New research has found that 488,000 households in the UK left the streaming market between April and June 2022.
The data, collected by Kantar, revealed that the number of households subscribing to at least one streaming service has fallen to 16.42 million, representing 56% of all households. This number is down from the first quarter of 2022 which stood at 58%.
Overall, 1.66 million SVoD services were cancelled, up 1.21 million from the same time last year.
Cancelled users cited saving money as their number one reason for leaving streamers as inflation in the UK continues to grow and the cost of living rises.
Younger people more likely to cancel
The most significant drop was among the under-24s. However, Kantar’s research suggests that they are still continuing to use BBC iPlayer.
The BBC’s streaming service remained a popular choice among all those who cancelled, with almost two-thirds of those continuing to watch iPlayer regularly.
Disney+ boost
Disney+ has knocked Netflix off the top spot for customer satisfaction for the first time. Subscriber advocacy dropped by 10% for Netflix despite having the second most popular show of the quarter, Stranger Things, topped only by Disney+’s Obi-Wan Kenobi.
Netflix revealed in April that it has suffered its first subscriber loss in more than a decade. Last week, they announced they were partnering with Microsoft to offer a cheaper subscription plan with adverts in an attempt to tackle falling numbers. The streaming giant will unveil its Q2 results tomorrow (July 19).
Amazon Prime Video claimed the biggest growth in new subscribers at a 25.9% share, followed by Dinsey+ at 21.5%.
Apple TV+ saw their highest number of new subscribers ever for the second consecutive quarter. This follows a similar trend in the US where research by Ampere found Apple TV+ and Paramount+ to be the most popular streaming services to switch to.
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