Gen Z and Millennials Want to Save on Streaming

By: Keith Wagstaff · April 09, 2024 · Reading Time: 3 minutes

Big Spending on Binge-Watching

Succession may be over, but high streaming bills aren’t. That’s the harsh reality for budget-conscious streamers. More than half of millennials and Gen Z said they’re spending too much on streaming services, according to a new report from Harris Poll . On average, they said they’re committing $57 a month to streaming subscriptions. That’s partly because, over the last few years, nearly every major player in the industry has upped their prices.

For streamers of all ages, more than half, 58%, said they’d rather watch ads than pay extra to get rid of them. And as many as 62% said they prefer free, ad-supported services like Fox-owned (FOX) Tubi, which commissioned the Harris Poll survey.

In another poll, released by Morning Consult last week, 64% of people who subscribe to five or more streaming services said they were looking to cut back.

Why Is Streaming So Expensive?

With Netflix (NFLX) so dominant, Disney’s (DIS) Hulu and Disney+, Warner Bros. Discovery’s (WBD) Max, and Paramount’s (PARA) Paramount+ attracted users with low subscription rates to gain market share.

But increased competition, labor strikes, declining profits from traditional TV, and an end to cheap debt as the Federal Reserve raised interest rates to combat inflation has put pressure on companies to wring more revenue from their streaming services.

How to Save on Streaming

Want to cut back on your streaming bill? Consider paying annually instead of monthly, setting renewal reminders, or finding deals on streaming bundles to save money. If you’re thinking about switching phone plans, you might look for one that includes free subscriptions to your favorite streaming services.

People who don’t mind ads can choose from several free services, including the Roku Channel, Pluto TV, and Tubi. Downgrading from premium to ad-supported plans is another smart way to trim your bill.

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