When it comes to the nightly question of what to watch, there’s more at our fingertips than ever before. While it used to be a decision between what’s on a few channels, there’s something new to watch on Netflix, Disney+ and more streaming services every week, and it’s hard to keep up with. Now, a new study shows it’s increasingly common for consumers to pay for numerous streaming services at once and not use multiple of them at a time.
A wild stat was obtained by a credit-building company Self Financial, which surveyed 1,106 Americans from a range of backgrounds about their relationship with the streaming services. The results showcase a tendency for TV and movie lovers to waste money on streaming, so let’s break down why.
A Great Majority Of Streaming Subscriptions Are Going Unused
Perhaps the biggest jaw-dropper of the study is that 85.7% of subscriptions go unused by consumers each month! And since Self found the average household currently has 4.1 active subscriptions they are paying for in 2024, it was then calculated that an average of three out of four of subscriptions are just sitting there and being left unwatched.
The study also found that people are spending an average of $40.39 a month on paid subscriptions – which is actually down $12 from the year prior. Stats like this makes one want to take a second look at their streaming services and decide which ones to keep around and split, doesn’t it? Of course, it is a common problem considering 83% of those surveyed subscribe to at least one platform.
And, Netflix Is Reportedly The Most Unused TV Streaming Service
Here at CinemaBlend, as a staff, we determined the best streaming services to subscribe to in 2024, and found it was tied between Hulu and Max, based on each of our experiences collectively. A Hulu subscription seems to be an all-around winner too, as it was low on the list of “unused subscriptions.”
However, it can be difficult to part with one service when great movies and TV shows are popping up on all the platforms at different parts of the year. Per the survey, it’s actually Netflix that is the most common unused TV streaming service, with Disney+ at No. 2.
Of course, many of us may sleep on Netflix and then re-subscribe to catch up on things like the second half of Cobra Kai Season 6, which doesn’t drop until November on the 2024 TV schedule. Netflix has become less popular as of late ever since it started cracking down on its password-sharing policies, plus with the release of its popular originals spaced out and the lack of a live TV option, I can see why it’s not consistently used.
Why Are Users Not Cancelling Their Unused Subscriptions?
But, why is this a perpetual problem for consumers? According to the study, it comes down to a few factors regarding why streaming services are being paid for but not used. The studio found the No. 1 reason why people are not canceling is due to “auto renewal” functions on services while it’s also rather popular for people to either forget to cancel or not have the time to cancel their unused services.
At least it’s a common experience for us all, but the growing amount of streaming services in recent years has not been kind to our wallets, and the solution isn’t apparent.