According to a recent report from Deloitte, American households are spending an average of $61 per month on streaming services, which is up 27% from the previous year. The report suggests that most Americans are now paying for four streaming services, leading to increased costs and potentially reaching a limit for many consumers.
The report also found that half of the respondents said they would consider canceling a streaming subscription if prices were to increase by another $5. This indicates that consumers are becoming more sensitive to price hikes and are looking for ways to control their streaming costs.
One of the reasons for the increase in streaming costs could be attributed to platforms like Netflix and HBO Max raising their prices, as well as crackdowns on password sharing and the introduction of ads in some streaming services.
Additionally, consumers are expressing frustration with the sheer number of streaming services available and are looking for ways to combine them for easier access to content. The report found that around 75% of Gen Z and millennials would like a way to search for content across all the services they pay for.
Overall, the report suggests that streaming services are becoming more expensive and potentially less appealing to consumers, as they start to resemble the traditional cable packages in terms of cost. The report also highlights that streaming platforms need to improve their recommendation algorithms to better cater to users' preferences, as many consumers are turning to social media for content discovery instead.
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