Is this the end of Netflix or simply people who are switching from streaming app to streaming app to find the best deal?
A new study done by Reviews.org found out that 1 in 4 Netflix subscribers are planning to cancel their Netflix subscription this year.
The number does spell trouble for Netflix, which, for the first time in a decade, lost subscribers two quarters in a row – almost 1.2 million of them.
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The Reviews.org study was one by polling 1000 American Netflix subscribers and their answers point to Netflix price rather than too many other choices.
More than 40% of people said the rising cost of Netflix subscriptions are making them consider canceling Netflix, while just 18% said that they use other streaming services more often. In January of this year, the basic Netflix plan went up in price by 11%, while the standard and premium plans increased in price by 20 and 25% respectively, making Netflix the most expensive streaming app on average.
The same report makes a comparison between the average price of all streaming apps and, not surprisingly, Netflix is leading.
Almost 22% of the subscribers who plan on leaving Netflix this year blame the missing titles on the platform, in a landscape crowded by streaming apps where Netflix is struggling to secure content distribution rights.
Interestingly, just under 20% of those who want to cancel Netflix are blaming the general price hikes caused by inflation.
Still, Netflix is still the most popular streaming app in the US, with 4 out of 5 Americans subscribed to the service. By comparison, the next most popular app is HBO Max with 9.91%, while AppleTV+ is near the end of the list with just 2.70%.
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