EXCLUSIVE: 56% Of US Consumers May Cut Streaming Plans. Will They Keep Netflix, Disney+ Or Amazon Prime?

Zinger Key Points
  • The Benzinga and Dig Insights Economic Sentiment tracker found that consumers are considering cutting streaming platforms.
  • A look at the top favored streaming platforms if consumers had to keep only one.

High inflation and job cuts have consumers concerned about spending and saving during the current economic times. One area that could see lower spending from consumers is streaming platforms. Here’s a look at which platforms could be the last to get cut.

What Happened: The streaming battle for movies and television shows continues to heat up, with multiple streaming first companies and media giants launching platforms to compete for consumers’ monthly revenue and attention.

A new survey shows how many people are considering cutting streaming platforms and which might be the best to keep.

According to the Benzinga and Dig Insights Economic Sentiment tracker, 56% of U.S. consumers said they are considering canceling subscriptions to save money.

The poll was conducted in March 2023 and showed a jump from the 51% of U.S. consumers who answered yes to the same question in November 2022.

When asked if they could keep only one streaming subscription after the cost cuts, here were the results:

  • Netflix Inc NFLX: 29%
  • Amazon Prime Video AMZN: 13%
  • Hulu: 11%
  • YouTube from Alphabet Inc GOOGGOOGL: 8%
  • HBO Max from Warner Bros. Discovery WBD: 8%
  • Disney+ from The Walt Disney Company DIS: 7%
  • Paramount+ from Paramount Global PARA: 5%
  • Peacock from Comcast Corporation CMCSA: 5%
  • AppleTV+ from Apple Inc AAPL: 3%
  • Sling: 2%
  • Crave 1%
  • None of the Above: 9%

The same Benzinga and Dig Insights Economic Sentiment tracker also asked Canadian consumers the same question. In Canada, 51% said they are considering canceling subscriptions to save money, up from 42% in November 2022.

Here were the results from Canadian consumers when asked to pick which streaming platform they would keep:

  • Netflix: 41%
  • Amazon Prime Video: 17%
  • YouTube: 10%
  • Disney+: 10%
  • Crave: 5%
  • AppleTV+: 3%
  • HBO Max: 2%
  • Paramount+: 2%
  • Hulu: 1%
  • Sling: 1%
  • Peacock: 1%
  • None of the Above: 8%

Related Link: Exclusive: Beringer Capital Acquires Majority Stake In Dig Insights, Readies Next Stage Of Expansion 

Why It’s Important: The streaming market is highly competitive and has seen new entrants try to tackle the lead of Netflix and others.

The results of the poll show that Netflix still ranks as the most dominant streaming platform and the one that is least likely to get cut.

The new Benzinga and Dig Insights Economic Sentiment tracker results show that around 40% of U.S. consumers are accumulating more debt to keep up with their monthly bills.

A higher amount of those polled are considering cutting out streaming platforms rather than changing their internet or cell phone bill, which could be concerning for smaller streaming platforms.

Many of the streaming platforms have also raised prices and now face the task of fighting off Netflix and Disney+, which launched ad-supported lower cost plans in 2022.

Outside of Netflix, Amazon Prime Video and YouTube performed well in the poll in both the United States and Canada.

The concerns could be for AppleTV+, which was picked by only 3% of people in each country. Disney+ had a decent 10% showing in Canada, but got only 7% in the United States.

With many consumers having more than one streaming platform, the results would indicate that the ranking would be Netflix, Amazon Prime Video, YouTube and Disney+.

Read Next: Netflix, Disney+, Hulu Or HBO Max, Which Streaming Platform Do Benzinga Users Prefer 

Photo: Shutterstock

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Posted In: EntertainmentNewsExclusivesGeneralBenzinga and Dig Insights Economic Sentiment TrackerCord CuttingDig InsightsInflationstreaming platformsstreaming stocks
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