Americans spend $69 monthly on streaming services

Americans now spend an average of $69 per month on video streaming services. This figure represents a 13% increase from last year. Many people are feeling the squeeze as prices rise. Streaming was once seen as a more affordable option compared to cable TV. However, as streaming costs climb, the value of these services seems to be declining, especially among younger users. Almost half of the people surveyed—47%—believe they pay too much for streaming. The survey, conducted by Deloitte, found that 41% of respondents feel the content offered by these services is not worth the price. If their favorite streaming platform raised prices by just $5, 60% said they would cancel their subscription. Average prices for subscription video-on-demand services have now reached $16 per month. Younger consumers are especially likely to cancel their subscriptions if prices go up. The report shows that many are turning to cheaper or ad-supported services instead. More than half of those surveyed, 54%, now have at least one ad-supported version of a paid streaming service. This is an increase from 46% last year. Consumers generally think $14 per month is a fair price for an ad-free service, while prices over $25 are considered too high. Additionally, many people are canceling and then resubscribing to the same service within six months, a trend called "churn and return." About 39% of consumers canceled a paid subscription in the last six months, with this number climbing to over 50% for younger generations. The survey included 3,595 individuals aged 14 and older.