Study: Inflation Leading to Cancelation of Nearly 40% of Streaming Subscriptions, Among Other Cost-Saving Measures
Inflation is gripping every corner of the United States and Americans are searching for new ways to cuts costs. For many, streaming subscriptions are unfortunately one of the first things to go.
According to a new study by the free streaming media platform Plex, 38% of those surveyed are reevaluating their monthly expenses and canceling some of their streaming services, or at least limiting the number of streamers they are paying for.
Other Americans are trying to find ways to keep the costs down on the streaming services that they want to hold onto. Thirty percent are beating the system by downloading and creating accounts for additional free service trials; 31% are downgrading to less expensive tiers, including ad-supported plans; and 29% are sharing their login credentials where they are still able with family and friends.
Netflix, of course, is the biggest streamer working on cutting down credential sharing, though the jury is still out on whether the streamer’s attempts so far have been successful or not.
Inflation in the U.S., from gas costs to grocery store prices, has been a long battle for the Federal Reserve over the past 15 months, and while costs are slowly decreasing, just last week, the Fed announced it anticipates a 3.9% core inflation rate by the end of 2023, up from the 3.6% it predicted in March and certainly higher than its 2% goal.
Extra utility and subscription costs are often the first luxury to go when households are looking to cut costs, especially as streamers are regularly raising their prices. YouTube TV and Hulu Live TV are among the streaming services that have upped their subscription prices in recent months, with YouTube TV upping its monthly cost by $8 to a new total of $72.99 per month and Hulu raising its costs from $69.99 per month to $74.99, or from $74.99 per month to $82.99 for its Disney Bundle, which includes Disney+ and ad-free Hulu.
Multiple streaming services are expected to raise their prices at some point this year, including Max and DIRECTV STREAM, but most are expected to keep their current costs. If you’re still pinching pennies, though, check out dozens of free streamer options, like Plex, or start a free trial on over 225 streaming services to keep both you and your bank account happy.