More people are canceling their streaming services as companies like Netflix, Amazon, and Disney hike prices (2024)

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More people are canceling their streaming services as companies like Netflix, Amazon, and Disney hike prices? ›

The increase was due to higher prices, not additional services. Nearly half the people surveyed said they would cancel their favorite streaming service if monthly prices went up another $5, the study said.

The increase was due to higher prices, not additional services. Nearly half the people surveyed said they would cancel their favorite streaming service if monthly prices went up another $5, the study said.

See why #CancelNetflix is trending after a $7million political endorsem*nt. Social media is blazing with calls to boycott Netflix after its executive chairman, Reed Hastings, donated $7 million to a super PAC supporting Vice President Kamala Harris' presidential campaign, according to Variety.

The cost of streaming services is becoming a significant factor in consumer decision-making. In a revealing trend, 45% of users have canceled at least one streaming subscription in the past year, citing high costs as the primary reason.

The industry also saw a stunning 140.5 million cancellations—the largest drop in subscribers over the last five years, with over 36 million more customers canceling compared to 2022.

High licensing costs and low revenues per subscriber quickly caught up with studios, which had previously placated shareholders with massive subscription growth. Netflix was the first streamer to report a loss in subscribers in 2022, sending its stock and other media companies spiraling.

Max was the platform that recorded the highest cancellation rate among all streaming services, getting rid of HBO originals such as "Westworld" after four seasons at the end of 2022.

Those calls follow Disney's decision earlier this month to suspend its advertising on the social media platform, joining a growing list of companies including Apple, IBM, Lionsgate and Xfinity, following the release of a scathing report that found advertisem*nts on X alongside pro-Nazi posts, and after Musk endorsed a ...

One reason for the unprecedented drop in account holders is Netflix's monthly fee, which has been increasing rapidly over the past few years. On top of that, viewers have also voiced criticism over Netflix's cancellation of popular shows and its lack of big movie franchises.

Well, it depends on if you're getting everything you can out of the platform. If you're regularly enjoying the 4K shows and films Netflix is churning out on your home cinema setup – and you can afford the monthly subscription rate – then we can't see a reason for you to ditch the platform.

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Netflix is the biggest streaming service in the world. The company reported 269.6 million global paid memberships as of March 31, 2024.

Netflix Prices in 2024

Additional tiers include $15.49 for Standard service, which includes 2 screens, and $22.99 for Premium, which includes 4 screens as well as upgraded HDR/4K resolution.

Consumers were left picking up the tab for blockbuster furlough payments creating a global cost of living crisis that endures to this day. It led to people cutting their streaming subscriptions and left Disney with a loss-making platform.

Disney+ lost 1.3 million subscribers in the final quarter of 2023 amid a hefty price hike that went into effect last fall, but managed to narrow its streaming business' losses by $300 million during the October-December period.

According to data from the fourth quarter of 2023, the main reason for canceling a paid video streaming service subscription in the United States and Canada was that the service raised its prices, with 21.3 percent of respondents citing this as their top concern.

"The streaming media experience is too chaotic... [it] needs to be more cohesive," says Valory. "As more streaming services emerge, content has become increasingly more challenging to find." And when content is hard to find, viewers cancel their subscriptions.

If customers don't have the option or aren't aware of the ability to skip a shipment, change their schedule, or try a new product, they're likely to cancel their subscription. To retain customers, make their subscription as flexible as possible.

Of those who pay for a streaming service, a quarter (25%) subscribe to one they no longer use. More than a third (36%) utilize apps or services to manage their subscriptions, with 22% canceling a streamer as a result.

29% cited the fact that not all of the programs they watch are available via streaming services. A quarter of people said that quality is the reason they don't use streaming services. Avoiding skips, delays or lower resolution while watching streaming TV is important to them.