Irish households are spending more on video streaming services than ever before, with the amount increasing by over €300 million over the past year alone.
That totals €28.26 per adult a month, up from €22.57 in 2021. This increase is well above the general rate of inflation, meaning streaming services are increasingly taking up a greater proportion of Irish households' monthly budget.
So why are streaming services becoming so much more expensive, and how can you cut down on how much you’re paying? And what is the story with password sharing?
Why are we spending so much on streaming?
There seems to be an ever growing number of streaming platforms, with each service offering 'must-see' blockbuster shows. Gone are the days when Netflix was a one-stop-shop for all your entertainment needs.
This was reflected in the survey - the average Irish adult is currently subscribing to 2.4 different services.
On top of this, many streaming platforms charge some of their highest prices globally to Irish consumers. Netflix subscriptions in Ireland are the most expensive worldwide, at €8.99 for a standard package, and €20.99 for the premium ‘family’ package.
The high prices may be a reflection of the above average incomes in Ireland compared to much of the world, increasing the ability of Irish consumers to pay more than consumers in other countries.
This is further reflected in differences between age demographics. Gen X, the generation aged between 43 and 58, spent the most of any age group, at €33.36 a month. This is also the generation with potentially the most capacity to pay, as well as being more likely to have younger children.
How to cut your costs
Against the backdrop of the cost-of-living crisis, many Irish consumers are feeling the pinch.
According to the survey, 38% of those who use video streaming services have cancelled at least one subscription over the past year in order to cut costs, while 16% cancelled due to having too many subscriptions already.
With nearly all streaming services charging on a rolling, monthly basis, with no cancellation fees, it's definitely worth taking the time to review your current subscriptions and cancelling them if you feel you're not using them enough.
Additionally, if there is a particular show you want to watch, subscribe for the duration of the series and then cancel, rather than allowing the contract to rollover. There are no sign-up fees for any of the services so you can always resubscribe a few months later when something else comes up.
And some services still offer short trial periods, meaning if you're happy to binge, you can watch some of your favourite series for free.
What is happening with password sharing?
A major story in the streaming industry was Netflix’s announcement that it would clamp down on password sharing.
Many people share accounts with friends and family, essentially piggybacking on a single subscription. With Netflix experiencing revenue issues and a decline in users over the past year, the streaming behemoth decided to become stringent with users sharing their passwords.
26% of those surveyed reported sharing passwords, indicating that as moves are made to reduce account sharing, streaming spends are likely to increase over the coming months.
However, it is worth noting that if you are currently password sharing, you can be added as an additional user to an already existing account for €4.99 a month - significantly lower than a standalone account.
Compare streaming services
To learn more about all the streaming services in Ireland read our in-depth article which wades through the plethora of options available.
And listen back to our head of communications who chatted to Pat Kenny about the results of the research.
Get the best broadband deal on bonkers.ie
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While finding the best value broadband, phone and TV bundle might seem like a time-consuming task, at bonkers.ie we've made this process easy for you with our comprehensive broadband comparison service. Our free tool allows you to compare the different speeds, prices and offers available in your area from all of Ireland’s main broadband providers.
If you have any questions about the broadband comparison and switching process, make sure to look at our broadband Quickstart Guide.