The streaming market is becoming too competitive where new players are still spreading their wings to grab the market share, still, the popular names remained on the top including Netflix, Amazon Prime, Hulu, Disney+ and others.
Since the market becomes competitive consumers have more brand switching options as well, little mistakes in decisions by the streamers could cost them millions and wise decisions with the right investments could take them to the top. Apple TV+ has just landed the streaming market with the lowest price streaming service in the United States.
A recent change has been observed in a similar setting in Netflix consumers,
In a recent survey conducted by KilltheCableBill has revealed that Netflix subscribers who were long term customers canceled their subscription mostly due to a recent price hike, almost 49.4% of customers said the price was the key factor for canceling their subscription.
Moreover, 63 percent of customers who canceled their subscription was using Netflix for more than a year. Whereas 58 percent of the consumers said they are not sure whether they will signup Netflix any time soon again. While 25 percent of the customers were certain that they would not sign up again.
The other main reasons for canceling Netflix subscriptions include; lack of interesting content, other streaming services and not enough movies. Netflix has to carefully watch what other streaming services are doing in order to come up with the service which provides ‘one size fits all’ solution to their existing customers.