- 38% of households paying for streaming services have either canceled or plan to cancel a service
- Rising demand for specific content drives consumer preferences year-on-year
- 37% of survey respondents are willing to pay for sports content
More than half of households (59%) are worried about streaming annual price increases and, crucially, the majority think streaming platform price hikes (58%) are unfair and unreasonable. In such a sensitive environment, service providers should not take any measure of pricing power for granted. This is according to the latest EY decoding the digital home study, which surveyed 20,500 consumers on their attitudes toward technology, media and telecoms (TMT) experienced in the home across 14 countries: Australia, Austria, Canada, France, Germany, Italy, Netherlands, Norway, South Korea, Spain, Sweden, Switzerland, the UK and the US.
New engagement strategies needed for streaming customers
Across all markets, streaming services continue to gain traction. The 1.8 billion paid monthly subscriptions worldwide are set to top 2 billion by 2029, although growth rates are set to flatten.[1] Against this backdrop, competition remains intense. Households often subscribe to multiple paid platforms, but more than one-third (37%) of survey respondents say they are interested in reducing how many platforms they pay for. This year, 38% of households paying for streaming services have either canceled or plan to cancel a service, up from 35% last year.
Making savings still leads as a driver of cancellation, but other reasons are becoming more prominent. These include platforms lacking content they previously carried (12%) and, as choice continues to broaden, preference for other platforms (12%).