Cost of living: Households ‘cut’ streaming services as inflation continues to soar | Personal finance | Finance

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Some 800,000 UK households canceled their streaming subscriptions to Netflix or Amazon Prime Video between April and June, according to data from the Broadcast Audience Research Board (Barb). The number of households using at least one subscription streaming service fell by more than 380,000 during this period. It comes amid the rising cost of living with households experiencing a 9.4% inflation rate that is forcing them to revise their budgets.

Inflation is expected to reach 13% by the end of the year, with many subscription services increasing their prices to match this skyrocketing rate.

Netflix is ​​among the services that have increased their prices over the past two years, with their customer base dropping from 17.29 million to 17.08 million.

Additionally, Amazon Prime is expected to raise prices for UK customers in September after the service reported the biggest drop in customers among its competitors.

In light of this, consumer experts are sounding the alarm that families may turn to illegal streaming as they can no longer afford the above-inflation price hikes of major streaming services. .

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With the Premier League season kicking off on Friday, research by finder.com found that 1.25 million people admitted to illegally streaming at least one game in the last 12 months.

For context, that’s almost the average viewership for Premier League games shown on Sky Sports.

Finder data revealed that Britons are also choosing to watch movies and TV shows illegally.

Some 2.25 million people said they had not gone to the cinema, paid for a movie at home or spent money on a streaming service in the past year.

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While the number of people who have used streaming services has increased since Finder’s last study in 2019, recent price hikes among services and broadband providers could push people to watch content illegally.

Currently, Netflix remains the most popular service with 62.3% of people in the UK having used it, according to finder.com.

Some 54% of Britons have used Disney+, which did not exist when the personal finance comparison site last conducted such research.

In third place, 32.8% of people used Amazon Prime, which was previously the second place service.

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“The result is that many people struggle to keep the lights on, and evidence suggests that cutting streaming subscriptions was one of the first things to come out of family budgets.”

With price increases above inflation set to continue for the foreseeable future, Personal Finance recommended alternative options for people looking to potentially cut their streaming budget.

She added: “People who find it difficult to afford annual subscription packages, but want to watch football matches, could consider services like NowTV, which offer daily or monthly subscriptions.

“You can also ask friends who may have subscriptions or go to the pub to watch the big game.”

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