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• The Unsubscribe Tsunami 🌊

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The Unsubscribe Tsunami 🌊

Remember the good old days when you had just one streaming service and life was simple? Yeah, neither do we.

Turns out, everyone’s feeling the same way, and the data is here to prove it. What once felt like a golden era of endless streaming is now more like juggling flaming torches while riding a unicycle.

As of Q1 2024, nearly half (45%) of consumers across 30 markets are waving the white flag, feeling overwhelmed by the sheer number of streaming options available. This marks a 25% spike in just a year.

Even in typically chill Western Europe and North America, there’s been a notable 17% rise in the "I can't even" sentiment.

The subscription video-on-demand (SVoD) market is fragmenting faster than you can say “Netflix and chill,” making it harder for platforms to hold onto viewers. With every dollar under scrutiny in today’s economy, the risk of churn is higher than ever.

The Churn Epidemic

1. Subscription Fatigue: Net additions for SVoD services are tanking, and subscriber fatigue is setting in. Trying to juggle five or more streaming services is just too much!

2. Generation Overload: The 25-44 age group is leading the charge in feeling overwhelmed. These folks are the backbone of the streaming audience, but juggling multiple subscriptions is proving too much. It's like having too many tabs open on your browser – chaotic and unmanageable.

3. Cancellation Tsunami: Latest data reveals a staggering 50.4M cancellations in just the first quarter of 2024. That’s an 80% jump from the same period two years ago. Even with over 50M new subscriptions, the number of cancellations is a giant red flag.

Ad-supported tiers: The People’s Champion

Interestingly, there’s a growing trend towards ad-supported subscription tiers. More than 50% of new subscriptions in Q4 2023 and Q1 2024 were for these cheaper, commercial-interrupted plans. It seems viewers are increasingly okay with a few ads if it means saving a buck – because who doesn’t love a good bargain?

Combining forces with pay TV or OTT resellers like Amazon and Apple could be a game-changer. Nearly 80% of overwhelmed viewers want a one-stop-shop for all their content. By aggregating their offerings, platforms can simplify the user experience and reduce the dreaded decision fatigue.

After all, isn’t “live simple lives and chill” what we all want? Let's get back to that dream, one aggregated service at a time.

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