Almost 1 million UK homes have cancelled their Netflix subscriptions
Although the contemporary landscape of streaming services has continued to dominate the modern viewing habits of audiences, streaming giant Netflix has been struggling for a while. Recent data suggests that the rising cost of living in the UK has encouraged many to give up their Netflix subscriptions.
According to the latest report published by The Guardian, almost 1 million households in the UK decided to cancel their Netflix subscriptions to combat the rising expenses in other spheres of daily life. The findings reveal that many UK families are currently struggling with other essentials such as rent, energy and food.
Dominic Sunnebo, the global insight director at Kantar Worldpanel, declared: “One million households have stopped streaming.” While Netflix recently announced the launch of a cheaper, ad-supported subscription tier, it doesn’t seem to have affected the leaving subscribers much.
Sunnebo explained: “The reason people are cancelling is the need to save money. The most recent quarter saw two of the most anticipated releases of the year, they ranked as the top two most enjoyed pieces of subscription video-on-demand content during the period, and yet we still saw a continuation of the negative trend of the market getting smaller.”
The global insight director added: “Generally speaking Netflix loyalty has held up relatively well in a pretty tough market, but it is starting to see churn levels rise. But the biggest problem Netflix is really struggling with is attracting new subscribers. Netflix needs to gain new customers, not just manage to stop them leaving.”
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