New YouGov data suggests that video streaming services should be wary of pricing themselves out of the increasingly saturated streaming sector, with the cost of subscriptions central to whether people subscribe or unsubscribe from services.
According to a recent YouGov poll seeking to discover why American adults subscribe and unsubscribe from streaming services, more than two in three (67%) claim that they would consider cancelling current streaming subscriptions if prices increased.
With the video streaming space flooded with alternatives, price appears to be the key consideration for households juggling multiple subscriptions.
Accessibility is also important to video streamers, with nearly two in five (37%) respondents deeming it essential that streaming services be available on their platform of choice . A loss of access to a streaming service on the consumer’s chosen platform (for example, Roku or PS4) appears to be more important than content quality , with fewer people (25%) likely to cancel their subscription if they took too long to find something worth watching.
For those looking to subscribe to new services, affordability remains crucial (54%). However, original content also appears key to driving streaming subscriptions, with US adults willing to switch or make additional subscriptions for new TV shows (42%) and movies (34%).
Original content looks to be more of a factor in attracting new subscribers than in retaining old ones. Almost a third (34%) of new subscribers and 16% existing customers would consider cancelling their subscription if their provider stopped making original TV shows and movies. This suggests that quality original content is crucial for new streaming services looking to break into the sector.
Streaming services should also note the significant subscriber interest in live news (13%) and sports broadcasts (17%). Developing live sport offerings is a particularly tempting proposition for many streaming services looking to bolster subscribers by tapping into the millions of sports fans across the US. Amazon have notably employed this strategy in the hope of giving its video service an edge in its tussle with Netflix.
Methodology: Results are based on a YouGov poll of 1,200 Americans. Interviews took place on December 14, 2020 between 12:04 p.m. and 1:24 p.m. The survey was carried out through YouGov Direct. The margin of error is 3.8% for the overall sample.