More than a third surveyed don’t think the content available to watch on streaming services is worth the money. This is based on Deloitte’s 2024 Digital media trends report, which also found that a $5 price increase would be enough for many of those subscribers to cancel their subscription.
According to the survey, subscribers pay for four SVOD services on average, and the average monthly spend comes to $61. While ‘Matures’ spend as little as $37 a month, ‘Millennials’ pay the most ($67) each month. Regardless of the demographic and monthly spend, 36% of those surveyed said the content available on SVOD services isn’t worth the price they pay.
While those surveyed are still paying for those services, it seems as little as $5 could prove to be the tipping point for almost half. The survey found that 48% would cancel their favorite SVOD service if the cost increased by $5.
Speaking of cancellations, the survey found that 40% had already canceled a paid SVOD service in the past six months. While this was as low as 11% with Matures, it was as high as 54% with Millennials. However, many opted to return at a later time, with 21% confirming they had canceled and later renewed the same subscription in the past six months. Again, this was as low as 3% with Matures and as high as 31% with Millennials.
Difficulty finding content also appears to be an issue for consumers, with almost 50% surveyed stating they “would spend more time on streaming video if it was easier to find content.”
The general results of this study tally with other recent reports. For example, Parks Associates‘ recent The Viewer Journey: Navigating Streaming Options consumer study found ‘cost’ and ‘difficulty finding content’ were two of the most popular reasons for canceling a streaming subscription.
Inscape also released findings from its Q4 2023 TV Market Trends Report earlier today, with one of the main takeaways being the number of apps used per smart TV is now reaching a plateau at 5.5 apps.
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