In April, Netflix announced that it lost 200,000 subscribers in the first quarter of 2022. The company expects to lose another two million subscribers in the second quarter of the year. Many factors contributed to Netflix’s slide, but a recent survey reveals that consumers now see Netflix as the worst deal of any major streaming service.
Netflix ranks last in value satisfaction
Variety shared the results of Whip Media’s 2022 Streaming Satisfaction Report on Tuesday. Some of the responses might surprise you.
In terms of value satisfaction, Netflix ranked last among the nine streaming services in the survey. Just 62% of respondents said that they were satisfied with the value Netflix provided. Apple TV Plus, Peacock, Discovery Plus, Prime Video, and Paramount Plus each scored in the 60s as well. Hulu came in third place with 79%, Disney Plus took second place with 83%, and wearing the crown was HBO Max with 85%.
Different viewers want different things from a streaming service, but it’s clear that Netflix is struggling to make the case for its exorbitantly high prices for many of its users.
In fact, the survey reveals that Netflix’s January price hike was the primary motivating factor for cancellations. 69% of former subscribers said that the price increases convinced them to cancel, according to the Whip Media survey. At $15.49 a month, Netflix has one of the most expensive standard plans in the industry.
But even as Netflix flounders, it hasn’t completely sullied its reputation yet.
Other services are still catching up
The survey also asked which service respondents would keep if they could only subscribe to one. At the top of the list was Netflix, collecting 31% of the votes. HBO Max was second with 19%, Hulu got 17%, and Disney snagged 14% of the vote. None of the other services topped 6%. The sheer size of Netflix’s library might be keeping the service afloat.
That said, it’s worth noting that Netflix garnered a whopping 41% of the vote in 2021. That’s a 10 percentage point drop in one year. Netflix was once indispensable, but as other services have picked up their game, Netflix suddenly doesn’t look quite as vital.
Finally, when it comes to overall satisfaction, Netflix has taken a tumble as well. Of the 2,460 U.S. users of Whip Media’s TV Time app that partook in the survey, 80% say they are satisfied or very satisfied with the service. That number is also down 10 points from 2021.
Meanwhile, HBO Max stays at the top with 94%, while Disney Plus and Hulu have overtaken Netflix in second and third place, respectively. Netflix is just a single percentage point above Paramount Plus, and less than 10 above Apple, Amazon, and Discovery.
Netflix is still the biggest streaming service on the planet, but that title is clearly in jeopardy. If Netflix continues to raise its prices without giving subscribers better reasons to stay, they will continue to jump ship for the growing number of competitors.
More Netflix coverage: For more Netflix news, check out our coverage of the latest new Netflix movies and series to watch.