Quantifying sleeper subscribers requires a nuanced approach

There’s been heightened interest in “sleeper” subscribers in recent weeks, fueled by an eyebrow-raising datapoint from subscription tech provider Piano which said 43% of subscribers don’t use the products they pay for in any given month (based on data from publisher websites that use its technology.) Media reporters understandably jumped on the stat, and it was used to reignite discussion about the viability of subscription models on social media. The data quickly prompted questions from Toolkits readers and clients as well, largely because 43% is significantly higher than the sleeper rates many see for their own subscription products. Are they actually performing way above average, or are they missing something? There’s no escaping the fact that publishers w