Don't Waste Your Money consumer reporter for Scripps News Group. CLICK HERE to read my articles.
Netflix subscribers were hit with another price increase this spring as the streaming giant raised the price of its ad-supported tier to $8.99 per month. Its premium tier is now $26 per month.For a while, cutting the cord was the answer to saving money on TV and movies, but now the cost gap is shrinking.
The firm Deloitte finds average households spend $69 a month on streaming but are increasingly looking for ways to save. For example, about two-thirds of streaming subscribers now pay for at least one ad-supported tier.'That's actually a 20% increase over two years ago,' said Stephanie Dolan, Deloitte’s U.S. entertainment leader.Dolan said 61% of streamers would cancel their favorite service if monthly prices rose by $5.'If I'm a streaming company or an entertainment company, I'm paying attention because that would put pressure on those companies in terms of finding that balance and creating engagement with their users,' Dolan said.Watch as a streaming customer shows how she watches hundreds of shows at almost no cost:How savvy streamers save big Kim Ellen Garvie struggles to make ends meet, so she refuses to overpay for shows and movies.While she pays for some services, like Netflix and Peacock, she sticks to lower-tier options with advertisements.'We had ads growing up with basic antenna TV, so just be patient,' she said.She supplements with completely free streaming options such as:Tubi: An ad-supported streaming service with free movies and TV shows Pluto TV: A free streaming service with live linear channels and titles on demand Hoopla: A free digital media service offered by public libraries Altogether, Garvie spends about $50 per month on streaming, about $20 below the national average.'We budget it out and make it work,' she said. 'If we can't find it on streaming, then we get it through the library.'Subscription hopping, or watching a series and then canceling, is another common way to save money. Dolan said households keep about four services at a time but are quick to jump in and out to try something new.'I call it the content chase game that consumers play in terms of figuring out which service to go to,' Dolan said.Garvie also recommends free trials.'It gives us a chance to look around to see the entire content library of what they have available and see whether or not we want to keep it,' she said. 'And if we don't want to keep it, then we just go ahead and cancel.'What’s next for streaming? There is speculation that the Paramount+ and HBO Max merger will push prices up, but Dolan said mergers also bring more content.'What entertainment companies are trying to figure out is what is the right composition of content that is going to engage fans and keep fans on my platform as long as possible,' Dolan said.Dolan expects even more consumers to subscribe to ad-supported tiers.'I would not be surprised to see that number increase in future years as consumers become more savvy and actively managing their subscription costs,' she said.As you chase savings, consider ads, free streaming services and bundling options. That way, you don't waste your money.______________________This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.________________________'Don't Waste Your Money' is a registered trademark of Scripps Media, Inc. .Follow John:Facebook: John Matarese MoneyInstagram: @johnmataresemoneyX/Twitter: @JohnMatareseFor more consumer news and money saving advice, go to www.dontwasteyourmoney.com
HOW TO LOWER YOUR STREAMING COSTS SAVE ON STREAMING
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