In the past year, Americans have seen their expenses increase by 6%, according to the Consumer Price Index, while our research shows that six of the major streaming services increased their prices by an average of 25%. That’s a major price difference!
So, when 39% of Americans reported canceling a streaming service subscription in the past six months, we found that 44% of respondents canceled a subscription to cut back on monthly expenses.
- Respondents told Reviews.org they estimate their average streaming budget is close to $20-$30 per month, which doesn’t cover the cost of more than two services without ads.
Money wasn’t the only consideration when canceling a subscription. We found that over 1 in 2 of our respondents canceled because they don't use the platform or the show they want to watch isn't there anymore.
- Basically, they are contributing to subscriber churn and only staying subscribed during the 12 weeks Ted Lasso is airing.
The other big change is in how many services Americans subscribe to. Your favorite shows may be spread across five different streaming platforms, but the average American subscribes to only two streaming services.
A plurality of consumers (43%) say that Netflix is the streaming service they simply cannot live without.
- Hulu came in second with 33% of the vote while Peacock hit 26%.
However, Netflix was also the most canceled service among Americans: 21% of respondents reported unsubscribing in the last six months.
- Other streaming services weren’t spared either: 20% canceled Hulu, 14% canceled Peacock, and 13% canceled Max.
- This number is close to our fall 2022 report, which found that 25% of Netflix subscribers were planning to unsubscribe in the next year.
It’s not all bad news: 55% of Americans joined a new streaming service in the past six months. But, as you’ll see below, the constant unsubscribing and joining a new service contributes to subscriber churn.