With inflation soaring across the globe, cost-conscious streamers are questioning which subscription services are “must-haves” and which they can comfortably live without.
Inflation rose at its fastest pace in more than 40 years this past month, with the cost for food, gasoline and housing all rising across the world.
The U.S. labour department announced on Apr. 12 the consumer price index jumped 8.5% in March from 12 months earlier, the highest jump seen since 1981.
As a result, around 36% of Americans are considering cutting a monthly subscription like Netflix or Amazon Prime Video to rein in their spending, according to a survey conducted by Momentive for CNBC and Acorns.
35% of people across the country have already cut services to save money.
And it’s not just U.S. households tightening their TV entertainment wallets.
In the U.K., following a decade of near uninterrupted growth for streaming services, the number of homes paying for at least one subscription streaming service fell by 215,000 alone at the start of 2022, a Kantar Worldpanel report found.
And the biggest loser? Disney+.
The Kantar report found that while Amazon Prime and Netlix were considered “must-have” services offering the likes of action series, Reacher, and dramas Ozark and Inventing Anna respectively, Disney+ saw 12% of its U.K. customers walking away from their deals — triple the rate seen in the last quarter of 2021.
End of the lockdown streaming boom?
Kantar Worldwide found that around 16.9 million households in the U.K. have at least one subscription service, and on average households were subscribed to 2.4 services at the end of the first quarter of 2022.
But while Q1 of 2022 saw a steady growth of 1.29 million new subscriptions, this was outweighed by 1.51 million cancellations, with half a million people attributing the cancellation to…
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