In June, we reported on a Kantar report that claimed 1 million music subscriptions had been cancelled in the first quarter in the UK as music consumers felt the bite of the cost of living crisis. Now, Kantar has released another report that looks at UK video-on-demand (VoD) subscriptions, and it’s similarly belt-tightening news.
In Q2 (April to June), the number of households that subscribed to at least one VoD service in the UK fell to 16.42 million. That’s down by 488k, quarter on quarter.
The main reason for cancelling streaming subscriptions is no surprise: ‘wanting to save money’ was the primary reason given by 36% of respondents.
One interesting similarity between the music and the VoD subscription cancellations was the demographic doing the cancelling: the youngest households are the ones doing it most, and they are finding more wallet-friendly alternatives in the free video or music – or video-and-music – platforms.
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