Netflix and streaming platforms lose almost a million users in the UK

Almost a million Britons have decided to unsubscribe from some streaming platform so far in 2022.

Thomas Osborne
Thomas Osborne
18 October 2022 Tuesday 10:32
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Netflix and streaming platforms lose almost a million users in the UK

Almost a million Britons have decided to unsubscribe from some streaming platform so far in 2022. Inflation has forced, among many other things, the resignation of many 'extras' from our lives. In UK households, platform subscriptions have fallen by 937,000 since January.

According to the study carried out by Kantar Worldpanel, Netflix represents almost a quarter of all British households that changed or canceled their subscription, 45% of them have abandoned streaming platforms.

Another reason Netlfix is ​​losing a lot of subscribers is because of its new password sharing policy. At the end of August, the company tested its new password blocking system in some Latin American countries, by which they cannot use the same account in two different places.

Although not everything is bad news for streaming platforms. Paramount's release, featuring content such as Star Trek: Strange New Worlds, increased UK subscription numbers by 108,000. It should also be noted that Paramount is offered free of charge for Sky TV users.

In the case of Netflix, during the third quarter it only achieved 2.1% of all new subscribers to the platforms. It is a fifth of what it was a year ago. Amazon Prime Video, Paramount and Disney account for the vast majority of new subscribers, 29.4%, 24.6% and 17.5% respectively.

The American company hopes to improve its figures thanks to the new reduced quota with announcements that it will launch in November.

"The biggest problem Netflix is ​​struggling with is acquiring new subscribers. Netflix needs to win new customers, not just keep them from leaving," said Dominic Sunnebo, Global Chief Information Officer at Kantar Worldpanel.

According to the market research company, more than 16 million British households pay for at least one video-on-demand service. More than 5 million households have the three most popular services Netflix, Prime Video and Disney, which represents an annual expenditure of almost 350 euros.