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It apparently doesn’t take much of a price hike for viewers to cancel streaming subscriptions, according to a poll taken by Benzinga.
According to the survey, 54% of the 90 respondents said they would cancel a service if its price increased by 5% to 10%.
About a quarter, or 24%, would say goodbye to the subscription if the cost is raised 10% to 20%, while 13% would cut it after an increase of more than 20%.
The remaining 8% of the respondents will never cancel a service, no matter how high the cost, the poll revealed.
That’s good news for Netflix, Inc. (NASDAQ:NFLX) , because another Benzinga survey showed that 45% of 60 respondents would be least likely to cancel it if its price went up, but it isn’t great tidings for HBO Max, which is owned by Warner Bros. Discovery (NASDAQ:WBD). The poll indicated that only 3% of those surveyed would be least inclined to stop that service if its price increased.
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The analysis uncovered that 23% of subscribers have put other streaming services at the bottom of their list of subscriptions to get the axe in response to a price jump. They included Fox Corporation’s (NYSE:FOX) Tubi, Alphabet Inc.’s (NASDAQ:GOOG) YouTube, Spotify Technology S.A.‘s (NYSE:SPOT) Spotify, Charter Communication Inc.’s (NASDAQ:CHRT) Spectrum and Paramount Group Inc.‘s (NYSE:PGRE) Paramount+.
The poll also found that 12% of respondents were least likely to cancel Disney+ in response to a price hike, while 7% were most reluctant to drop Hulu. Both services are owned by The Walt Disney Company (NYSE:DIS).
Disney+ Premium is increasing the monthly price for its streaming service from $13.99 to $15.99. A third Benzinga survey of 59 people polled showed that 46% said they do not have a subscription to this service, while 37% of the respondents said they planned to cancel the service due to the price hike, while 17% said they will keep it.
The polls were conducted by Benzinga on Aug. 8 and Aug. 9 and included the responses of a diverse population of adults 18 or older. Opting into the surveys was completely voluntary, with no incentives offered to potential respondents.
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Photo: Shutterstock
