Survey: 83% don’t pay attention to streaming renewals
January 20, 2023
A survey of 1,005 US consumers commissioned by Forbes Advisor and conducted by market research company Prolific found the most popular type of digital subscriptions – and thus the ones perhaps least likely to get dropped – are streaming services, which 90 per cent of consumers subscribe to, followed by delivery apps (72 per cent) and music services (60 per cent).
Conversely, the least popular subscription categories are women’s apps, men’s apps, wellness apps and dating apps (with just 3 per cent favouring them), followed by meal kits (6 per cent) and fitness/weight loss and education (7 per cent each).
The survey recommends that the New Year is a good time to scrutinise what is being paid for. Customers may be able to trim hundreds of dollars in annual expenses. But people just may not be paying attention – meaning companies may be collecting money from you every month without providing value in return. The survey found that 83 per cent of consumers don’t conduct regular, comprehensive reviews of their digital subscriptions.
Amazon Prime, The New York Times and Uber One were cited as being the “quietest” about renewals.
While people questioned in the survey cited streaming as the most coveted subscription category, Yahya Mokhtarzada says when it comes to cutting bills, his company is seeing consumers ax streaming subscriptions first. Mokhtarzadan is co-founder and chief revenue officer of Rocket Money (formerly Truebill), a personal finance app that helps people manage subscriptions.
“Streaming subscriptions are certainly valuable to Americans but, interestingly, these services are the first on the chopping block when users are cutting down,” Mokhtarzada says. “Video streaming specifically saw the highest cancellation rate in 2022 among Rocket Money users. We’ve seen a steady increase in monthly video streaming prices, which can motivate users to take stock and cancel unused accounts.”