Britons cancel streaming services | Streaming subscriptions in decrease in the UK
As Britons continue to struggle financially, they are gravitating towards streaming services like Netflix and Disney+. Platforms, hence, that offer cutting-edge originals at a majority of their original price point. Streaming services have boomed with the lifting of restrictions and more people are streaming more often to get their entertainment fix.
In only 3 months, Britons cancelled 1.5 million subscriptions and that number is still on the rise as of now. Kantar found that more than a third of British consumers made the choice to save money on their next purchase. Britain’s inflation reached its highest point in 30 years last month.
Kantar’s report
Some households have had to reduce their spending on non-essential items because of this, and they’ve also reduced the amount they spend on subscriptions to videos streaming platforms.
“Households are starting to seriously prioritise where and how their disposable income is spent,” the report said. Despite a slight increase in the first quarter, Kantar’s report showed that the number of UK households with at least one subscription dropped by 215,000, with 38% of customers also planning to cancel subscriptions in the next three months. “The percentage of consumers planning to cancel streaming services who cite ‘wanting to save money’ as their primary reason has risen to a high of 38%, up from 29% in Q4 21,” the report notes.
Household disposable income is expected to decrease by 2.2% over the next year due to rising energy and food prices. This is the biggest fall in living standard since 1956! In today’s economic climate, companies are constantly struggling to make ends meet so this is only the beginning.
This dynamic in the UK is particularly notebale. Britons cancel streaming services and, according to estimates, will continue all along. With streaming subscriptions in decrease, household will continue to struggle.
To continue reading, you can find more stories on streaming platforms here or here.
Author: PC-GR
The World of Technology
