Many consumers pay for more than one streaming service, surveys show
Sep 19, 2023, 9:37 AM
Americans have continuously moved away from traditional television and cinema programming. (istockphoto.com)
(istockphoto.com)
SALT LAKE CITY — More than 80% of consumers pay for more than one streaming service, according to a new report from Finance Buzz. Most of them pay for three.
KSL NewsRadio’s Don Brinkerhoff reported that since there are so many choices, conflicts can arise when two or more people are trying to choose something to watch.
One person, who goes by the name of Sergio, told Brinkerhoff that in those cases, they often just find something they both can agree on. They often don’t consider what either of them actually wants to watch.
Brinkerhoff said that most respondents to his interview gave similar answers to Sergio’s.
Many consumers subscribe to a certain streaming service because there’s a show they want to watch being offered. Oftentimes, they hold on to their subscription in hopes of something else being offered later on.
Rise of the streaming service
Americans have continuously moved away from traditional television and cinema programming.
According to Neilsen, audiences gravitate toward streaming because of the growing number of options. Furthermore, Forbes reported that Americans like to have control of their media at their fingertips – which streaming allows them to do.
User interface design plays a large role in many consumer’s choice of platform. A Forbes survey revealed that respondents like Netflix’s platform the most. Hulu was the least favorite.
Forbes also said that most people are willing to pay more for subscriptions that don’t show ads. Despite this response, the margin is thin. It is dependent upon how much more an ad-free subscription costs.
The cost
Forbes reported that Americans spent an average of 13 hours and 11 minutes a day using varying types of digital media in 2022. The report called the American thirst for on-demand media “unquenchable.”
The average American spends $39 per month on subscriptions to streaming services, according to Forbes. Despite the price, several users are not getting their money’s worth.
Prices between subscriptions vary, however, 47% of people pay for services they rarely use, according to Forbes.
The survey revealed that 50% of those respondents forgot to cancel a service after a free trial.
Forbes said that “streamers make decisions based on convenience.” Watching from home is certainly more convenient, and American consumers are willing to subscribe to multiple platforms to access more options.
Saving money
Forbes recommends a regular review of your subscriptions. The audit will save you money on dormant subscriptions.
Setting reminders to cancel your free trials is also a good method to ensure you aren’t paying for things you aren’t using.
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