A new survey from Forbes Home and OnePoll highlights a number of ongoing problems facing the streaming industry as it struggles to boost profits while retaining subscribers.
Key findings of the online survey include the fact that consumers love streaming, spending 3.1 hours with streaming media each day and that 95% pay for more than one service.
But people are now spending an average of $552 on streaming services a year and that those costs continue to rise. The report found that 44% report having their streaming subscription costs increase over the last year. Not surprisingly, password sharing remains widespread—56% still access streaming services through friends or family accounts.
In addition, 79% experience lagging or buffering from their internet connection while streaming and one third (33%) have had to create their own streaming subscription account over the last year due to stricter streaming service rules.
The data reveals a clear preference for variety, with nearly half of the respondents (48.9%) managing three subscriptions simultaneously.
Nearly half (45%) have canceled subscriptions due to rising costs, highlighting the price sensitivity in maintaining such digital luxuries. Yet, 48% admit to maintaining subscriptions they barely use and 45% of consumers have experienced the pitfall of free trials, forgetting to cancel and subsequently incurring charges.
"In an era where uninterrupted viewing is increasingly prized, it’s no surprise that half of the respondents opt for streaming services without ads, willing to pay a premium for the luxury of seamless entertainment," Samantha Allen at Forbes Home reported. Only about 24.3% of consumers still select ad-supported options, a choice likely influenced by cost considerations.
“Netflix reigns supreme in the realm of streaming service interfaces, capturing the preference of a significant portion of survey respondents, with 35.5% celebrating its user-friendly navigation and highly intuitive design,” Samantha Allen at Forbes Home reported. “Behind Netflix, Amazon Prime Video and ESPN+ also receive noteworthy acclaim, with 14% and 10.9%, respectively, indicating a diverse appreciation for interfaces that cater to specific content types—from broad entertainment libraries to sports-centric content.”
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