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Streaming services are under pressure from the cost of living crisis

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More than a third of Irish households are considering quitting an online streaming service, according to a new survey of 900 people.

As pressure on the cost of living mounts, Momentive’s study also found that one in five subscribers would quit altogether if streaming services cracked down on account login sharing, as Netflix is ​​threatening to do.

According to the survey, a whopping 70 percent of Irish streaming customers share their subscriptions with extended families, while 16 percent share them outside of families.

Streaming giants like Netflix have started to see a subscription plateau, partly due to the ease of sharing accounts.

When asked what would happen if there was a crackdown, 31pc admitted they would sign up for a more expensive plan that allows for more sharing, while 36pc said they would switch services. 20pc said they were retiring from streaming.

Just under a third of Irish subscribers share their login details with two other users, while 40 percent share them with three or more people.

Almost half of Irish subscribers prefer a cheaper, ad-based service and say they would switch to such an option if given the choice. Netflix has said it is considering introducing such a tier on its platform.

Momentive research claims that Netflix is ​​still by far the most used Irish streaming platform, with 91 per cent of those who have a subscription saying they use it.

Disney+ is next at 49 percent, while 42 percent use Amazon Prime Video. Sky’s Now TV has a 17 per cent take-up rate, while there’s no mention of Apple TV+.

Netflix recently increased its prices for the second year in a row, with the premium plan going from €18 to €21 per month and the regular HD plan from €13 to €15 per month. That means the price of Netflix’s main plan has increased by 31 percent over the past 12 months.

Netflix recently saw its subscription base decline for the first time as competitors pumped billions of dollars into production budgets and grabbed the lion’s share of new streaming customers over the past year.

Still, the online TV giant is still the biggest streaming platform out there, with 221 million subscribers. Disney+ recently added 8 million subscribers and now has a total of 138 million paying customers.

The Momentive research comes a week after the launch of newest streaming giant Paramount+. The platform, which includes content from Paramount-owned television channels such as Showtime, Comedy Central, Nickelodeon and MTV, costs €7.99 per month but is free for those who are already Sky Cinema subscribers.

The platform will rely on shows like SpongeBob SquarePants, Yellowstone and Star Trek Strange New Worlds to attract subscribers.

It will also be available on the usual tech platforms, including its own app on Apple and Android, as well as Apple TV, Chromecast and other set-top boxes.

https://www.independent.ie/business/technology/reviews/streaming-services-face-pressure-from-cost-of-living-crisis-41802577.html Streaming services are under pressure from the cost of living crisis

Fry Electronics Team

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