Americans Ditch Entertainment Amid Record Inflation

Written By BlabberBuzz | Thursday, 18 November 2021 05:15

The spike in the cost of living brought on by outrageous inflation and the end of pandemic lockdowns may be cutting into the viewing habits of TV consumers. Nearly half of those responding to a recent survey said they plan to cancel at least one of their cable or streaming subscriptions in the coming months.

The report, conducted by digital TV antenna provider Mohu in September, analyzed TV viewership numbers for 1,200 American adults over the past year, who subscribed to at least one television or streaming service.

According to the probe, more than 2 in 5 Americans, that is 44 percent, plan to nix at least one cable or streaming subscription in the next six months, with the vast majority citing rising costs as the reason for the considered cancellations.

Conversely, 2 in 5 of those surveyed stated that they do not plan to cancel any of their media subscriptions - whereas roughly 1 in 5 responded that they were still uncertain whether or not they would pull the plug on their preferred TV mediums.

Meanwhile, 80 percent of the 1,200 polled disclosed that when signing up for their streaming services or cable subscriptions of choice, they do so with the intent to hold on to those active subscriptions for more than a year.

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With that being said, more than 500 said they plan to call off these subscriptions. They cited increasing costs for their change of heart, conceding that the newly inflated prices are simply not worth paying, with rates for streaming services and TV providers having soared since the start of the pandemic.

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Streaming stalwart Netflix, for instance, increased its rates in October 2020, adding a dollar to its basic price and $2 to its higher-priced plans - bringing its current costs to $10-a-month for its base plan, $14 for its intermediary Standard option, which allows for HD streaming, and $18 for its Premium plan, which allows users to stream content in 4K.

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The hikes come amid an unprecedented period of competition between companies that offer streamable content, as consumers explore other avenues of entertainment with movie theaters and sport venues shut down or operating at reduced capacities.

Notably, with increased competition comes an increase in price, as streaming services gain demand prevalence, with consumers willing to pay more for such a service.

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Any yet, price hikes must be issued with justification. If such a justification is insufficient for customers, with the multitude of services available to consumers, they can always jump ship to another.

What's more, those who elect not to cut the cord and decide to stick with cable or a more traditional TV provider have not been exempt from such hikes during this period.

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