14% of consumers are considering canceling Netflix
Jan 4, 2024
A lack of new and high quality content is the most mentioned pain point across streaming platforms
A lack of new content is problematic across the board. While Netflix is causing the most grief with price rises and, although it also leads on complaints about password sharing limitations, this is not a top pain point for any service.
So, while declining value for money is being felt through limitations on users and increases in prices, especially by Netflix customers, continuously renewing and high quality content are the top priorities of consumers.
However, consumers' words don't always match their actions…
14% of consumers who were asked if they were considering canceling a streaming service said they would cancel Netflix, and when they explain why, value for money shoots up the rankings, particularly for women and older consumers.
Netflix customers are feeling price rises and a perceived dip in content quality more keenly than streaming customers overall.
This trend is led by women, who are more likely to cite price rises…
Women are 12% more likely to cite rising prices as a reason to cancel Netflix, while men are 4% more likely to cite a reduction in quality.
…and by older consumers for whom streaming services are among the first things to be cut when they are tightening their belts.
65+ year olds are likely to cut streaming services when they are tightening their belts, being 75% more likely to cite financial difficulties as a reason to cancel Netflix, and 59% more likely to cite this as a reason to cancel streaming services in general.
But what is Netflix getting right?
Breaking these positive drivers down, we see that content takes precedence again, with 52% of respondents mentioning this. We also find that there's an important base of loyal customers who feel emotionally attached to the platform (33%).
Based on all this, Netflix needs to communicate the quality and novelty of its content offering and the familiarity and usability of the user experience to justify rising costs and limited uses.