‘We could call it cable!’: Why people spent 23% less on streaming services in 2024

_{via Shutter Speed}

There are various explanations for this sudden decline. One major factor is that monthly subscription fees are increasing during an economically fragile time. Another theory is that audiences are doing away with streaming services in favor of consuming short-form content for free on YouTube Shorts, Instagram Reels, and, of course, TikTok. The biggest problem, however, is that the inherent quality of streaming services has decreased across the board, from the declining cultural impact of the programs to the overall customer value of a monthly subscription. At the end of the day, these services are just not worth the price anymore.

With all these shows and libraries of “content,” streaming services should never have been as cheap as they were at the start. The film & television industry was simply not prepared to integrate the invasion of these platforms in a way that made sense for both audiences and creatives—hence, the recent WGA and SAG strikes, the ripple effects of which continue to leave a question mark on the future of streaming. One thing remains certain, however. As long as the prices increase and the quality decreases, consumers are going to keep spending less and less on streaming services in 2025 and beyond.

Why Streaming Shows Don’t Make the Same Cultural Noise Anymore

The early wave of streaming was full of critically acclaimed, commercially successful series that resonated with audiences and helped establish new ways of consuming programs. Netflix brought in generation-defining talent to create shows like House of Cards, Orange is the New Black, and Unbreakable Kimmy Schmidt while popularizing the binge model of viewership and forcing other networks and streaming services to up the ante if they wanted to compete. That wave led to shows that captured the zeitgeist like the early seasons of Hulu’s The Handmaid’s Tale, Prime Video’s The Marvelous Mrs. Maisel, and even Netflix’s own Stranger Things.

While some of these programs are continuing to have broad appeal—for instance, the recent return of Squid Game resulting in a massive ratings success—it is becoming increasingly rare for brand new shows to captivate the same wide range of audiences in an increasingly fragmented consumer culture. Plus, the majority of the popular programs that yield huge streaming numbers have ended or are about to air their final seasons. There are simply not as many new contenders with the right balance of creativity and popularity to fill that impending cultural void. 

Furthermore, viewing habits have since changed yet again with the advent of TikTok and short-form content. There are also far too many shows to choose from—even just on Netflix alone—that it’s becoming harder for programs to break through all the noise and capture everyone’s attention.

On top of that, there is a lack of creativity in the programming itself, with many streaming services sourcing the vast majority of their new material from intellectual property. For instance, virtually every new Disney+ series is part of the Marvel or Star Wars universe, while Max continues to try—and mostly fail—to compete by offering shows set in the DC universe or based on other well-known IP (like HBO’s The Last of Us, which is adapted from the beloved video game). At best, these shows make temporary splashes when their new seasons drop, but the long-standing cultural impact seems to be no longer than the length of a popular TikTok trend. 

The limited cultural impact of these new shows makes it far easier for consumers to justify canceling a streaming service subscription. After all, once upon a time, consumers could spend $9.99 per month for a basic Netflix plan and feel a part of the culture because of access to shows that everyone was talking about for months on end. What’s the point in paying $15.49 per month for Netflix in 2025 when everyone will stop talking about these new shows just two weeks after they are released? There can be no FOMO when there’s a lack of overall creativity and quality. 

There’s Not Much Bang for Your Buck Anymore

Each streaming service has had to grapple with how to compete in the marketplace while giving consumers the best they can offer. Unfortunately, the problem is that consumers remember what the best value once was and how much cheaper it used to be to have more perks than they have now. 

Netflix cracked down on password sharing, constantly cancels their shows, and no longer supports ad-free streaming in their most standard plan. Max, formerly known as HBO Max and HBO Go, has had a branding and identity crisis that has left its users confused and frustrated. Furthermore, their library of content is increasingly limited compared to many of its competitors. Apple and Amazon offer much more than just their streaming shows as companies, but of course, these are the services that rarely have hit shows commercially.

At the end of the day, consumers are getting fewer perks while having to pay more, so it was only a matter of time before they decided to start picking and choosing which services to keep and which ones to abandon. Since Disney+ acquired Hulu, it would not be surprising to see more services collaborate and consolidate for mutually beneficial bundles and packages. Imagine paying one monthly subscription fee to have every streaming service at your disposal. Wait a minute… that sure sounds a lot like cable!