As the streaming wars continue to heat up, the younger generations seem to feel the financial pinch.
A recent Harris Poll, conducted on behalf of Tubi, found that more than half of Gen Z and millennials believe they overspend on streaming services each month. This is a concerning trend for those in the entertainment industry, as these younger demographics are the primary target audience for streaming services.
The survey, which covered 2,503 adults who streamed video for at least one hour a week, revealed some interesting insights into Gen Z’s and millennials’ streaming habits.
A staggering 71% of these viewers admitted canceling memberships requiring a premium for more access. It seems that when it comes to entertainment, cost is everything.
Even more surprising is that despite the popularity of premium streaming services like Netflix and Disney+, most viewers would still prefer free, ad-supported streaming. This suggests that these younger generations are looking for ways to save money without sacrificing the quality of their content.
Libby Rodney, chief strategy officer of the Harris Poll, spoke about the rise of ad-supported streaming platforms, saying, “In an age where every dollar counts, the rise of ad-supported streaming platforms is a testament to consumers’ savvy pursuit of value without sacrificing content quality.”
A recent survey found that while streaming giant Netflix has already lost 1.2 million subscribers in the first two quarters of 2022, 25 percent of current subscribers plan to cancel their subscriptions this year. https://t.co/TvRtDrsYB6
— Breitbart News (@BreitbartNews) September 26, 2022
So, why are younger generations feeling the need to cut back on their streaming services? The answer may lie in the ever-increasing prices of these platforms. As more and more streaming services enter the market, competition is driving prices up.
Despite efforts from companies like Netflix and Disney to offer lower-cost plans, viewers still feel the financial strain and are forced to make tough decisions about which services to keep and which to cancel.
But it’s not just about budgeting. The Harris survey also found that viewers are running out of shows and movies to watch on a particular streaming service, leading to cancellations.
This speaks to a larger issue with the current state of the entertainment industry. With an overabundance of content being produced, viewers find it difficult to keep up and become overwhelmed.
Many, including our younger generation feel the pressure when it comes to the cost of streaming services. It’s time for the entertainment industry to take note and find ways to make their services more affordable for all viewers. Otherwise, they may find themselves losing a significant portion of their audience.
