Skiing is a subscription business now

Vail Resorts, the US's largest ski resort owner, is transforming the skiing business. The Epic ski pass, introduced in 2008, is non-refundable and offers access to Vail's extensive network, locking in revenue before the season starts. Last year, the pass, used by 72% of the resorts' skiers, generated $850M in revenue. The predictability of the subscription model also helps secure financing from lenders.