With the cost of living crisis showing no signs of going away, people are now looking at reducing their spending, with streaming services being one of the major areas where consumers are making cutbacks.
In a survey conducted by our sibling site TechRadar of more than 13,000 tech enthusiasts and readers, 50% of U.S. respondents and 50% of U.K. respondents noted they have decided to stop or cut back on their entertainment subscriptions. That means canceling the likes of Netflix, Spotify, Disney Plus, Amazon Prime Video and other streaming services.
Cord cutting has proved popular in the U.S. with people shifting over to fully embrace streaming services instead. But at the same time, having a lot of subscriptions for a diverse range of streaming services can quickly add up to high monthly cost.
Add in the likes of Netflix having a fairly cutthroat approach to canceling series, and it’s not hard to imagine people cutting back on their selection of streaming services as subscriptions become more costly.
Speaking of cutbacks, 47% of U.K. and 38% of U.S. TechRadar's survey participants said they’d likely make cutbacks on eating out or drinking at a bar, while only 24% (U.K.) and 18% (U.S.) said they put planned tech purchases on hold or canceled them completely. Naturally, TechRadar readers are always going to be interested in new technology, but it’s illuminating that they’d rather cut down on entertainment and social activities over tech purchases. Clearly the appeal of one of the best laptops or the PSVR 2 eclipses a need to watch the likes of Andor or Ted Lasso Season 3.
Of course, the flexible nature of steaming services means they are dead-easy to cancel at a moment's notice. But this data is a good indication that being selective with the services you sign up for, and how long you keep that subscription going, is one way to help you stretch your paycheck that little bit further.
The new TechRadar arrives
Speaking of making changes, TechRadar itself has undergone a major redesign. The all-new TechRadar comes with a completely redesigned homepage that not only has a cleaner design but is also organized around category-based innovation and the brands expert knowledge.
By showcasing the tech expertise of its writers, editors and contributors, the new TechRadar is all about delivering accurate and trustworthy innovation at a time when the internet is awash with misinformation and AI chatbots.
So not only should TechRadar be easier to navigate, but you should also see more important information, expert advice and buying guides. And to top it all off, there’s a new ‘Ask An Expert’ service that lets readers get one-to-one tailored product recommendations.
Check out the new TechRadar now.
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Roland Moore-Colyer a Managing Editor at Tom’s Guide with a focus on news, features and opinion articles. He often writes about gaming, phones, laptops and other bits of hardware; he’s also got an interest in cars. When not at his desk Roland can be found wandering around London, often with a look of curiosity on his face.