“Households are beginning to seriously prioritize where and how their disposable income is spent,” the report says.
Kantar’s report showed the number of UK households with at least one subscription fell by 215,000 in the quarter, with a record 38% of customers also planning to cancel subscriptions in the next three months due money problems.
“The proportion of consumers planning to cancel [subscription video on demand] services and citing ‘wanting to save money’ as the main reason rose to its highest level ever at 38%, up from 29% in Q4 21,” the report said.
Dominic Sunnebo, director of global knowledge for Kantar’s Worldpanel division, said the latest numbers were “sobering” for streamers.
“Evidence from these results suggests that UK households are now proactively looking for ways to save, and the SVoD market is already feeling the effects,” he said.
Kantar estimates that Netflix – the world’s largest streaming platform – has around 12 million subscribers in Britain, representing between 5% and 6% of its global customer base.