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UK Households Cancel Streaming Services To Cut Costs, Report Says
17.10.2022 - 13:39 / deadline.com
The rising cost of living in the UK has led almost 1m British households to cancel their subscriptions to streaming services such as Netflix, Amazon Prime, and Disney+, a new report by market research firm Kantar Worldpanel has found.
Between January and September, the number of UK homes that subscribe to at least one streaming service fell by 937,000. Around 16m UK homes now pay for at least one subscription, the Guardian newspaper reported.
Dominic Sunnebo, the global insight director at market research firm Kantar Worldpanel, told the newspaper that the main reason people were canceling was “the need to save money” and not even the release of two highly-anticipated reboots, Rings of Power and House of the Dragon, could pull audiences in.
“The most recent quarter saw two of the most anticipated releases of the year, they ranked as the top two most enjoyed pieces of subscription video-on-demand content during the period, and yet we still saw a continuation of the negative trend of the market getting smaller,” he said.
Figures in the report state that Prime Video, Disney+, and Paramount+, which launched in the UK in March, made up the majority of new streaming subscribers in the third quarter, with 29.4%, 17.5%, and 24.6%, respectively, while Netflix continued to struggle with audiences. Netflix took only a 2.1% share of new subscribers over the recorded period, a fifth of the proportion for the same period last year.
“Generally speaking, Netflix loyalty has held up relatively well in a pretty tough market, but it is starting to see churn levels rise,” Sunnebo told The Guardian. “But the biggest problem Netflix is really struggling with is attracting new subscribers. Netflix needs to gain new customers, not just
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Almost one million UK households cancel streaming subscriptions to cut costs, report says
Guardian, the total number of UK homes with at least one paid-for subscription has fallen by 937,000 between January and September.According to consumer behaviour insights company Kantar Worldpanel, just over 16million homes in the UK pay for at least one video-on-demand subscription service.Dominic Sunnebo, global insight director at Kantar Worldpanel, said: “One million households have stopped streaming. The reason people are cancelling is the need to save money.“The most recent quarter saw two of the most anticipated releases of the year, they ranked as the top two most enjoyed pieces of subscription video-on-demand content during the period, and yet we still saw a continuation of the negative trend of the market getting smaller.”The two aforementioned shows are Game Of Thrones prequel House Of The Dragon and The Lord Of The Rings: The Rings Of Power.
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