Subscription Fatigue: Look at what streaming services have become for consumers.
Around 2015 I was part of the population that decided to cancel their cable subscription. The thought of paying over $125 each for a service I don’t use felt absurd. I only had time to watch cable TV either if I stayed up late after work or on the weekends if I didn’t have anything to do.
I want to cancel my subscription because I thought to myself “If I can save $75-$125 a month, that would be clutch”
At that time I was really into The Walking Dead (AMC) and Game of Thrones (HBO). Both required a cable subscription and HBO carried a premium channel price. Getting rid of cable at this time caused a dilemma because both shows were at their peak and just the fear of missing out caused a bit of anixety 😬. Either way I went through with it.
Now that I was cable free I figured I would start paying for my TV programming a la carte. I knew for sure I was winning when I bought a HBO subscription, but I also bought a Netflix subscription. So now I’m at bout $20/month. Far less than what I was paying previously, I had HBO and during this time Netflix alot of the same shows found on cable became available just after the season the was over.
Fast forward to now……I’m almost back to where I started. Now that companies like Disney and NBC are pulling their content from platforms like Hulu and Netflix to launch their own streaming service. The costs added to existing services I own are likely to ballon. I gotta get Disney+. Lol
It all adds up
FOMO vs budget, FOMO can get expensive. For instance take John. John cut the cord and decided to purchase streaming services instead because he believes it’s cheaper. *In some cases it is , especially if you share accounts but I feel companies are starting to circumvent that. Anyway, here’s what John pays for
Spotify Family plan – $14
HBO – $14
Amazon Prime includes streaming content – $12
Netflix – $15.99
Hulu – $6 or if he wants live TV he can pay $44
Damn, if you add live TV he’s already at $99
He likes Power too so
Starz – $9
Don’t forget Basketball and Football seasons
ESPN – $5
For an estimated total of $113/month in subscription services. Imagine consumers still paying for cable service too but in the scenario is a cable cutter.
Almost every major network is launching their own streaming service , so if John likes content from the others he would need to consider an increase in what he pays per month.
Have we been finessed? No because we have the choice of which streaming service to use. Have we been finessed by the industry? Yes. We’re not aware of how much this adds up because we’re all driven by FOMO. We all want to be part of those weekly cooler talks at work.
What are we doing?
Going backwards. That’s what we’re doing. The idea of cutting the cord was a strategy to save money but streaming now has removed the idea of doing just.
Each platform lures users with the incentive of exclusive content. Take Disney+ for example Star Wars and Marvel fans will get exclusive TV shows that tie into each franchises cinematic universe. If you’re a fan of either you want this!!!
Apple is going as far as offering a year of AppleTV+ with a purchase of an iphone. Apple being the cheapest, coming in at $4.99 due to the lack of content but don’t be surprised if it increases after a year or two.
There’s no real strategy to decrease the costs in streaming services at this point. It will only increase because networks are taking their content and creating siloed viewing experiences.
With so many services being used, in turn may create a horrible user experience. Users will get exhausted with jumping from app to app just to watch a show. This thought alone now favors the cable subscription now. So do when go back? Lol.
The reason I say this is, cable has a more unified user experience. A user turns on the TV and starts surfing channels. Streaming services don’t offer a mindless experience, users know what the want to watch.
So what now?
Who knows? So long to the days of truly cutting the cord just to save money. We want the content and we want it now!!!!!!