Streaming services' "churn" -- the act of canceling subscriptions -- continues to grow, now at a 5.8% rate in September, according to a new report from Antenna, a subscription data and analytics company.
Churn was just under 5% in June, and around 4.2% in October 2021. Looking at the broader picture, churn was 3.5% in the third quarter, 3.4% in the second quarter, and 2.0% in 2021.
Antenna says there were 32 million cancellations in the third quarter of this year -- up from 28 million in the second quarter and the same number as in the first quarter. For the third quarter period of a year ago, the total was 25.2 million.
Competition for consumers through more premium streaming services has increased the market’s entropy in terms of subscribers changing platforms -- and canceling subscriptions -- according to analysts.
At the same time, the data company says net additions of subscribers is still rising -- but more slowly -- adding 5.2 million in the third quarter, down from the 11.4 million in the same period a year ago. Overall there were 37.2 million gross additions for new subscription services in the current period.
Which services do the best -- in terms of lowest overall churn? That continues to be Netflix, now at a 3.3% average monthly churn rate so far for 2022, up from 1.9% a year ago. Next best is Disney+, now at a 4.1% churn rate. Hulu comes in at a 4.7% number.
The highest churn rate is with Showtime and Starz, each around 7.2%. Peacock is at 7%; Apple TV+, 6.6%; Paramount at 6.4%; and HBO Max, 5.9%.