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Media subscriptions are being cut and streaming video is first in line
Subscription modelsVideo on demandUnited Kingdom
A third of Gen Z and a third of Millennials in the UK are considering cutting their streaming video subscriptions in the next three months, according to research which finds that 23% of all those surveyed have already cut media subscriptions from their budgets.
The figures, from research from automated consumer research platform quantilope being published tomorrow, contrast the numbers thinking about rationalising their video subscriptions with those who might cut music streaming subscriptions (14%) or print media subscriptions (9%).
Why it matters
Consumers in general are more likely to have multiple video streaming subscriptions than music or print ones, hence these are first in line when they’re looking to save some money. Plus there are more ad-supported video streaming options becoming available to them.
Another option is sharing access: more than half of UK consumers (51%) claim to have free access to at least one streaming media app through sharing another subscriber’s account (compared to 31% of US consumers and just 17% in Germany). But with both Netflix and Disney+ having recently announced that they will be getting tougher about platform sharing, such “subscription squatters” could be in for a shock.
The generational divide
In the UK, 40% of respondents are willing to pay to skip over ads while streaming content, which is lower than in the US (55%) and Germany (45%).
Baby Boomers are least willing to pay to skip ads (58% say they are somewhat/extremely unwilling), in contrast to the 67% of Generation Z respondents who are extremely willing to pay.
Boomers are least likely to consider axing their TV/Video streaming provider in the next few months with just 24% saying they are considering it compared to 32% of Gen Z and 33% of Millennials.
The big idea
Smart streaming providers could rethink how they target older viewers, whether by emphasising the different viewing experience that comes with a paid subscription, or by bundling a streaming service with another form of media preferred by this generation.