Earlier we reported the new average number of streaming services per household is now four, up from three earlier in April 2020. Now, a new survey by J.D. Power shows that the average viewer pays $47/month on all their subscriptions combined. Earlier this year, viewers were paying $38 on average for their subscription to three platforms.
Now compare that humble $47 to what viewers would be spending on a cable TV bill, and it’s a far cry from the $51-100 average cost users are shelling out for cable TV each month. According to Statista, about 34 percent of adults living in the U.S. indicated that they pay between 51 and 100 U.S. dollars for cable television each month.
Average monthly spending on cable television in the United States as of July 2019
With the cost of Cable TV seeming exorbitant compared to cord cutting, especially when you can subscribe to multiple streaming services for significantly less than a cable bill and still get all your favorite programming and more, broadband customers continue to drop like flies.
“Growing competition from subscription video-on-demand platforms such as Netflix has led to changes in the market, with cable TV subscription numbers falling and monthly costs increasing. Only around half of the 2,200 people interviewed in the survey were able to provide an answer to this question at all, indicating that a significant portion of respondents was not currently paying for a cable TV service,” writes research expert Julia Stoll.
So with four streaming services per household, which are the most popular ones people are subscribing to? According to J.D. Power’s survey of 1,745 U.S. adults from Dec. 16-19, 2020, Netflix remains the undefeated top choice for video on demand. However, it lost a bit of its market share last year.
Netflix’s market share declined four percentage points since April (85%), while five of its next six-closest competitors all picked up ground.
Amazon Prime Video ranked second at 65% (down from 66% in April), followed by Hulu at 56% (up from 48%), Disney+ at 47% (up from 37%).
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