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More than 1 million subscriptions cancelled

Over 1.2 million subscription payments have been stopped since summer 2021 according to new data from Lloyds Bank.

The bank said that streaming services such as Netflix, Spotify and Amazon Prime make up nearly half of the regular payments stopped since June 2021 as consumers continue to look for potential savings as the cost of living climbs.

Lloyds collected the data from its subscription management service, available to users of the Lloyds Bank app.

The news comes as Netflix warned that it is set to post its slowest growth figures in almost a decade, with a forecast of 2.5 million net additional subscribers in the first quarter of 2022.

Popular TV, film and music streaming services made up almost half (47.1 per cent) of regular payments cancelled since June last year, according to Lloyds, with households taking further stock of their discretionary spending.

Marketplace subscriptions – where people buy or sell goods online - also got the chop, with 17.6 per cent of cancellations since June last year.

Regular payments for weight management clubs and gym memberships made up 7.6 per cent of contracts ditched.

Lloyds said that almost a fifth (17 per cent) of customers had opted to use the subscription management service on a monthly basis since it was introduced.

These new findings follow an earlier spike in people taking out subscriptions during the pandemic, where new regular subscription payments increased by 70 per cent between January 2020 and March 2021.

The data suggests people are now doing a ‘subscription audit’ following the lifting of pandemic restrictions, and a rise in day to day costs.

The insight also shows that Monday is the busiest day for subscription management, with those aged between 30 and 39 the most likely to be using the mobile app to manage payments.

Philip Robinson, director, payments at Lloyds Bank, said: “People are looking to take control and budget household spend. The subscription management service within our mobile app makes it easy for customers to see what they are making regular payments on, with cancellation just a few clicks away.

“Our customers have stopped over a million subscription payments to date, with streaming services by far the most popular stop.”


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