According to a recent report from Bango, which surveyed 5,000 US subscribers to services, Subscription Video-on-Demand (SVOD) and Retail are the most popular subscription categories in the US, with 76% and 62% of subscribers, respectively. Music subscriptions are also fairly widespread, with 44% of subscribers opting for them. Interestingly, more than one-third (35%) of respondents are now paying for a service that they used to access for free. The price hikes in the subscription economy are taking a toll on customers: 57% have canceled a subscription due to recent price increases, and 67% can't afford all the subscriptions they'd like. Education subscriptions, which have one of the highest churn rates, are particularly vulnerable to cancellations due to price rises, with 62% of subscribers having canceled one due to recent price hikes. On the other end of the scale, 56% have canceled an SVOD subscription due to a price hike. The introduction of ad tiers has had mixed effects: while 40% of subscribers have downgraded a subscription since a cheaper ad-supported version launched, close to as many (**36%**) say they've upgraded a subscription as a result of the launch of an ad-supported version. Meanwhile, almost one-third (**31%**) have canceled a subscription after ads were introduced, and a significant majority (**78%**) strongly object to paid subscriptions featuring ads. Other interesting findings from the survey include:
- More than one-third (**36%**) of subscribers have at least one paid service that they don't use, with this figure rising to 50% among Gen Z subscribers.
- Parents pay almost 10% more than average per month for subscriptions.
- More than 4 in 10 (**44%**) respondents find it challenging to keep track of all their subscriptions.
- Approximately 35% don't know how much they're spending each month on subscriptions.
- Regularly pausing and restarting subscriptions is common among 35% of respondents.
- 73% want a single content hub for subscriptions, and 69% desire the ability to pay for multiple subscriptions through one bill
Comments