New Survey: Customers More Likely to Move Away From Using Showtime, Starz, Paramount+ During Post-Pandemic Period
Amid the pandemic, many consumers subscribed to various streaming services to keep themselves occupied while spending time at home. Now that the pandemic is slowly improving, consumers are left with a tough decision: which streaming services are worth paying for? A recent study suggests that each household will be subscribed to three services by the end of the year, but that doesn’t mean they will continue to pay for the same ones each month.
As consumers “churn” through different subscriptions, some services are going to suffer. “Churn” is defined as the rate at which customers stop using and paying for a particular service.
Rather than paying for the same services month after month, consumers may subscribe to a service for a month, watch the shows or movies they want to see, and then cancel their subscription before they’re charged again. A study from UBS Evidence Lab shows that Netflix and HBO Max are “safe,” but Showtime, Starz, and Paramount+ may see the worst effects of churn.
According to the study, 2,000 U.S. adults were surveyed from April 8 to 26. 75% of those surveyed are subscribed to one or more streaming services. The survey shows which streaming subscriptions consumers plan to cancel.
- Showtime (39%)
- Starz (31%)
- Paramount+ (24%)
- ESPN+ (22%)
- Peacock (17%)
- Disney+ (16%)
- Discovery+ (15%)
- Hulu (14%)
- HBO Max (12%)
- Netflix (11%)
In addition to having a low churn rate, Netflix also has a high resubscribe rate. When Netflix does lose subscribers, the company is more likely to get them back than its competitors. HBO Max and Netflix are often releasing new content, which keeps subscribers interested and explains why their churn rates are so much lower than Showtime, Starz, and Paramount+.