Speaking at the Connect TV Summit, Omdia senior director Maria Aguete said that despite the UK cost of living crisis, people from the UK are tending to spend more and certainly no less in streaming video services. in fact, cuts in other spending has allowed them to subscribe to extra services.
Currently, the average UK household has 2.6 pay subscription services at home, 2 SVOD services and 0.6 pay- TV.
The most popular services in the UK currently are Netflix, Amazon Prime Video and Disney Plus, with 15.5 million, 10 million and 7.5 million subscription respectively.
Churn has increased significantly in the last 12 months. Indeed, 45% more subscription video services were cancelled in the last 12 months, while overall there were 20% more consumers cancelling their services compared to last year, but counteracting this trend, the number of services cancelled and resubscribed to in the last 12 months has grown higher by 84% meaning that although more people are churning, more people are subsequently resubscribing.
The biggest growth in the last six months comes from Disney (21%), NOW TV (18%), Netflix (8%) and Amazon (5%).
Those with four streaming video services per home are the ones churning less than those who took more than seven SVOD services are among the highest churners.
Looking to the future Omdia expects Netflix to continue and surpass Disney in 2026.