Here's Why Millions Of People Will Probably Cancel Netflix Next Year
With more options and competition in the market, millions of people will probably cancel Netflix next year. Here’s what you need to know.
Years ago, there was only one giant in the world of streaming, but that didn’t last long. More streaming platforms have launched in the past couple of years, adding competition to Netflix’s longstanding hold on the market. Now, with more options and competition in the market, millions of people will probably cancel Netflix next year, a new survey hints. Here’s what you need to know.
Reviews.org wanted to find out more about people's streaming habits. The company surveyed 1,000 Americans at least 16 years old to ask about their habits, subscriptions, and feelings about Netflix.
The surveys were sent in August 2022, revealing that Netflix might have some trouble on its hands next year. According to the survey, 1 in 4 respondents said they plan to leave Netflix next year, and 12.5% plan to lose the platform in the next few months.
People are planning to ditch Netflix because of the price increase.
With a quarter of people saying they were planning to cancel their Netflix subscription, Reviews.org was interested in why. And overwhelmingly, people noted the streaming platform's price was the reason they were planning to cancel.
“Netflix currently has the highest average plan cost among the eight most popular streaming services in the United States,” the survey noted. And with recent price jumps, it makes sense.
According to the survey, Netflix’s basic one-screen plan increased in price by 11% for the first time in three years this past January. The standard and premium plans also increased since, with standard up 20% and premium now up 25% in price.
On average, people spend $15.15 per month for Netflix. The top two competitors, HBO Max, and Hulu, are much cheaper at $12.49 and $9.99 per month, respectively.
Less content on Netflix is also driving people away.
The Reviews.org survey also noted that a lack of content is pushing subscribers away, too. One in 3 survey respondents said that Netflix no longer has the shows they want to watch, and 30% said that they use other streaming services more than it does.
“Netflix became popular for licensing many TV shows and movies for streaming before the company developed its own original programming,” Reviews.org said.
“In recent years, those shows and movies have left Netflix for other streaming services — mainly to build the libraries of WarnerMedia’s HBO Max, Walt Disney Company’s Disney+, and NBCUniversal’s Peacock — leading to ‘the streaming wars.’”
Netflix is probably going to be OK for a while still, though.
While the survey did note that Netflix might see a bunch of people leave due to cost and a lack of content, 4 out of 5 survey respondents are currently subscribed to Netflix, with an average of 4 streaming subscriptions.
According to the survey, the most popular streaming services used are:
- 78% subscribe to Netflix
- 46% are Disney+ subscribers
- 42% subscribe to HBO Max
- 33% are Peacock subscribers
- 26% subscribe to Hulu
And Netflix is still winning; according to Reviews.org, "70% of respondents use Netflix the most, meaning it has higher usage than any other streaming service — by a 60% margin!”
