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Media | News | Research
November 17, 2022

How Much Are Your Clients Spending on Streaming Services?

Data shows households spend as much as $800 per month on streaming service subscriptions. 93% plan to increase or make no changes.
Jason Knott  
Article:
Media | News | Research
November 17, 2022

How Much Are Your Clients Spending on Streaming Services?

Americans are addicted to streaming media services, and they have no plans to wean themselves off of them despite inflationary pressures. According to a new study by Moneytransfers.com, U.S. households could save $807 per year by cutting down on their streaming service subscriptions, yet 93% of Americans plan to either increase or make no changes to their current monthly payouts.

According to the study, the global streaming services market is expected to grow to $330.5 billion by 2030.

“Surprisingly, the majority of households have no intention of changing or decreasing their video subscriptions – even in the light of the cost of living crisis sweeping across the globe. However, with an ever-growing number of services to choose from, the astronomical annual savings that could be made by cancelling subscriptions could change a few minds or at the very least, inspire some households to cut down on the number of services they sign up to,” says Jonathan Merry, CEO of MoneyTransfers.com

Among the key monthly subscription costs being paid are:

  • Netflix: $9.99/month
  • Prime Video: $14.99/month
  • Disney+: $7.99/month
  • Hulu: $7.99/month
  • Spotify: $9.99/month
  • Apple TV: $6.99/month
  • HBO Max: $14.99/month

The annual cost for Netflix and Disney+ alone, the two most popular services, is $199 per year. According to the Nielsen State of Play 2022 report, 7% of U.S. households have more than six paid subscription services for media. Meanwhile, 24% of those surveyed have subscriptions to two paid streaming services, with 23% having three paid subscriptions, and 18% having four.

The Future of Digital Lighting & Control

As a custom integrator, lighting is in demand. Effective communication, education and showcasing the value proposition of LED light fixtures in conjunction with integrative control systems are the keys to overcoming challenges and closing sales in this specialized market. Join us as we discuss the future of digital lighting and control with David Warfel from Light Can Help You and Patrick Laidlaw and Mark Moody from AiSPIRE. Register Now! 

Back in 2019, 35% of subscribers had just one paid subscription and 21% of respondents had three paid subscriptions.

In 2022, there was an estimated 18% year-on-year increase in the average weekly time spent streaming video content, as streaming services are pushed to offer higher-quality content and premium offerings amidst the fierce competition between providers.

With the constant evolution of various paid subscription services offering higher-quality shows, viewers are branching out into more services.

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ABOUT THE AUTHOR

Jason Knott
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Jason Knott:
Jason Knott is Data Solutions Architect and Evangelist for D-Tools. He is the former Editor-in-Chief of CE Pro. He can be reached at jasonk@d-tools.com.
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