The article highlights findings from YouGov regarding the subscription streaming market in the UK, indicating a potential slowdown in growth and increasing churn rates among consumers. Here are the key points:
1. Cancellation Trend: YouGov's research suggests that a growing proportion of consumers in the UK are considering cancelling their subscription streaming services. In the past 12 months, 29% of surveyed consumers have already cancelled or removed at least one streaming service, and 38% say they are likely to cancel at least one service in the next 12 months.
2. End of Golden Era: YouGov suggests that the "golden era" of subscription streaming growth may be over, emphasizing the need for streaming video on demand (SVOD) providers to focus on retention strategies rather than solely on acquiring new subscribers.
3. Vulnerability to Churn: While established players like Netflix and Amazon Prime Video show higher intent among current users not to cancel (70% and 67% respectively), other providers such as DAZN and Apple TV+ have a higher percentage of users likely to unsubscribe (50% and 45% respectively).
4. Factors Leading to Cancellation: The most significant factors leading people to cancel streaming subscriptions include low usage and high costs.
Overall, the research highlights the increasing competition and challenges faced by SVOD providers in retaining subscribers amidst a shifting market landscape. It underscores the importance of understanding consumer preferences and behavior to effectively address churn and maintain growth in the subscription streaming market.
Comments