Americans are tightening their belts when itcomes to entertainment spending, particularly on streaming subscriptions, which sawa significant decrease of 23% compared to 2023. This notable shift is mainlyattributed to rising costs, increasing streaming fatigue, and more stringentrestrictions on password sharing.
According to the annual State of Consumer Media Spending Report, the findings for2024 revealed some troubling statistics for the streaming industry. Among those surveyed,27.8% reported experiencing streaming fatigue, defining it as the feeling ofoverwhelm stemming from the ever-increasing number of apps available. With thecost of goods and services at record highs, many Americans find themselves forking out moremoney for the same or fewer viewing options.
The average American currently holds two streaming subscriptions and spendsapproximately three hours and 49 minutes each day consuming media. Yet, more than aquarter of these subscribers, precisely 26.5%, resort to sharing their subscriptionswith others to manage their expenses. Recent crackdowns on password sharing couldmake this money-saving strategy less viable, leading to more consumers feelinghacked off at paying for services burdened with annoying advertisements, which havebecome commonplace.
Review recommends consumers evaluate the number of streaming subscriptions theycarry and suggests trimming down to save money, or exploring free services. It might be prudentto temporarily sign up for services only as needed, for example, to watch specificshows or movies and then cancel when finished.
Meanwhile, the U.S. streaming advertisement revenue continues to thrive, experiencingprojected increases of 44% for the third quarter of 2024, as also detailed byMoffettNathanson Research. This stands in stark opposition to the drop of 6.3%forecasted for linear TV networks during the same period, excluding any specialevents like the Olympics. During the months of July to September, broadcast andcable networks are expected to generate earnings of $5.1 billion, showcasing therising dominance of streaming platforms.
With consumers increasingly frustrated by the high cost of subscriptions and intrusiveads, many may seek alternatives, including exploring torrent sites, as theywant to avoid the hassle of digital memberships altogether. The entertainmentlandscape is undoubtedly shifting, and companies need to adapt or risk losingtheir audience.
Overall, as streaming becomes more ingrained in everyday life, these contrasts are reflective of how we engage with media.