With so many streaming services and so much new content coming out, subscription churn is inevitable. A new survey from Parks Associates asked respondents their main reason for canceling a streaming service, and the number one reason has to do with price.
Most people report the need to cut household expenses as the deciding factor on saying goodbye to a streaming subscription, but most of the other reasons are based on content. The second most popular reason for canceling a subscription is because “I finished watching the show(s) I liked,” indicating viewers sign up for certain services based on the availability of few specific shows.
Other reasons on the list include the promotional offer ending, as well as viewers reporting they couldn’t find good programs to watch, or that they like to change services occasionally to find new content.
“Content is key to OTT success, and the path for consumers today to get to that content is the crucial search and discovery process,” said Paul Erickson, Senior Analyst, Parks Associates. “OTT players are successful when offering a premium, personalized user experience that allows subscribers to find and access relevant content based on their habits and preferences. A perceptive and intelligent content discovery strategy is a key differentiator in attracting and engaging subscribers over the long term.”