Music Magpie is expanding its rental subscription service into a series of new product categories, including tablets, games consoles and Apple MacBooks.
The company, which specialises in reselling refurbished consumer technology, first introduced a smartphone rental subscription service in October 2020.
As of November last year, the service had 13,500 active subscribers – an increase from the 7,500 subscribers reported at the end of July last year.
The popularity of smartphone rental has led to the expansion of the service, with Music Magpie now extending it to further consumer technology products as it continues its focus on reducing electronic waste.
Monthly rental fees begin at £8.99 per month for a refurbished phone, increasing to £11.99 for a games console and £12.99 for an Apple iPad.
The monthly rental fee for a MacBook will be set at £19.99, while Music Magpie will provide the latest iPhone model to rent for £31.99 a month.
The company plans to expand the rental subscription service into new categories in the future, with the model generating recurring revenue for the period of each rental contract.
Music Magpie sold more than 400,000 refurbished technology products to consumers in the year ended 30 November, 2021, and has resold approximately 2,500 tonnes of books, CDs and DVDs.
Chief executive officer Steve Oliver 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.
“There is also a growing awareness of the rising problem of e-waste, which Music Magpie’s circular-economy model helps to tackle head-on by refurbishing and reselling consumer technology products, giving them a second or third life they would not otherwise have had.
“The beauty of our rental scheme, in particular, is that it keeps electronic products in the Music Magpie circular ecosystem for longer.”
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