Music Magpie expands rental service
Music Magpie has expanded its rental subscription service beyond smartphones and into new product categories such as tablets, games consoles and MacBooks.
Launched in October 2020, the smartphone service provides customers with a device at no up-front cost in return for a monthly payment from £8.99 over 12 months.
As the service has now attracted around 13,500 active subscribers, including the first cohort of contract renewals, Music Magpie has decided to extend into other categories by providing games consoles, tablets and MacBooks for rent.
Monthly rental fees start at £11.99 for a console, £12.99 for an iPad, and £19.99 for a MacBook. The company has also recently launched new Apple products onto the Music Magpie store in the UK, with the latest iPhone 13 available to rent from £31.99 a month.
Steve Oliver (pictured), chief executive of Music Magpie, said: “We are delighted with the progress of our innovative rental subscription service, which is why we’ve expanded it beyond smartphones and into other consumer technology categories. It’s clear from the popularity of this service, as well as the growth of the wider subscription economy, that consumers are increasingly prioritising access, value and sustainability over full ownership.”
The rental subscription also generates recurring revenue for the period of the contract, with the ability to achieve further additional revenue from second and third rental periods of that product, and ultimately a potential sale of the product at the end of its rental life.
Oliver added: “The amazing consumer value that renting a device from Music Magpie provides, in addition to the environmental benefits that it generates, means that our rental proposition is a true embodiment of our long-standing ‘smart for you, smart for the planet’ ethos, which is why maximising and scaling our rental business will be a major point of focus for us in the coming year.”
