A new survey on streaming services from Forbes Home says that 47% of respondents pay for streaming services they don’t use. The survey also found that 35% will cancel Netflix if it continues to raise prices or crack down on password sharing.
The survey of 1,000 Americans found that the average consumer subscribes to 2.8 streaming services and that 10% pay for more than five streaming services simultaneously. Millennials and Gen X are the most likely to subscribe with Baby Boomers the least.
Netflix was found to be the most popular streaming service with 52% of respondents subscribing. Other streaming services were far behind with Amazon Prime garnering 10%, and HBO Max, Apple TV and YouTube TV at 7% (Hulu didn’t make the list).
The Forbes Home survey concluded that the 35% of respondents that said they would cancel Netflix over higher prices or password sharing crackdown could translate into a loss of approximately 80 million subscribers. About 25% of respondents to the survey said they would cancel any streaming subscription if other services followed suit.
The survey illustrated the ongoing fickleness of consumers with 57% of subscribers signing up with a service to watch just one show, with more than half considering the opportunity to binge watch one show worth the price. A small fraction—4%—ever review how much they’re spending on streaming services and half of respondents said they forgot to cancel a service after the offer of a free limited time subscription expired.
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Tom has covered the broadcast technology market for the past 25 years, including three years handling member communications for the National Association of Broadcasters followed by a year as editor of Video Technology News and DTV Business executive newsletters for Phillips Publishing. In 1999 he launched digitalbroadcasting.com for internet B2B portal Verticalnet. He is also a charter member of the CTA's Academy of Digital TV Pioneers. Since 2001, he has been editor-in-chief of TV Tech (www.tvtech.com), the leading source of news and information on broadcast and related media technology and is a frequent contributor and moderator to the brand’s Tech Leadership events.