Re-commerce business musicMagpie has expanded its rental subscription service beyond smartphones and into product categories such as tablets, games consoles and MacBooks.
The Stockport-headquartered firm, which listed in London last year, says its smartphone rental offering has already attracted 13,500 active subscribers since first launch in October 2020.
Available in the UK and the US, phones are supplied to the customer at no up-front cost. Once the rental agreement and monthly payments end, the customer can upgrade, keep the same device and pay less or cancel the agreement and return the product.
Monthly rental fees start at £8.99 for a refurbished phone, £11.99 for a console, £12.99 for an iPad and £19.99 for a MacBook.
The group said it sees potential to expand into other types of consumer technology in future.
“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,” said CEO Steve Oliver.
“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.
Rising problem of e-waste
“There is also a growing awareness of the rising problem of e-waste, which musicMagpie’s circular economy model helps to tackle head-on by refurbishing and reselling consumer technology products, giving them a second or third life which they would not otherwise have had.
“The beauty of our rental scheme in particular is that it keeps electronic products in the musicMagpie circular ecosystem for longer.
“The amazing consumer value that renting a device from musicMagpie 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.”