The news will surprise users of services such as Apple TV and Disney+ after a new update from Barclays
Brits are now forking out more on TV streaming subscriptions than the BBC licence fee. Barclays’ Consumer Spend report reveals that the average punter is now parting with £175 a year on film and TV streaming platforms like Netflix, Prime Video, Apple TV and Disney+.
This figure surpasses the BBC licence fee, which has climbed to £169.50 this month. Digital content and subscription spending jumped by 5.1% in February, spurred by blockbuster releases and awards season hype.
Hit series such as The White Lotus and Severance have sparked a surge in sign-ups, with a quarter of Gen Z viewers (24%) confessing they’ve subscribed to a new streaming service just to catch a trending show. Despite the growing hunger for digital entertainment, a significant chunk of consumers are fretting over the financial burden.
A whopping 61% admit they’re worried about the rising cost of subscriptions, with many taking measures to rein in their spending. Barclays’ Head of Consumer Insights, Karen Johnson, commented to say: “Streaming services have become an integral part of our daily entertainment, but with multiple platforms vying for attention, costs are piling up. It’s clear that while consumers relish these services, many are reassessing their subscriptions to manage expenses.”
According to the report, 28% of consumers have scrutinised their subscriptions to ensure they’re only paying for what they use. Brits are slashing their streaming services, with 20% admitting they’ve axed or are planning to ditch a subscription due to wallet woes. Yet, the cinema’s charm isn’t fading for the youth, as one in five Millennials and Gen Zers (20%) are eager to catch Oscar buzz flicks like ‘A Complete Unknown’ or ‘The Brutalist’ on the big screen.
A Barclays spokesperson said: “Awards season has always been a big driver of film and TV spending, but with rising costs, we’re seeing more consumers become selective about their entertainment choices.”
READ MORE: GB News halted for ‘breaking news’ as fans all make same commentREAD MORE: ‘I’m private chef to Premier League star – he eats one thing before every meal’
With purse strings tightening, many in the UK are wrestling with whether to maintain their mounting pile of streaming subs or trim them as prices soar. Echoing this sentiment, a viewer shared: “I love my streaming services, but when I looked at my bank statement and saw how much I was spending, I had to cancel a few. It just wasn’t sustainable.”
Source: Celebrities - dailystar.co.uk
