Exact benchmarks are going to vary per product, but yeah it's bad.
For free trials where you don't provide billing info in advance (e.g. a lot of software 30-day trials) 8% would be a great rate. Because the default do-nothing action is nothing.
But for subscription services where you do provide billing info in advance, 8% retention is pretty terrible. If 92% of people are taking the effort to cancel, when the default is to let the subscription charge... it's definitely not great.
(I'm assuming Quibi required billing info in advance, like pretty much every other subscription content service does.)
Do you have a source with that? Based off of the majority of my family members it seems like that would be the opposite. I wouldn't be surprised that there's a correlation between tech-savvy individuals and those who cancel straight to subscription trials right away.
I work for a company with a premium service, and we have a number of employees who have worked on other premium services. It’s definitely true in the aggregate.
* Worth noting, since you mention tech savvy individuals, that these are not tech savvy services (although buying a premium service from an app on your phone probably immediately skews you somewhat tech savvy).
For free trials where you don't provide billing info in advance (e.g. a lot of software 30-day trials) 8% would be a great rate. Because the default do-nothing action is nothing.
But for subscription services where you do provide billing info in advance, 8% retention is pretty terrible. If 92% of people are taking the effort to cancel, when the default is to let the subscription charge... it's definitely not great.
(I'm assuming Quibi required billing info in advance, like pretty much every other subscription content service does.)