You may not know exactly what the “Access Economy” is, but odds are that you’re already taking full advantage of it. Whenever you stream your favourite TV show on Netflix, rent a room via Airbnb or hitch a ride with Uber, you’re contributing to this blossoming market.
The Access Economy is a business model based not on permanent ownership, but on temporary ownership. This is cost-effective and sensible for most people, which is why it seems to be taking off recently. And this year, Australia will see the Access Economy boom more than ever before.
One of the key contributors in this growth is access to fast broadband. It allows us to get in contact with people who are offering alternative goods and services that aren’t exactly what we’d get from traditional, big-name companies. So as our connections become faster and stronger, so will the advancement of these digital innovations.
There are many ways that people invest in this “renter” lifestyle. From entertainment to living quarters to odd jobs, this trend is ever expanding and adapting. Here are just a couple ways that people have adopted the Access Economy.
Taking advantage of screen time
Almost everything you can watch on TV or see in a theatre will eventually be available on streaming platforms, like Netflix, Hulu, etc.
When you pay a monthly rate to use these services you don’t own each and every episode of your favourite shows, but you do have unlimited access to them. And since you’d pay significantly less for one of these services than traditional cable, you can subscribe to more than one platform and still save money.
The same goes for music and other media. There are plenty of music streaming services and sites to rent digital books, audiobooks and even magazines.
This is why more and more people are “cutting the cord,” so to speak, and sticking with the internet for all things entertainment.
Hopping on the bandwagon
It’s no secret that people like to go out and have fun, but it’s rare that someone truly wants to be the designated driver. That’s where services like Uber and GoCatch come in.
Of course, there are a ton of other reasons besides just going out for a night on the town to catch a ride with one of these driving services.
You need a ride to or from the airport? Uber is there. Need to get from Webbs Creek to downtown Sydney? ShareURride will help you out.
It’s a convenient way to get around without asking friends or family members to give you a ride.
And the fact that some of these services have adopted dynamic pricing – a model that allows prices to quickly shift and re-adjust based on demand – means that if you time it right, you can get a pretty great deal.
Finding a home away from home
Holiday rental services like Airbnb and Stayz are cornering the section of the market that is fed up with the traditional hotel system. People can either rent out extra rooms in their home, or their entire dwelling, to people looking for a place to stay temporarily.
This benefits both the customer, who are able to make a little extra money, and the renters, who can connect with the locals and receive a more personalised stay.
Travelling this way means you get the charm of a classic bed and breakfast, but with the convenience of a mainstream hotel. They are also economical, which is another reason why they’re becoming so popular.
The source of it all
The internet has made these conveniences, and many more, available to us at a moment’s notice. But without a decent broadband connection, these services lose a little bit of lustre.
That’s why the nbn™ network is a digital innovator in its own right. It provides consumers of all kinds with the quality connection they need to take advantage of this rapidly expanding market. The connection can seamlessly stream media on several devices at once, which is pretty fantastic news for binge-watchers everywhere.
With this type of connection, and the applications and services made more useful because of it, the Access Economy will certainly be at the forefront of Australian innovation this year.
Take a look at the stats below to learn more about the Access Economy and where it’s headed.