Aussies are cutting back on streaming costs, says Deloitte

The cost of living crisis is causing many people to reevaluate their finances and cut down on unnecessary costs. New research by Deloitte has found that one of the things that Aussies are cutting down on is streaming platform subscriptions.

Most households have a subscription to at least one streaming service, however according to Deloitte the number of households with at least one paid entertainment subscription has fallen from 86% to 84% in the last year. 

While demand for entertainment remains high, Deloitte has found that people are now more likely to cancel their subscriptions to paid streaming services than sign up to new ones.

This trend has seen the average household monthly spend on digital entertainment services fall from $62 to $57 in the last year. 

Deloitte found that 70% of people said the reason they had cancelled a streaming service was to save money.

However, Aussies are not willing to give up on paid entertainment entirely, with most consumers saying they would rather cut back on other discretionary spending areas such as takeaway food, eating out, alcohol or tobacco than reduce their entertainment budget.

If you are wanting to cut back on the amount you’re spending on streaming services, here are some tips:

• Make the most of free trials 
• Share subscriptions across your household 
• Cancel subscriptions if you’re not using them (you can always resume your subscription at a later date)
• Go for a cheaper subscription option, e.g. Netflix with Ads ($6.99 per month) 
• Sign up for a whole year if possible if you know you will keep the subscription (most of the time this is cheaper in the long run, for example Disney+ costs $13.99 per month or $139.99 for the year which is a saving of $27.89 over one year.)

Which streaming platforms are the cheapest?

If you’re wanting to get the most bang for your buck, here is a breakdown of the prices of the popular streaming platforms so you can compare costs. 

Check out today's best streaming deals: