Irish consumers are expected to spend an estimated €1.3 billion on video streaming services this year, a sharp increase of more than 34 per cent in a little under two years, according to Pure Telecom.
But more than a third of adults polled by Censuswide on behalf of the telecoms provider said they had cancelled at least one subscription in the past 12 months in a bid to cut costs, a phenomenon that some believe could accelerate if strikes by the Writers Guild of America (WGA) and actors union SAG-AFTRA in the US affect the pipeline of new programming.
The data, based on a survey of 1,000 adults from across the Republic, indicates that spending on video streaming services such as Netflix, Amazon Prime and Disney Plus has increased from €967 million in 2021 to an estimated €1.3 billion this year. The average adult spends €28.26 per month on video streaming subscriptions, versus €22.57 in 2021, with Generation X – adults aged 43-58 – the highest spenders by generation, forking out an average of €33.36 per month.
On average, Irish adults are paying for 2.4 streaming services each with about 26 per cent of subscribers admitting to sharing their passwords with other users.
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Netflix and other platforms have indicated previously that they plan to crack down on password sharing by introducing additional charges, which Pure Telecom said could increase the total consumer spend on streaming subscriptions.
However, a significant 38 per cent of viewers said they had cancelled at least one subscription in the past year to cut costs amid rampant consumer price inflation. Some 17 per cent said they had cancelled to get better value and access to programming elsewhere while 16 per cent said they had cancelled because they already had too many subscriptions.
Twenty-eight per cent of respondents said they would be willing to watch ads on their streaming service if it would defray subscription costs.
