New research by finder.com has found that people are starting to cut back on the number of streaming services they regularly use. This coincides with the cost of living crisis with inflation expected to exceed 13 per cent in the coming months and energy bills reaching £3,500 in October. While households are eager to keep bigger streaming services like Netflix, Disney+ and Amazon Prime, the new data suggests others, like SkyGo and NowTV, are looking to consumer interest.
The result of this is that Brits can save hundreds of pounds a year which can be put towards utility bills and services.
Around 19 per cent of people in the UK shared that they plan, or have already, to reduce transmission due to rising cost of living, according to the search engine.
As of today, about 13 percent of people use NowTV when streaming content, down from 19 percent in 2019.
Speaking exclusively to Express.co.uk, finder.com Editor-in-Chief Liz Edwards shared how the cost of living crisis is causing families to review their streaming budget.
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Ms Edwards said: “On average, UK households spend around £40 to £50 on their streaming services per month, indicating that Britons have more than just the big three TV subscriptions.
“Households are feeling the effects of the rising cost of their streaming subscriptions, broadband and TV packages.
“Combined with household disposable income falling by 18 per cent in recent months, it certainly means that having lots of multiple subscriptions is simply not an option for many UK households.
“Netflix subscribers have dropped since its prices increased and are likely to drop further as customers turn to cheaper alternatives like Disney Plus and Amazon Prime.”
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It should be noted that Finder research finds that almost nine in ten people in the UK have used streaming in the last year.
This is an increase from 82 percent in 2019, but the data shows that consumers are becoming more selective about which ones they will stay subscribed to.
On this data, Ms Edwards added: “The prolonged lockdowns faced by everyone in the UK have inevitably accelerated the process of trying and paying for streaming services by Britons.
“This is reflected in our overall figures, but it was notable to see the consolidation towards a few select platforms.”
The finance expert also shared tips for those looking to start “cutting back” on their household expenses.
“Always look at comparison sites for streaming, broadband and phone deals before you renew, and if you want to stick with your provider, use the alternative deals to haggle,” he said.
“I got £10 a month off my broadband subscription by doing this when the price was about to go up.
“Transmission costs have increased, but there are still ways to save. Consider downgrading your Netflix plan – do you really need to stream on two or four screens at the same time?
“If you switch to a basic Netflix offer from a standard (1 screen instead of 2) you would save £48 a year. If you can pay for Disney Plus for a year up front, it costs £79.90 instead of £95.88, saving you around £16.
“And keep an eye out for the perks: O2 is currently offering up to 6 months of Disney Plus for free on some phone plans.
“But always choose a phone plan that reflects the actual amount of data you use and if you can afford to buy a phone outright and use a low-cost Sim-only offer, say from giffgaff, you can make big savings over a contract. .
“With any free trial, always set a calendar reminder before it ends, so you don’t sign up like a sleepwalker.”