Streaming Services Are Scrambling To Keep Your Business — Report
Streaming subscribers are increasingly walking away from pricey services, according to a new report.
About 25% of U.S. subscribers to major streaming services have had enough with their pricey plans and canceled at least three services over the last two years, according to a new report.
These subscribers are becoming increasingly more choosey about which services are worth keeping — or not, according to a January 2 Wall Street Journal (WSJ) report, which is based on data from subscription-analytics provider Antenna.
The report noted that about 25% of U.S. streaming subscribers have canceled at least three of the major streaming services in the last two years. This includes heavy hitters such as Apple TV+, Discovery+, Disney+, Hulu, Max, Netflix, Paramount+ and Peacock. This compares to about 15% two years ago, WSJ said.
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Those findings align with a report earlier this year from AlixPartners showing that streaming may become less overwhelming and expensive as subscribers opt for streaming bundles — or plans that combine a streaming subscription with cable TV, broadband or wireless plans — rather than from streaming services directly.
One of the major reasons for the increased churn is that major streamers are hiking prices. In the last year, Apple TV+, Discovery+, Disney+, Hulu and Netflix each boosted prices. Amazon Prime Video also began charging $2.99 per month this year to watch its programing without commercials.
Streamers have also recently been promoting lower priced ad-based services, with some jumping on the bundling bandwagon, in an effort to attract and/or retain customers. Last month, Verizon announced a Netflix-Max bundle for $10 a month. Also, the WSJ reported on December 1 that Apple and Paramount may be in talks to bundle streaming services.
According to the Antenna data, one in four streaming subscribers will cancel a premium service but return to it within four months while one in three will do so within seven months, the WSJ reported.
Controling streaming costs
Regardless of how the streaming pricing wars and bundling plans shake out, Kiplinger's guide to streaming services offers some ideas on how to save cash now.
You can also subscribe to free streaming services, such as the National Aeronautics and Space Administration’s (NASA) new NASA+ streaming service. NASA says it will put “space on demand and at your fingertips.”
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