The costs of streaming platforms are driving users away

Whether to access movies, music, television shows and even video games, the Streaming platforms have managed to revolutionize entertainment in homes. However, costs have become a key point that consumers in Latin America have begun to evaluate, since having more than one subscription could exceed budgets.

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The above was evidenced in the most recent survey by the firm Sherlock Communications on streaming. According to this report, carried out in Argentina, Brazil, Chile, Colombia, Mexico, and Peru, 62% of users in the region believe that it is becoming too expensive to subscribe to more than one service.

Promptly, In Colombia, the survey highlighted that 58% of the users consulted believe that it has become expensive to have more than one streaming subscription. In fact, price increases were cited by 25% of Colombian respondents as the main reason for canceling a subscription in the last year. In contrast, 19% of respondents indicated that they had not unsubscribed from any streaming platform despite the costs or the subscription expiring.

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It should be noted that 14% of those consulted stated that they would not cancel any platform and that they would be considering subscribing to more platforms this year.

As for tastes, Netflix It is consolidated as the preferred streaming platform for the Colombians surveyed. In fact, 88% said it is the first option to watch, followed by 40% who said they use Disney and 39% who prefer Amazon Prime and HBO Max.

Despite the measures that some companies such as Netflix have adopted against password sharing, 46% of Latin Americans reported that they shared their subscriptions with family and friends to reduce costs. In the case of Colombia, 50% of respondents confirmed this practice, while 8% claimed to have canceled their subscriptions due to the new policies on password sharing.

(See: The streaming battle now focuses on content).

Now, 75% of Colombians consulted stated that they consume streaming to entertain and relax, while 35% commented that they watch series or movies from other countries to learn about new cultures.

“In a fiercely competitive landscape, streaming providers must pay close attention to consumer desires. Companies that pay attention to the wants and tastes of the local public have a massive advantage”he commented Patrick O’Neill, Managing Partner of Sherlock Communications.

Although the average streaming consumption time per day in Colombia is around 3.2 hours, the truth is that while users are watching movies or series, 36% of those surveyed stated that they chat with family and friends. 35% acknowledged that they organize their home, 34% said that while cooking they prefer to watch series or movies, while 23% stated that they focus all their attention on the program or movie they watch.

Regarding streaming platforms to listen to music, the survey revealed that the main options in Colombia are Spotify (48%) and YouTube (38%).

Another promising regional trend spotted by the Sherlock report is live streaming of social media influencers. According to the survey, 12% of Latin Americans use streaming to interact with content creators during live broadcasts, with Mexicans (14%) being the most likely to do so.

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“With social media platforms like Instagram and TikTok investing in live streaming capabilities, influencers and content creators have gained more traction in entertainment and media. Content creators push music and podcasts”.

JOHANA LORDUY
Briefcase