The rising cost of living has led to UK households cancelling their streaming services in record numbers, according to a new report from Kantar.
The research reveals that over 1.5 million subscription services were cancelled in the first three months of 2022.
More than half of a million of these cancellations were attributed to “money saving” with households budgeting for higher prices and energy bills, amid the rising cost of living.
Approximately 58% of households now have at least one paid subscription service.
The peak of the Covid-19 pandemic and numerous lockdowns saw more people paying for streaming services such as Netflix, Disney+ and Amazon Prime.
However, households are now trying to cut back on costs and are “starting to seriously prioritise where and how their disposable income is spent,” according to Kantar.
Kantar Worldpanel Division global insight director Dominic Sunnebo said the latest research would be “sobering” for the industry.
“The evidence from these findings suggests that British households are now proactively looking for ways to save,” he said.
Researchers said Amazon Prime’s thriller series Reacher was the most-watched title in the first three months of 2022, followed by Ozark and Inventing Anna on Netflix.
Kantar also stated that despite “churn” rates increasing almost across all streaming platforms, there was a “clear difference” in the number of subscriptions cancelled outside of Netflix and Amazon.
“Netflix and Amazon can be seen to be hygiene subscriptions for Brits; the last to go when households are forced to prioritise spend,” Kantar said.
“Disney, Now TV, Discovery+ and BritBox all saw significant jumps in churn rates quarter-on-quarter.”
In addition, the first quarter of 2022 saw the lowest ever rate of new subscribers.
In January, Netflix said it added 18.2 million members last year – half the number who subscribed in 2020.