The subscription streaming market in Europe is starting to slow down

Almost one in 10 Europeans plan to cancel a subscription to a streaming service due to a lack of compelling content, according to the results of a new consumer survey by Oliver Wyman released this week.

The survey found that the subscription streaming market is beginning to reach saturation point in some European countries, including the United Kingdom, Spain and Italy, where seven in 10 consumers surveyed said they have at least one subscription video service.

In Spain and the UK, the average subscription video-on-demand (SVOD) usage rate is above the European average of 1.8 services per household, said Oliver Wyman.

The rate of SVOD usage lags slightly in France and Germany, where only six in ten consumers have a streaming video subscription and a third of the population uses another way to regularly watch TV and film content.

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Young adults are more likely to purchase an SVOD subscription compared to older viewers, and two-thirds of those who purchase a subscription typically do so directly through the platform, with only one in five consumers making the purchase through a telecommunications provider such as their mobile service or pay TV -Company.

Among those likely to cancel their SVOD service within the next 12 months, 55 percent of Europeans surveyed said the lack of attractive content was the biggest factor, followed by 35 percent who blamed price increases. Only six percent said their decision was based on too many SVOD services.

After SVOD services, music services are the second most popular type of recurring media subscription purchased by European consumers, said Oliver Wyman.

The Global Consumer Survey 2024: Media and Entertainment surveyed 7,000 Europeans in the United Kingdom, Germany, Spain, France and Italy.