The UK video streaming market took a significant hit last year, losing around two million paid subscriptions across all platforms in 2022, according to new data.
In total, the number of paid online video subscriptions in the UK dropped from 30.5m to 28.5m last year, according to a report from data analytics firm Kantar Group.
The numerous financial difficulties that have fallen under the banner of the cost of living crisis have likely eaten into spending on entertainment and luxury spending, resulting in fewer paid subscriptions.
“Brits love of streaming remains as strong as ever, but the effect of high inflation meant consumers were forced to make difficult choices to balance their finances,” said Dominic Sunnebo, Kantar’s global director of entertainment on demand.
“That financial pressure increasingly meant cutting back on video streaming subscriptions, particularly where households often had three or more different services in the same household.”
Despite the drop-off for the industry over the year, there were signs of encouragement at the back end of 2022.
The report found that demand for video subscriptions in the UK picked up from October to December. The number of active paid online video subscriptions in the country rose by 55,000 over that period.
The players driving the highest growth in the sector were Prime Video and AppleTV+, while Netflix continues to struggle to attract new paid subscribers.
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