Hollywood’s streaming business is on the brink of collapse, with soaring prices continuing to drive away U.S. subscribers.
Streaming video services face many problems, including high costs, high churn rates, and competition from other platforms. Meanwhile, many US customers are wondering whether it’s worth paying the subscription fee. variety report.
According to Deloitte’s annual survey, the average U.S. household pays a total of $61 per month for four streaming video entertainment services. That’s a 27% increase from last year’s $48 per month.
The study found that just over a third (36%) of survey respondents said the content on streaming video services is not worth the price, suggesting price increases may be nearing a breaking point. It suggests that there is.
Meanwhile, nearly half (48%) of respondents said they would cancel their favorite video-on-demand service if the subscription price increased by even $5 per month.
When it comes to cancellations, while the numbers are high, they’re down slightly from last year, with 40% of consumers saying they canceled a subscription to a video streaming service in the past six months, compared to 44% last year. It has been decreasing since. Year.
Deloitte research also found that 67% want streaming bundles that allow them to access content from multiple services, and 63% want bundles of services that they can customize each month.
Social media was also a factor in the study, with 60% of Gen Z consumers saying they like watching user-generated content videos and the benefits of spending time searching for what to watch. He pointed out that it was unnecessary.
Additionally, more than half of Gen Z and Millennial consumers say they get better content recommendations from social media than from the streaming service itself.
Additionally, approximately 49% of Gen Z and Millennial respondents say they watch a TV show or movie after hearing about it from the creator on social media, and 54% say advertising on social media influences them the most. The answer was yes.
“It’s no longer enough to deliver great content; curating a more personalized experience by aligning content to individual tastes and interests is the next step,” said Deloitte Vice Chairman, US Telecom, Media , said Jana Albanas, Entertainment (TM&E) Sector Leader. .
“It’s important to recognize that social media is the primary way people discover and get excited about entertainment,” Albanas added.
“For content to resonate and drive consumer engagement, streaming video providers must work to ensure their content connects with diverse audiences and fosters a sense of community and social connection. ” Arbanas said.
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