Household Spending On Streaming Services Up 70% since 2021

According to a new report from the Bank of America Institute, the share of households paying over $100 a month on streaming has more than doubled. Some of the increases in streaming expenditures can be explained by the price increases, both the Bank of America Institute and Thompson said. Streaming platforms typically offer a range of plans, from basic ad-supported options to premium ad-free plans. For Netflix, for example, the range is $6.99 to $22.99. But all the big streamers have increased their prices over the last several years. Premium-tier pricing for Netflix was $15.99 in 2019, according to The Verge. Max’s premium tier is up $5 since 2019. Hulu is up $6. Disney-plus was $6.99 in 2019, according to The Verge. Now, it’s $13.99. Then, there have been the password-sharing crackdowns. Thompson said that’s increased the subscriber bases for the streaming companies. But demand outside of those factors still has been increasing, the Bank of America Institute report said. As of January, about 39% of households had a monthly streaming payment. More than 50% of millennials and Gen Xers pay for two or more streaming subscriptions.

Source: WFXL