r/netflix – Cutting the Cord – Households Cancel Subscriptions to Streaming Services Due to Shrinking Budgets

Due to the COVID-19 pandemic and the government-enforced lockdowns, the streaming platforms saw a surge in subscriptions, with more people stuck at home. However, the proportion of consumers now planning to cancel their subscriptions due to cost-cutting has risen to its highest level, with it rising from 29% to 38% in the last few months in 2021. 

U.S. households today have stopped adding to their ledger of streaming services. This is another sign that the on-demand video streaming market has reached its saturation point. The number of on-demand streaming services accessed per household leveled off at 4.7, as per the survey from Kantar. 

So, why this sudden drop in viewership and subscriptions?