Streaming Trends for 2024: 44% Report Streaming Costs Increasing Over the Last Year (2024)

In an age where the digital world is our primary source of entertainment, the streaming service market is more competitive and complex than ever. Consumers find themselves at a crossroads, navigating between an ever-growing selection of platforms, each vying for their attention and subscription dollars.

As we delve into the intricacies of streaming subscription trends, behaviors, and preferences, we must consider how these services complement our overall digital ecosystem, including how they interact with our choices of top internet providers, a crucial component for a seamless streaming experience.

To gain a deeper understanding of the current streaming landscape and its impact on American consumers, Forbes Home and OnePoll initiated a comprehensive online survey. Our insights are based on a survey targeting 2,000 American streaming media users who engage with content for at least an hour daily.

95% Pay for More Than One Streaming Service

In today’s digital era, the question isn’t whether Americans are subscribing to streaming services but rather how many they’re juggling at any given time. A staggering 95% of Americans now pay for more than one streaming service, marking a noticeable increase from 86% in 2023, according to the Forbes Home survey.

The data reveals a clear preference for variety, with nearly half of the respondents (48.9%) managing three subscriptions simultaneously. This trend underscores the evolving landscape of digital media consumption, where audiences are not just seeking content but are curating a personalized entertainment library across multiple platforms.

People are spending an average of $46 per month on streaming services.

The financial commitment to streaming services underscores a significant aspect of contemporary digital life, with Americans allocating an average of $46 monthly to their subscriptions. Yet, the spectrum is broad, stretching from those spending less than $10 to over $100, showcasing the varied valuation of streaming content among different demographics.

In fact, a notable 44% of subscribers have seen the cost of at least one of their services increase in the past year, a trend that has led to tangible consumer actions:

• Nearly half (45%) have canceled subscriptions due to rising costs, highlighting the price sensitivity in maintaining such digital luxuries.
• Surprisingly, 48% admit to maintaining subscriptions they barely use, pointing to a mismatch between intended and actual consumption.
• Additionally, 45% of consumers have experienced the pitfall of free trials, forgetting to cancel and subsequently incurring charges.

These insights paint a vivid picture of the streaming economy, where value, cost, and utilization intersect, often leading to reconsidered subscriptions and adjusted viewing habits.

50% choose to pay for streaming services without ads.

In an era where uninterrupted viewing is increasingly prized, it’s no surprise that half of the respondents opt for streaming services without ads, willing to pay a premium for the luxury of seamless entertainment. This preference underscores a clear trend toward prioritizing content engagement without disrupting advertisem*nts, reflecting a broader shift in viewer expectations and patience.

Only about 24.3% of consumers still select ad-supported options, a choice likely influenced by cost considerations. This split in consumer choices illuminates the ongoing debate within the industry–balancing the desire for ad-free content with the economic realities of subscription models.

More than half of respondents still use streaming services that someone else pays for.

Interestingly, the economics of streaming services even reveal complex cost-sharing strategies, with more than half of respondents (55.5%) utilizing platforms paid for by friends or family members. Despite the prevalence of account sharing, a majority (67.6%) shoulder the cost of their subscriptions entirely on their own, indicating a strong base of individual subscribers who value direct control over their streaming choices.

Interestingly, nearly a third (29.7%) of users engage in cost-sharing arrangements, splitting the expense of streaming services with others. This approach not only reflects a practical strategy for managing subscription costs but also highlights the social dynamics inherent in streaming culture.

Netflix Tops the List for the Most Preferred Streaming Service Interface

Netflix reigns supreme in the realm of streaming service interfaces, capturing the preference of a significant portion of survey respondents, with 35.5% celebrating its user-friendly navigation and highly intuitive design.

Behind Netflix, Amazon Prime Video and ESPN+ also receive noteworthy acclaim, with 14% and 10.9%, respectively, indicating a diverse appreciation for interfaces that cater to specific content types—from broad entertainment libraries to sports-centric content.

This data illuminates a clear preference hierarchy among streaming platforms, reflecting content quality and the importance of ease of use, searchability, and overall user experience.

90% of Respondents Claim They Will Discontinue Streaming Subscriptions If Higher Prices and Stricter Password Sharing Are Enforced

The potential for increased prices or stricter password-sharing policies has a significant impact on consumer loyalty to streaming services, with an overwhelming 90% of respondents indicating they would reconsider their subscriptions under such circ*mstances.

Disney+ sits at the top of the list for potential cancellations, with 43.6% of respondents ready to cut ties if faced with higher costs or tighter access controls. This sentiment extends across the board, affecting not only the giants of the industry but also smaller platforms like AMC+, Starz, and Paramount+, indicating a broad-based expectation among consumers for reasonable pricing and flexible sharing arrangements.

Streamers Make Decisions Based on Convenience

The allure of exclusive content has proven to be a powerful motivator in the streaming world, with 44% of respondents admitting to subscribing to a service solely to watch a particular show. The decision to subscribe, driven by the desire for immediate access to specific content, underscores the importance of exclusive or original programming in attracting new users.

Streamers Are Not Closely Tracking Their Streaming Subscription Spending

The scrutiny—or lack thereof—surrounding streaming subscription management reveals a somewhat laissez-faire attitude among consumers towards their digital entertainment spending. A majority have reviewed their subscriptions relatively recently, with the highest number, 27%, doing so within the past month.

However, a noticeable 25% of respondents take a more hands-off approach, only revisiting their subscriptions within the past year or simply not remembering when they last did. This shows how, for some, streaming services are a set-and-forget element of their digital lives

Conclusion

With 95% of Americans curating their digital entertainment from multiple platforms, the landscape is more vibrant and competitive than ever. Yet, as monthly expenditures average $46, the value for money remains a decisive factor, with consumers ready to switch or cancel services in response to price increases or restrictive sharing policies.

The driving force behind subscription decisions—exclusive content—underscores the power of compelling programming. Moving forward, streaming services must navigate these consumer insights with innovation, ensuring they meet evolving preferences with a mix of quality content, affordability, and user-friendly experiences.

Methodology

This online survey of 2,000 Americans who stream media at least one hour or more per day was commissioned by Forbes Home and conducted by market research company OnePoll, by the Market Research Society’s code of conduct. The margin of error is +/- 3.1 points with 95% confidence. This survey was overseen by the OnePoll research team, which is a member of the MRS and has corporate membership with the American Association for Public Opinion Research (AAPOR).

Geraldine has over a decade of digital marketing experience. Currently, she runs Gerie Media, a full-service digital marketing agency. Her expertise spans across various sectors, with a notable focus on home improvement.

Samantha is an editor who covers all topics home-related including home improvement and repair. She edited home repair and design content at websites like The Spruce and HomeAdvisor. She also has hosted videos on DIY home tips and solutions and launched multiple home improvement review boards staffed with licensed pros.