Streaming Services: Which Ones Have the Least and Most Likely Users to Cancel

According to Antenna's data, 57 million video streaming platform subscriptions between September 2023 and August 2024 came from users rejoining a service they canceled within the previous 12 months. Netflix has the highest rate of subscribers who have never canceled their subscription at 90%, followed by Discovery+ at 80%, Disney+ at 77%, Hulu at 76%, and Paramount+ at 73%. Meanwhile, Peacock and Starz have a higher percentage of subscribers who have paused their subscriptions at least once.

Introduction:
The streaming video industry has witnessed a surge in subscribers over the past few years, with premium services being the major contributors to this growth [1]. However, recent reports suggest that growth rates have started to moderate, and the industry is entering a new phase [2]. Amidst these developments, a closer look at the subscriber behavior reveals interesting insights. According to Antenna's data, a significant number of subscribers are rejoining services they had canceled within the previous 12 months [1].

Subscriber Rejoining Rates:
Antenna's data reveals that the monthly median percentage of premium streaming video subscribers who rejoined the same service they had canceled within the prior year was 34.2% in the first nine months of 2024 in the US [1]. This figure represents a notable increase from 29.8% in 2022 [1]. This trend suggests that despite the increasing number of cancellations, a considerable portion of these subscribers are returning to their preferred streaming services.

Streaming Services with the Highest Retention Rates:
Netflix stands out as the streaming service with the highest rate of subscribers who have never canceled their subscription, at 90% [1]. Discovery+ follows closely with an 80% retention rate, while Disney+ and Hulu boast retention rates of 77% and 76%, respectively [1]. These findings underscore the importance of delivering a consistent and high-quality streaming experience to retain subscribers.

Impact on Customer Defections:
The habit of pausing and resuming subscriptions has a significant impact on customer defections. While the average rate of U.S. customer cancellations among premium streaming video services reached 5.2% in August 2024, the actual rate of defections was lower at 3.5% when factoring in re-subscribers [1]. This trend highlights the importance of delivering compelling content regularly to keep subscribers engaged and reduce the likelihood of churn.

Conclusion:
Antenna's data provides valuable insights into the subscriber behavior of premium streaming video services. Despite the moderating growth rates, the data reveals that a significant number of subscribers are rejoining services they had canceled. This trend emphasizes the importance of delivering high-quality content regularly and effectively communicating the value of the service to subscribers.

References:
[1] https://english.news.cn/northamerica/20241112/d30db95a951d48ed86678107688373ab/c.html
[2] https://www.antenna.live/post/antenna-q124-state-of-subscriptions-report-premium-svod