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In 2020 alone, there were three new streaming services (HBO Max, Peacock, and Quibi) released, though Quibi ended up being the first major casualty in The Great Streaming Wars. Even with Quibi’s $2 billion demise, the demand for streaming is showing no signs of slowing down with the new Discovery+ platform joining the fray in January and Paramount+ set to launch in March.
While streaming appears to be at an all-time high, a recent study from professional service network Deloitte (per the Los Angeles Times), revealed that the overwhelming amount of streaming platforms and shows available may be causing customers to cancel their subscriptions and seek out something new. Deloitte’s survey, which consisted of 1,100 participants, showed that “46% of respondents canceled at least one streaming service in the last six months,” according to the LA Times, which is a major rise from only 20% who said the same in a similar January survey.
The majority of participants (62% to be exact) said they canceled a particular service after finishing a TV series or movie. “Churn” is the term used to describe this phenomenon in Hollywood. Deloitte’s data suggests that streaming providers are going to have a difficult time keeping subscribers as competition in the space increases. According to the LA Times, “streaming subscribers reported having an average of five services in October, up from the three they reported having before the COVID-19 pandemic,” but this increase also seems to indicate that viewers are more willing to cancel a service once they’ve seen the show or movie that initially prompted them to sign up.
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In an interview with the LA Times, Deloitte’s Media and Telecom Leader Kevin Westcott said, “the competition for the streaming services is shifting to a different level. Over the last few years, the focus was on having exclusive, original content. In 2021, it’s going to come down to the user experience, and do you feel like a special VIP for being a member.”
While Netflix is currently winning the war with its 200 million (and growing) subscriber base, Disney+ is catching up with an impressive 86.8 million of its own since launching in late 2019, with Peacock making a push with 26 million subscribers in under a year. And with so many services vying for subscribers, streamers are going to have to get creative to keep their audiences active. Disney+ will attempt to keep Marvel fans hooked all year long with an ambitious slate of original TV shows set in the MCU, with WandaVision’s weekly release schedule rolling right into The Falcon and the Winter Soldier’s March release date, followed by Loki in May. Amazon has also experimented with a weekly release schedule for some of its shows, including Season 2 of its breakout hit The Boys and its upcoming Robert Kirkman animated superhero series Invincible.
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Looking ahead, Netflix has an ambitious lineup of at least 70 original movies releasing in 2021, while HBO Max rocked the film industry by announcing that 17 of its theatrically-released movies in 2021 will drop simultaneously on HBO Max for a one-month exclusive window.
What do you think of the results from the study? Do you cancel a particular streaming service after you finishing binging a show or watching a movie? Let us know in the comments.
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David Griffin still watches DuckTales in his pajamas with a cereal bowl in hand. He’s also the TV Editor for IGN. Say hi on Twitter.
Max “RinHara5aki” Blumenthal with over 2300+ hours experience with Breath of the Wild combat, breaks down a battle sequence so the technicals can be shown and explain the complexities of what is happening. His combat glossary in progress explains a great deal about the vastness of advanced combat in Breath of the Wild.