‘I forgot to cancel my Netflix’: It’s Not Looking Good for Streaming as Subscriptions Hit New Low Amid Wanton Studio Greed
- Streaming services face an all-time low as a lot of people unsubscribed last year.
- Most people seem to have unsubscribed because of the dynamic pricing of the subscriptions.
- The number of people who canceled their subscriptions last year is more than before.
It is just another day of streamers like Netflix getting hate from people for the high prices they charge for their services. The COVID-19 pandemic forced people into their homes which led to them spending a lot of consuming content on TV. This worked well in favor of the streaming services as more and more people subscribed to them. However, the number of subscribers has been steadily waning in recent years.
While the content on these streaming services is still as good if not better, people are refusing to pay such high prices to watch the content now that they can go to the cinemas to watch movies. Last year saw a new low in streaming subscriptions and it is not looking good at all.
People in the U.S. spent less on streaming services in 2024
Streaming services like Netflix, Hulu, and Disney+ have been very popular among people for years as they used to be a huge source of entertainment for those who like to watch their favorite movies from the comfort of their homes. However, that comfort began changing to discomfort when these streamers began to charge more.
In fact, according to REVIEWS.org, the people of the U.S. spent 23% less on streamers last year. As if this was not enough, more people are willing to do the same as one X user commented:
Thank you for this post! I forgot to cancel my Netflix, this just reminded me.
— Bryce Storbakken (@BryceStorbakken) January 2, 2025
Most people are not surprised by this at all as the increased pricing and crackdown on password sharing remain a major cause for the decline in the number of subscribers to these streamers. Here is what some of them had to say:
Quality has been going downhill. No surprise there
— Rino (@RinoTheBouncer) January 2, 2025
Ill be spending far less in 2025
— JLSports (@JLSports24) January 2, 2025
Directly correlated to the decline in quality programming no doubt. Disney and Amazon suck, shows like the Rings of Power and The Acolyte are just the latest in a string of high-profile and expensive disasters.
— The Comedian (@The__Comedian__) January 2, 2025
That's because they all went up in prices, their quality went down, and we realized we needed to go outside more
— MysteriousViper88 (@mviper89) January 2, 2025
Some people have claimed that the quality of content on these platforms has declined over time and that has led them to unsubscribe. There is also the matter of one too many streaming services. Paying for five different services every month is not very feasible for most people.
Defections across premium streamers have risen significantly this year
Last year, The Wall Street Journal reported that according to data from subscription analytics provider Antenna, the volume of people in the U.S. nixing subscriptions rose to 6.3% in November 2023. It was 5.1% in 2022. So, 2024 has seen the highest number of subscription cancelations.
Over time, the streamers have tried to bundle up their services with rivals to provide more pocket-friendly deals for consumers. Some have also introduced the lower-cost ad-supported tier and provided discounts or free months of service. Despite this, people are choosing to not have these subscriptions.
Maybe it’s time for these streamers to up their game by bringing content that is good enough for people to stay or stop with the dynamic pricing that is affecting people’s pockets because cinephiles are no longer confined to the walls of their houses where their only option is TV.
