Survey: 50% of Consumers Are Canceling or Cutting Streaming Services

With the cost of living crisis showing no signs of going away, people are now looking at reducing their spending, with streaming services being one of the major areas where consumers are making cutbacks, according to TomsGuide.com.

In a survey conducted by sibling site TechRadar of more than 13,000 tech enthusiasts and readers, 50% of U.S. respondents and 50% of U.K. respondents noted they have decided to stop or cut back on their entertainment subscriptions. That means canceling the likes of Netflix, Spotify, Disney Plus, Amazon Prime Video and other streaming services.

Cord cutting has proved popular in the U.S. with people shifting over to fully embrace streaming services instead. But at the same time, having a lot of subscriptions for a diverse range of streaming services can quickly add up to high monthly cost. 

Add in the likes of Netflix having a fairly cutthroat approach to canceling series, and it’s not hard to imagine people cutting back on their selection of streaming services as subscriptions become more costly. 

Speaking of cutbacks, 47% of U.K. and 38% of U.S. TechRadar's survey participants said they’d likely make cutbacks on eating out or drinking at a bar, while only 24% (U.K.) and 18% (U.S.) said they put planned tech purchases on hold or canceled them completely. Naturally, TechRadar readers are always going to be interested in new technology, but it’s illuminating that they’d rather cut down on entertainment and social activities over tech purchases. Clearly the appeal of one of the best laptops or the PSVR 2 eclipses a need to watch the likes of Andor or Ted Lasso Season 3. 

Of course, the flexible nature of steaming services means they are dead-easy to cancel at a moment's notice. But this data is a good indication that being selective with the services you sign up for, and how long you keep that subscription going, is one way to help you stretch your paycheck that little bit further.