Yahoo Finance Netflix worst hit by drop in UK streaming subscribers
Netflix has been the biggest casualty of a drop in streaming subscriptions across Britain since Christmas amid stiff competition and the cost of living crisis.
The total number of services subscribed to by UK households fell by 167,000 to 29.4m in the first three months of the year, according to new figures from Kantar.
While surging inflation has prompted many families to cut down on multiple subscriptions, the data showed some are abandoning on-demand TV altogether.
The number of households that subscribe to at least one video on-demand service dropped by 144,000 to 16.1m, or 55pc of the country.
Netflix was the biggest victim of the post-Christmas cull, suffering the largest absolute loss of subscriber numbers in the first three months of the year.
Dominic Sunnebo, global insight director at Kantar, said there had been a gradual decline across almost all metrics at Netflix, including satisfaction with the variety of TV series, amount of original content and quality of shows.
Only three of the top 10 most enjoyed streaming titles in the first quarter were on Netflix, the data revealed, down from six a year ago.
Meanwhile, customer net satisfaction in value for money fell from 31pc to 22pc.
Mr Sunnebo said: “Netflix consumers are increasingly questioning the value for money they get from their subscriptions and when consumer finances remain tight, this is translating into increased churn.”
While Netflix is struggling to hold onto subscribers in the UK, the streaming giant this week reported a 5pc rise in overall customer numbers to 232.5m in the first quarter. It was boosted by releases including Oscar-winning All Quiet on the Western Front and thriller series The Night Agent starring Matt Damon.
Meanwhile, Apple TV+ enjoyed a strong start to the year, growing UK subscribers thanks to investment in popular British shows such as Slow Horses, a comic spy drama about a team of dysfunctional MI5 agents.
ITVX also picked up new subscribers after launching in December with exclusive shows such as A Spy Among Friends.
Overall, the most enjoyed TV series in the UK was The Last of Us, which streams on NOW. Clarkson’s Farm on Amazon Prime was the second most popular series, followed by Netflix’s You.
