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.
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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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