Market research firm Kantar said more than half a million cancellations were due to the cost-of-living crisis, as households prioritized streaming services as they struggled to make ends meet. A total of 1.51 million cancellations were made in the first quarter of 2022. Image: Inventing Anna was one of the most watched shows at the beginning of the year. Photo: Nicole Rivelli / Netflix During the COVID-19 pandemic and the government imposed a lockdown, there was an increase in platform subscriptions, with more people staying at home. However, the report found that the percentage of consumers planning to cancel subscriptions due to tighter budgets has risen to its highest level ever, from 29% to 38% in the last three months of 2021. In the report, Kantar said homes said one of the main reasons for the cancellations was “they want to save money”, adding that households “have started to give serious priority to where and how their disposable income is spent”. “Special” news for the streaming industry Dominic Sunnebo, director of global information at Kantar’s Worldpanel division, said the latest market research was “disappointing” for the streaming industry. “Evidence from these findings suggests that British households are now cautiously looking for ways to save, and the SVoD market is already seeing the results,” he said. Image: Jason Bateman and Julia Garner at Ozark, which was one of the most-watched Netflix shows. Photo: Netflix “As a result, it is now more critical than ever for SVoD providers to show consumers how their services are needed at home in a highly competitive market. “New marketing and content acquisition strategies may need to be developed to support this and to prevent further reversal.” Subscribe to the Backstage podcast on Apple Podcasts, Google Podcasts, Spotify, Spreaker “Disney, Now TV, Discovery + and BritBox have seen significant jumps in quarterly reversal rates.” Advertising could help increase revenue New subscriptions were also the lowest ever in early 2022, with Netflix adding 18.2 million members last year – half the number registered in 2020. Netflix investors hoped to see a rise in subscriptions, which pushed the company’s share price down by almost 20%.
title: “Netflix Amazon And Disney Subscriptions Cancelled Due To Shrinking Budgets Research Finds Uk News " ShowToc: true date: “2022-12-12” author: “Elizabeth Flom”
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