More than 1.5 million households in the UK have cancelled a streaming service since the start of the year, according to new figures announced this week.
From groceries to petrol to energy bills, there are few living costs that haven’t gone up in price in recent months. And households looking to save cash are taking an axe to unwanted monthly spending.
Disney+ raised its prices last year, and Netflix recently announced price rises for 2022, as well as trialling additional fees for those who want to share their account with someone outside of their household in some countries. This means that now may be a good time to re-evaluate what you pay for streaming services and see how you could save.
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The number of households ditching Netflix alone was 200,000, the service said, as it faced stiff competition from rivals. The streaming giant estimates more than 100 million households watch the service for free using shared passwords.
Saving money is thought to be the main driver behind cancelling streaming services, and it can pay to check your bank account to see just how many you - or your children - have signed up to, and how much you could save if you streamlined them. It's very easy to sign up to streaming service and then forget all about them, as individually, they are not a lot of money coming out of your bank account at different times throughout the month. But add them up and you might get a shock. If, for example, you subscribe to Netflix, Amazon Prime and Spotify, you could be looking at around £40 for the three - a lot more than just pennies.
Research by Ocean Finance reckons you can save up to £450 a year by following these steps. but that assumes you are subscribed to a few services at the premium rate. Even if you're not, it's worth reviewing what you are paying out and whether you're getting your money's worth.
1. Make the most of free subscriptions and get six months of free entertainment
If you haven’t signed up for all of the free streaming subscriptions already out there, then why not consider it to get 183 days of free entertainment? You can get all of these for nothing initially, but it's critical to remember to set a reminder to unsubscribe to any subscription you do trial or you may end up with more than you started with!
- Amazon – 30 days for free
- Apple Music – 30 days for free
- Spotify Premium – 30 days for free
- Audible – 30 days for free
- All 4 – 14 days for free
- Apple TV – 7 days for free
- Now TV – 7 days for free
- Britbox – 7 days for free
- Hayu – 7 days for free
- Discovery+ - 7 days for free
- ITV Hub+ - 7 days for free
- Now Sky Cinema – 7 days for free
2. Rotate your monthly subscriptions
How much TV do you watch or music do you listen to? If the answer is not a lot, audit your TV and film subscriptions and rotate them. For example, if you subscribed to both Disney+ and standard Netflix monthly, you would pay £227.76 a year. Cut that down to six months of only Disney for six months and six months of just Netflix, it would cost just half – a saving of £113.88 per year.
3. Check to see if you could get the service cheaper - or even free - elsewhere
It is possible to get cut-price or even free streaming services with retailers when you buy or sign up to certain things or services, although you will have to do the maths to make sure you're not out of pocket overall. For instance, phone networks often throw in free streaming services as a perk for both new and existing customers? O2 is currently offering 6 months free on either Disney+ or Amazon streaming services when you take out a new contract or upgrade as an existing customer. If you regularly shop at Tesco and have a Clubcard, you can swap £8 worth of vouchers for a 3-month Disney+ subscription, saving you £15.97 vs. paying for the subscription.
4. Merge your individual subscriptions into family ones
Are you and other members of your household each paying for a streaming subscription? If so and there’s an overlap, merge them! Spotify’s family plans are great value for households. Spotify Duo gives two people in the same household access to Spotify Premium for £13.99 a month – a £5.99 a month (or £71.88 a year) household saving compared to each of you paying for yourselves. Likewise, an Amazon Prime household package allows two adults from the same household to benefit from a single Prime membership. If you are each paying for your own membership before at £7.99 a month, this could save you £95.88 a year between you!
5. Downgrade your premium packages if you don't need them
While some streaming services charge a simple monthly subscription fee, others have subscription levels. Checking you’re on the most appropriate tier for your use could enable you to downgrade your package and save a bit of money. For example, with Netflix, subscription tiers cost from £6.99 to £15.99 a month. Comparing what’s on offer in each tier with what you need could show you that you could downgrade your subscription to save. Let’s say you currently pay £10.99 a month for the standard tier but only really need the basic one. If you downgraded, you could save £4 a month, or £48 a year.
