Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

More than 1,500,000 cancel Netflix, Disney+ and Now TV over living cost crisis

More than 1,500,000 cancel Netflix, Disney+ and Now TV over living cost crisis

The pandemic-fuelled streaming boom is officially over after households axed video subscriptions in record numbers at the start of the year.

More than 1.5 million British households cancelled accounts for services such as Disney+, Now and Apple TV+ during the first three months, figures from analytics group Kantar show.

The reason given for stopping a subscription service in more than 50% of the service terminations was ‘money saving’.

The mass cancellations are a sign the cost-of-living crisis is starting to bite, with families looking for ways to curb non-essential spending, as food, energy, and fuel prices all soar.

Lockdowns led to more people signing up for streaming services but now households need to ‘seriously prioritise where and how their disposable income is spent’, said Kantar.

While 58% of households still retain at least one paid-for streaming service, the number that does fell by 215,000 in the first quarter of this year.

Disney+ took a hard hit from cancellations

Apple TV Plus is among the streaming services to have seen a fall in subscriptions


The TV cull comes as other sectors are also starting to see customers reign in their spending, with luxury retail being one of the first to feel the pinch.

The chair of Made.com has said the online furniture retailer has already seen customers changing their buying habits as the cost-of-living crisis starts to bite.

‘The customer has definitely held back in the short term financially,’ Susanne Given, the boss of the furniture seller said.

‘However big a customer’s budget, they are thinking about spending.’

Furniture prices helped drive consumer price inflation to a 30-year-high in March, said the ONS. They surged by 16.8% on a year before.

Ms Given said Made.com had increased its prices, saying retailers in the industry have had to pass on some of the impact of hefty shipping, commodity and labour costs to customers.

The reason given for canceling a subscription service in more than 50% of cases was ‘money saving’


The former Superdry and TK Maxx executive, who spoke during the World Retail Congress event said she expects the luxury sector to face challenges over the coming months.

‘I think this market will mean there will be a heightened demand for what customers see as better value products,’ she said.

‘There isn’t a business around, in furnishing or elsewhere, that won’t have had to reassess their pricing this year, and it means there is always potential people will start pricing down.’

Consumer cutbacks come as basic pay rises fall well behind inflation, with many firms not planning to increase wages at all.

The Chartered Management Institute said workers were seeking pay rises and extra help from their organisations because of the cost-of-living crisis but often come away ‘empty handed’.

Research from 1,000 managers showed about half of firms were giving basic pay awards but a similar number reported no rises.

Basic pay awards were reported to be 2.8% on average, well below the 7% inflation rate.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Japanese Customer Sways from VW to BYD after “Unbelievable” Test Drive amid Dealership Expansion
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Pickles are the latest craze among Generation Z in the United States.
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
White House Eyes Budapest for Peace Talks
Cave Diving Beneath the Streets of Budapest
Another American Restaurant Chain Opens in Budapest
Hungarian Opposition Politician Supports Ukrainian Commander
Opposition Leader Threatens Media Outlets
American Airlines Adds New Flights to Budapest
F1 Hungarian Grand Prix Wraps Up
WhatsApp is rolling out a feature that looks a lot like Telegram.
U.S. Trade Representative says Washington still negotiating trade deals after court rules tariffs illegal
Von der Leyen says Europe drawing up 'precise' plans to send troops to Ukraine
Kremlin accuses Europe of hindering Trump’s peace efforts in Ukraine
×