“Households are starting to seriously prioritize where and how their disposable income is spent,” the report said.
Kantar’s report showed that the number of British households with at least one subscription fell by 215,000 during the quarter, with a record 38% of customers also planning to cancel subscriptions over the next three months due to money concerns.
“The proportion of consumers planning to cancel [subscription video on demand] services and stating the primary reason as ‘wanting to save money’ has risen to its highest ever level at 38%, up from 29% in Q4 ’21,” the report said.
Dominic Sunnebo, global insight director at Kantar’s Worldpanel division, said the latest figures were “sobering” for streamers.
“The evidence from these findings suggests that British households are now proactively looking for ways to save, and the SVoD market is already seeing the effects of this,” he said.
Kantar estimates that Netflix — the world’s largest streaming platform — has about 12 million subscribers in Britain, representing between 5% and 6% of its global customer base.
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