14 / 22 Chapter Three · The Fade
Renewal Annual Report · FY 2024 · Subscriber Cohort Study
Reel Cooperative
Insight 14

Subscribers don’t churn
they fade.

Cohort 2022-Q4 9,418 paid readers
Tracked across 24 months
Fig. 14·A

Engagement Decay — 9,418 Reader Cohort

% of cohort still opening ≥ 1 issue / month
100% 75% 50% 25% 0% M0 M4 M8 M12 M16 M20 M24 M12 · FADE LINE 38% STILL OPENING but only 4% have canceled 17% 100%
Active openers (% of cohort)
Formal cancellations / month
Reading volume area
Net decay −83 pts · 24 mo
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