When Apple’s video streaming service, Apple TV +, finally rolls out this fall, it will have plenty of competition.Three out of every four Americans has at least one online subscription, according to a new report from CompareCards.com. Video streaming is the most popular choice among subscribers.
CompareCards — a company that “helps people make more informed financial decisions” — asked consumers about their views of online subscription services, including how many they subscribe to, what types they prefer and how much they pay for them. The survey found that most Americans have multiple online subscriptions, younger generations spend more on them then older generations do, and even carrying $5,000 in credit card debt isn't going to stop them from signing up. Key findings include:
Seventy-six percent of those surveyed reported having at least one online subscription.
Video streaming services are the most popular: 58 percent pay for services like Netflix and Hulu, while 41 percent said they paid for online subscription shopping like Amazon Prime, and 34 percent subscribe to a music service like Spotify or Pandora.
Those with online subscriptions spend an average of $38 a month on them. The median monthly spend was $23.
Those with online subscriptions usually have more than one type: 66 percent of respondents said they have more than one subscription.
Millennials and Generation X spend more than baby boomers on online subscriptions. Millennials with at least one subscription spend an average of $44, while Gen X spends $41, and boomers only $27.
Credit card debt isn't an impediment to paying up monthly subscriptions. 73 percent of consumers with $5,000 or more in credit card debt currently pay for an online subscription, and 11 percent with the same amount of debt pay $100 or more monthly.
"Our survey shows that most Americans subscribe to at least one online service, and many of us to far more," says Matt Schulz, chief industry analyst at CompareCards. "That willingness by consumers to juggle multiple subscriptions at once certainly seems like good news for Apple and other companies battling for a piece of the online subscription pie."