Netflix is losing subscribers in swathes, what can it do to stop the exodus? Meanwhile Disney+ is gaining users.
In the wake of stiff competition and an ongoing cost of living crisis, Netflix has seen a significant drop in streaming subscriptions throughout the UK, since the start of the year.
According to the latest figures from Kantar, the total number of UK households subscribed to streaming services fell by a staggering 167,000 to 29.4 million in the first quarter of the year. While the skyrocketing inflation has forced many families to cut back on multiple subscriptions, some are abandoning on-demand TV altogether.
The number of households that subscribe to at least one video on-demand service also plummeted by 144,000 to 16.1 million, which equates to only 55% of the country. In a harsh turn of events, Netflix suffered the largest absolute loss of subscribers during the first quarter of the year.
Dominic Sunnebo, global insight director at Kantar, shared that almost all metrics at Netflix had been gradually declining, including satisfaction with the variety of TV series, the amount of original content, and the quality of shows.
He said: “Netflix consumers are increasingly questioning the value for money they get from their subscriptions and when consumer finances remain tight, this is translating into increased churn.”
The data revealed that only three of the top 10 most enjoyed streaming titles in the first quarter belonged to Netflix, down from six titles a year prior. It seems that the streaming giant may have to pull out all the stops to reclaim its former glory and entice audiences back.
Competitors
Whilst Netflix may be feeling the sting of lost subscribers, Apple TV+ has enjoyed a strong start to the year, bolstering its UK subscriber base through investment in popular British programming such as the spy drama, Slow Horses.
This thrilling series follows the exploits of a ragtag team of dysfunctional MI5 agents, captivating audiences with its clever wit and sly humour. It seems that Apple TV+ is quickly gaining ground, thanks to its strategic investment in compelling and entertaining exclusives.
Not only that, Disney+ has defied all expectations of a slowdown in the streaming market and has managed to surpass Netflix in terms of total global subscribers, a significant milestone for the House of Mouse.
This marks the first time a competitor has surpassed Netflix’s paid user count, which is an impressive feat in the cutthroat world of streaming services.
Clearly, Disney’s beloved classics, exclusive originals, and Marvel and Star Wars franchises, has paid off, making Disney+ a formidable player in the streaming game.
For all the offers on video streaming subscriptions, including Netflix, go to hotukdeals.
