One in four Netflix subscribers in the United States plan to leave the streaming service this year, according to a new survey.
The Reviews.org survey of 1,000 Americans – so not necessarily an overwhelmingly convincing sample size – suggests 25% of subscribers are hell bent on quitting. That could be 18 million people departing the service overall, costing Netflix $272 million in annual revenue, the site says.
Wall Street had a meltdown when Netflix announced it had lost 1.2 million subscribers this year, reversing years of huge growth. Such a larger reverse would surely provide an even greater shock to the share price.
According to the survey, more than a third (40.49%) of those planning on bailing say it’s because of the rising costs of Netflix subscriptions. The average monthly cost of Netflix is now the highest of all the major streaming services at $15.15, and the price hikes seem to be becoming more regular.
21.69% of those would-be departures say that it’s down to titles going missing, while 19.58% say Netflix is collateral damage of inflation-based belt tightening.
Netflix will have expected some of these reasons, but the fourth most-popular reason might provide the most worry for the streaming pioneer. 18.2% of those planning to leave say it’s because they’re just using the other streaming services more often. Regardless of whether they plan to say or leave, 30% of all those 1,000 subscribers say they’re watching other services more often.
Again, it’s difficult to look at a survey of 1,000 and call it representative of the 200 million Netflix subscribers worldwide. Netflix remains in 4 out of 5 US households, according to the survey, and 70% of Americans currently subscribed say they still use Netflix the most of the streaming services they subscribe to. That’s followed by:
HBO Max: 9.91%
Apple TV+: 2.70%
So is it a glass half full or glass half empty scenario for Netflix?
Do you think Netflix should be concerned by the survey and is the company’s better days behind it? Let us know @trustedreviews on Twitter.