to at least get a look at the list of things I was paying for.
I think it is finally time for us to do the thing that's kind of been lurking in the background this whole episode.
Which is to confront ourselves exactly how much money we've been wasting with all of these passive subscriptions we totally forgot about.
Jeff, are you ready to take a look in the financial mirror?
No, this is a journey that you're going to have to go on by yourself.
I'm sorry. What are you talking about?
Why? I do not want to know, but I support you in your journey if you want to know the truth.
So I linked my credit card and bank statements, and suddenly I found myself staring at a list of all my recurring payments.
Okay, oh god, there are a lot of things on this list.
Apple Store, 1838, it doesn't say what that is.
Audible, $14 .95. Google One, maybe that's storage, $2 .11 per month.
Paramount Plus, $12 .97.
Peacock, I have Peacock and Paramount Plus and Hulu and Max.
I feel a little dizzy.
I think it's time to face the music.
You wanted this. Tell us the number.
Hiding near the top was the number we had been looking for.
Oh god, okay. I've got the total money per year that I'm apparently spending in subscriptions.
Okay. Woo! This is outrageous.
$7 ,379 a year in subscriptions.
What is happening? I think I have to sit down.
That's $600 a month.
Now, to be fair, about $250 a month we're going to car insurance and a Brooklyn storage unit, neither of which feels exactly like a subscription.
But in any case, I've been spending an obscene amount of money on subscriptions.
Is this going to make you do anything different going forward?
Well, I think I've got some decisions to make.
I think I'm going to have to spend the afternoon doing a kind of Marie Kondo -style joy accounting.
Well, just remember what Marie Kondo says.
As you're letting things go, say a little thank you for their service.
Thank you for your subscription service.
Okay, well, good luck.
Thanks, man. All right.
What is still sparking joy and what has to go?
The Chess app. Boom.
Cancel it. The AAA membership.
I definitely need that.
I'm going on a big road trip.
Geico. My car insurance.
I obviously have to keep paying that.
I don't need Kindle Unlimited.
I don't have a Kindle.
Open AI. They're going to be fine without me.
Canceled. Today's episode was produced by James Sneed.
Next up, we got Hulu.
Oh, just take one last look at the offerings before I go.
Oh, Shogun. It was edited by Jess Jang.
No. Okay, no, this is crazy.
I need to get out of this.
Canceling. And fact -checked by Sierra Juarez.
Okay, what the hell is this?
Am I double paying for HBO Max?
That is not ideal. Engineering by Sino Lefredo.
All right, we are making progress.
Alex Goldmark is Planet Money's executive producer.
Okay, I see all trails here.
I don't remember the last time I did go on a hike.
Something a little sad about that.
All right, we are cleaning up here.
Cancel, cancel, cancel.
Yes. Whoo, free. Okay, so after all that, how are you feeling?
I feel the weight lifting.
I'm going to go out into the world now.
I've learned my lesson.
You know, I might go back to all trails, though.
I don't know. I'm Jeff Guo.
And I'm Alexi Horowitz -Gazzi.
This is NPR. Thanks for listening.
And thanks for subscribing to Planet Money Plus.
Oh, yeah. Go mash that subscribe.
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Merrill Lynch, Piers Fenner & Smith, Incorporated, registered broker dealer, registered investment advisor, member, SIPC.
This message comes from EasyCater, a platform where organizations can order food for meetings and events from favorite restaurants nationwide with tools to help meet dietary needs, stay on budget, and manage food spend.
Learn more at easycater .com.
This message comes from EasyCater, a business tool making it easy for organizations to order and manage food from their team's favorite restaurants and simplify the payment and receipt process, all on a single platform.
Learn more at easycater .com.
