Barclays issues warning to all Netflix and Prime | European Markets

Brits are actually sometimes spending more on TV streaming subscriptions than on the BBC license payment, as the fee of digital content material continues to soar.

The latest figures from Barclays’ Shopper Spend report reveal that the average client is now shelling out £175 a yr on movie and TV streaming platforms equivalent to Netflix, Prime Video, Apple TV and Disney+.

That places the determine above the BBC license payment, which has risen to £169.50 this month.

Spending on digital content material and subscriptions rose by 5.1% in February, fuelled by blockbuster releases and the thrill round awards season. Hit collection equivalent to The White Lotus and Severance have pushed a surge in sign-ups, with a quarter of Gen Z viewers (24%) saying they’ve subscribed to a new streaming service simply to watch a trending show.

Regardless of the rising urge for food for digital leisure, a important proportion of customers are nervous in regards to the financial pressure.

A staggering 61% admit they’re involved in regards to the rising price of subscriptions, with many taking steps to curb their spending.

Barclays’ Head of Shopper Insights, Karen Johnson, mentioned: “Streaming services have become an integral part of our daily entertainment, but with multiple platforms competing for attention, costs are stacking up.

“It’s clear that while consumers enjoy these services, many are re-evaluating their subscriptions to manage expenses.”

In line with the report, 28% of customers have reviewed their subscriptions to make sure they’re solely paying for what they really use, and 20% say they’ve cancelled or plan to cancel a service as a consequence of price considerations.

In the meantime, the attract of the large screen stays robust amongst youthful generations. One in 5 Millennials and Gen Z (20%) deliberate to go to the cinema to watch an Oscar-nominated movie, equivalent to A Full Unknown or The Brutalist.

A spokesperson for Barclays added: “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.”

With family budgets below strain, many Britons are actually confronted with a powerful resolution—whether or not to keep their ever-growing record of streaming subscriptions or cut back as prices proceed to climb.

As one client put it: “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.”