Nearly one out of 10 Europeans are planing to cancel a subscription to a streaming service based on a lack of compelling content to watch, according to the findings of a new consumer survey by Oliver Wyman released this week.
The survey found the subscription streaming market is starting to reach a saturation point in some European countries, including the United Kingdom, Spain and Italy, where seven out of 10 consumers surveyed said they had at least one subscription video service.
In Spain and the United Kingdom, the average rate of subscription video on-demand (SVOD) uptake is higher than the European average of 1.8 services per household, Oliver Wyman said.
The rate of SVOD uptake in France and Germany is slightly behind, with just six out of 10 consumers having a streaming video subscription, and where one-third of the population utilizes another way to watch TV and film content on the regular.
Young adults are more likely to purchase an SVOD subscription compared to older viewers, and two-thirds of those who purchase a subscription typically do so directly through the platform, with only one out of five consumers buying through a telecommunications provider like their wireless phone service or pay TV company.
Among those who are likely to cancel their SVOD service within the next 12 months, 55 percent of Europeans surveyed said a lack of compelling content to watch was the biggest factor, followed by 35 percent who blamed price increases. Just six percent said their decision was based on having too many SVOD services.
After SVOD services, music services are the second most-popular type of recurring media subscription purchased by European consumers, Oliver Wyman said.
The “Global Consumer Survey 2024: Media and Entertainment” involved a survey of 7,000 Europeans in the United Kingdom, Germany, Spain, France and Italy.
