Photo Credit: Roland Denes
A new report from Bango looks at how much the average American spends on subscriptions and which subscription services they choose. Music clocks in at #3 on the list, with 44% of respondents having at least one music subscription.
The report includes data from 5,000 U.S.-based subscribers, exploring their attitudes, behaviors, and the changing nature of the subscription economy. The report was commissioned by Bango and conducted by the research agency 3Gem.
Bango found that the average subscriber in America now has 4.5 subscriptions, while 10% have 10+ and 2% have more than 15 subscriptions.
Around 62% of Americans have a retail subscription (Costco, Sam’s Club), but streaming video on demand (SVOD) subscriptions take the top place with 76% of Americans reporting subscribing to at least one video platform. Music subscriptions were the third most popular category, with 44% saying they subscribe to at least one music streaming service.
Photo Credit: Bango
The report also reveals that the crackdown on password-sharing by Netflix and Disney+ has been a successful one. 35% of American subscribers are now paying for a service that they previous accessed for free (through password sharing with family & friends). While that trend has helped with new sign-ups, the trend of increasing prices has left 57% of people saying they have cut at least once subscription due to unanticipated price hikes.
When asking which services were the most likely to be on the chopping block, a music subscription clocked in at #6 on the priority list.
Subscriptions consumers are most likely to dump first include Education (63%), Physical Goods Boxes (62%), Home Tech (60%), Gaming (60%), Health/Fitness (60%), and Music (60%). Retail (57%) and SVOD (56%) subscriptions were the most resistant to cancellation due to price hikes, but every category saw over 50% of respondents say they would cancel because of an unexpected price hike.
Indirect Subscriptions Are on the Rise
Subscription bundling has become a popular trend in America, too. 1 in 5 U.S. subscribers say they have signed up for a streaming service through indirect means, while a third say they subscribe to another service they already pay for. 80% of subscriptions are still direct, but bundled subscriptions are growing in 2024.
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