Cost-conscious streamers identify Netflix and Amazon Prime Video as "must-haves," while Disney+'s churn rate triples.

The UK streaming boom is officially over after the number of households with services like Netflix, Amazon and Disney+ fell in the first quarter, as the cost of living crisis forced hundreds of thousands of streaming fans to cut back. your subscriptions to just a few favorites. .

The number of UK households that have at least one paid subscription streaming service fell by 215,000 in the first quarter, ending a decade of nearly uninterrupted growth in the popularity of streaming services as that households cut their budgets to deal with inflation that is at a level of three. -high decade.

"Given that many streaming services have witnessed significant revenue growth during the height of Covid, this moment will be sobering," said Dominic Sunnebo, global chief information officer at Kantar Worldpanel, the publisher of the Entertainment on Demand report. "Evidence from these findings suggests that British households are now proactively looking for ways to save, and the subscription video on demand (SVoD) market is already seeing the effects of this."

The unprecedented number of streaming services now on the market, at a time when living standards are forecast to suffer their steepest decline since the 1950s, means that burgeoning entertainment budgets in the world are now being slashed. home that were sacrosanct during the lockdown conditions of the pandemic.

The Kantar Worldpanel report found that 16.9 million UK households had at least one subscription service, although the average is 2.4, at the end of the first quarter. While there were 1.29 million new subscriptions to SVoD services in the UK in the first three months, this was outweighed by 1.51 million cancellations, with over half a million of them attributed to "saving money".

Shrinking streaming budgets appear to be increasing, with the proportion of consumers planning to cancel at least one SVoD indicating the reason is "wanting to save money" reaching an all-time high of 38%.

"In times of financial uncertainty, the services must be indispensable in the minds of subscribers," Sunnebo said. "As a result, it is now more important than ever for SVoD providers to demonstrate to consumers how indispensable their services are in the home in what has become a very competitive market."

The report found that cost-conscious streamers identified Netflix and Amazon's Prime Video as "must-have" services, with the world's two most popular platforms demonstrating the lowest rate of customer churn in the first quarter.

Prime Video's action series Reacher and Netflix dramas Ozark and Inventing Anna proved to be the most popular shows on SVoD services in the UK in the first quarter.

In contrast, Disney+, the world's third-largest service, saw its churn rate (the rate at which customers canceled subscriptions) triple quarter-over-quarter to 12%. Sky's Now TV, Discovery+ and BritBox, the joint venture between ITV and the BBC, also saw "significant jumps" in drop rates in the quarter.

Movies available on Netflix, Amazon, and Disney+:

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