Read from CBR:
A new report has found that nearly 1 million households in the United Kingdom have been forced to cancel their streaming subscriptions to services like Netflix and Prime Video due to the rising cost of living.
Market research firm Kantar Worldpanel found that the number of British homes with at least one streaming subscription fell by 937,000 between January and September. Moreover, 234,000 UK homes have canceled their video streaming subscriptions in the last quarter. With rising costs, households are choosing to prioritize essentials like food and mortgage repayments overpaying for streaming services.
The report also highlighted Netflix's continued struggle to boost growth. The platform has had to cut staff and enforce other measures to revive its sales after reporting a subscriber decline for the first time in a decade. Forecasts suggest the streaming giant will only add 1 million new sign-ups once it releases its third-quarter figures.
Dominic Sunnebo, the global insight director at Kantar Worldpanel, explained that people are now focusing on saving their money. He said, "One million households have stopped streaming. The reason people are canceling is the need to save money. The most recent quarter saw two of the most anticipated releases of the year, they ranked as the top two most enjoyed pieces of subscription video-on-demand content during the period, and yet we still saw a continuation of the negative trend of the market getting smaller."
A new report has found that nearly 1 million households in the United Kingdom have been forced to cancel their streaming subscriptions to services like Netflix and Prime Video due to the rising cost of living.
Market research firm Kantar Worldpanel found that the number of British homes with at least one streaming subscription fell by 937,000 between January and September. Moreover, 234,000 UK homes have canceled their video streaming subscriptions in the last quarter. With rising costs, households are choosing to prioritize essentials like food and mortgage repayments overpaying for streaming services.
The report also highlighted Netflix's continued struggle to boost growth. The platform has had to cut staff and enforce other measures to revive its sales after reporting a subscriber decline for the first time in a decade. Forecasts suggest the streaming giant will only add 1 million new sign-ups once it releases its third-quarter figures.
Dominic Sunnebo, the global insight director at Kantar Worldpanel, explained that people are now focusing on saving their money. He said, "One million households have stopped streaming. The reason people are canceling is the need to save money. The most recent quarter saw two of the most anticipated releases of the year, they ranked as the top two most enjoyed pieces of subscription video-on-demand content during the period, and yet we still saw a continuation of the negative trend of the market getting smaller."
