Customers canceled their streaming subscriptions at a higher clip than last year as services like Disney+, Netflix and Hulu jacked up their prices, according to The NY Post.
Defections across premium streamers rose 6.3% in November from 5.1% a year earlier, the Wall Street Journal reported Tuesday.
Over the past two years, roughly 25% of those who subscribed to AppleTV+, Amazon’s PrimeVideo, Max, Peacock, Paramount+, Nettflix, Hulu and Disney+ have canceled at least three of those options – an increase from 15% before hikes pushed the combined tab of the ad-free monthly costs for those eight streamers to $112.42 a month, the outlet said, citing November data from analytics firm Atenna.
“With the streaming services increasing their rates like they are, it’s like: ‘OK, do I pay for the cable?’ ” Crystal Revis, a Lynn Haven, Fla., mother of six who is trying to balance the rising cost of living with household expenses.
Streamers have been under pressure to improve profitability to offset the high costs of creating and licensing content without having to reacquire users.
Customers are canceling their streaming services at a greater clip to mitigate rising costs, according to data from Atenna.
They have tried a range of tactics to keep customers, including launching lower-cost ad-supported tiers, teaming up with rivals on bundled deals and providing discounts or free months of service.
Revis, who has already canceled Disney+, Paramount+, planned to end her subscription to Hulu, home to shows like “Faraway Downs” and “Only Murders in the Building,” but she decided to keep it because the service offered her six months of its ad-supported service for $2.99 a month — less than half the $7.99-a-month price.
Customers said they are downgrading services to keep their personal expenses down.
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