Amazon Prime and Netflix brace for cancellations as Brits look to trim spending
More Brits are planning to unsubscribe from video streaming services this year, after new data revealed the number paid-for subscriptions in the UK fell by two million last year as rising costs continue to eat into household budgets.
Data analytics group Kantar revealed today that the number video streaming subscriptions in the UK fell from 30.5 million to 28.5 million in 2022.
It also said the proportion of consumers planning to cancel at least one of their on-demand video subscriptions increased to 12 per cent, as cash-strapped consumers consider making snappy cuts to their monthly budgets.
In the final quarter of 2022, only five per cent of UK households took out a new streaming subscription, a slight drop from the previous year.
However, the number of households subscribing to at least one video streaming service rose by 55,000 from the previous quarter up to 16.24m.
In today’s update, Kantar also said Apple TV+ achieved its best-ever subscriber satisfaction score for ‘quality of the shows’, outdoing both Netflix and Disney.
‘Wednesday’ on Netflix grabs the title for ‘most enjoyed’ show in December, and generated nine per cent of Netflix’s new subscribers. The favourite series was followed by The Crown, The White Lotus on NOW, and then Andor on Disney+.