With so much talk of new streaming services launching, there has also been some discussion about the recent changes in streaming mean for Netflix. Netflix shared in a recent shareholder letter that customer retention was a problem.
A new survey from Kill the Cable Bill asked over 1,000 former Netflix subscribers about why they cancelled their subscriptions.
Customer Loyalty
Analysts are reporting that they expect Netflix to succeed based on customer loyalty. This survey shows that even loyal Netflix customers have a breaking point. 63% of those surveyed had been subscribed to Netflix for over a year prior to cancelling.
Can Netflix bring these former customers back? Only 17% of those surveyed said that yes, they planned to sign up again. 25% said no, they do not plan to sign up again. 58% were unsure. One of the benefits of cord cutting is the ability to pause subscriptions or cancel completely, try out other services, and come back at any time.
Why are Subscribers Cancelling?
In May 2019, Netflix raised the price of their standard plan from $10.99 to $12.99, while the premium plan went from $13.99 to $15.99. that price increase was the top reason survey respondents gave for cancelling their subscription.
Interestingly, 42% said a lack of interesting content was a top reason for cancelling Netflix. The streaming service has been investing heavily in original content with series and movies like Queer Eye, The Politician, Derry Girls, and Always Be My Maybe among the fan favorites available on the platform. However, viewers will be missing some major titles like The Office and Friends when those series move to other streaming services.
Here’s the breakdown of all of the reasons for cancelling.
Do you think Netflix will continue to grow its subscriber base with new services increasing competition? Let us know why you’ll be staying or leaving in the comments!
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