Americans Spend $48 a Month on Streaming
They aim to spend less, says Deloitte’s 2023 survey.
Deloitte’s latest Digital Media Trends survey shows worrying data for streaming services.
As streaming video competition intensifies, subscription growth rates across the industry have slowed, and churn rates have increased. Insiders call it “Subscription fatigue.” The increased cost of living is to blame.
Deloitte’s survey found that U.S. consumers pay, on average, $48 per month for subscription-video services. About half of those surveyed agreed they “pay too much” for SVOD services.
Around half of the consumers (47%) surveyed said they had already made at least one change to their entertainment subscriptions because of their current financial situation. They have canceled at least one paid service to save money or switched to a free ad-supported version of a service or bundled services together.
“When fuel, food, and housing prices increase, people rethink their discretionary spending,” said Kevin Westcott, Deloitte’s U.S. technology, media, and telecom leader.
Who cut the most? Gen Z and millennials.
The six-month churn numbers of Gen Z and Millennial respondents are 57% and 62%, respectively, while the overall subscriber cut percentage for video-on-demand services over six months was around 44%.
Millennials spend more than any other generation on paid streaming video services — an average of $54 per month. They are the most likely to have changed digital media subscriptions due to economic pressures, underlines the survey.
Source: Variety
Share:
Related Posts
They aim to spend less, says Deloitte’s 2023 survey.
Deloitte’s latest Digital Media Trends survey shows worrying data for streaming services.
As streaming video competition intensifies, subscription growth rates across the industry have slowed, and churn rates have increased. Insiders call it “Subscription fatigue.” The increased cost of living is to blame.
Deloitte’s survey found that U.S. consumers pay, on average, $48 per month for subscription-video services. About half of those surveyed agreed they “pay too much” for SVOD services.
Around half of the consumers (47%) surveyed said they had already made at least one change to their entertainment subscriptions because of their current financial situation. They have canceled at least one paid service to save money or switched to a free ad-supported version of a service or bundled services together.
“When fuel, food, and housing prices increase, people rethink their discretionary spending,” said Kevin Westcott, Deloitte’s U.S. technology, media, and telecom leader.
Who cut the most? Gen Z and millennials.
The six-month churn numbers of Gen Z and Millennial respondents are 57% and 62%, respectively, while the overall subscriber cut percentage for video-on-demand services over six months was around 44%.
Millennials spend more than any other generation on paid streaming video services — an average of $54 per month. They are the most likely to have changed digital media subscriptions due to economic pressures, underlines the survey.
Source: Variety
