HP Instant Ink Subscription Grows 30%
HP Inc. disclosed that the size of its Instant Ink subscription service business is now a $500 million business with 30 percent annual growth, according to CRN.
The disclosure comes as HP is planning an expansion of the service to small and medium-sized businesses in 2022, which will represent an opportunity for channel partners, according to HP.
HP claimed that Instant Ink now has more than 10 million subscribers, who pay a monthly fee to receive automatic shipments of ink. The shipments are sent once the customer begins to run low on ink, ensuring that the customer doesn’t run out of ink, according to HP.
Demand for the Instant Ink service has grown substantially during the pandemic amid the rise in needing to print at home. Subscriber count has doubled from the 5 million Instant Ink subscribers that HP had prior to the pandemic. “We’ve made tremendous progress in the Instant Ink business”, said Tuan Tran, president of the imaging, printing and solutions business at HP.
In the coming months, HP plans to expand Instant Ink subscriptions to also include toner and printing paper, Tran said.
Meanwhile, HP touted the plans to launch an SMB version of Instant Ink in 2022. The subscription will include offering shipments to offices and remote workers, Tran said.
In addition, HP CEO Enrique Lores confirmed that channel partners will be able to provide the SMB version of Instant Ink that will be launching next year.
“During 2022, we are going to be launching a solution for SMBs where rather than one contract, one customer, one printer–we are going to have one contract for multiple printers, so SMBs will be able to use it,” Lores said. “In terms of participation of channel partners, today partners that sell Instant Ink [can] participate in the business [and] participate in the reward that we get from customers. Our expectation is that this will continue to be the model for commercial channel partners.”
“HP expects that Instant Ink revenue will again grow by more than 30 percent during its fiscal 2022”, Said CFO Marie Myers.
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