Three out of every four Americans have at least one online subscription, according to a new report from CompareCards.com. Video streaming is the most popular choice among subscribers. Apple just announced its new video streaming service, joining a litany of companies battling for customers in the increasingly competitive online subscription space. CompareCards 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:
- 76% of those surveyed reported having at least one online subscription.
- Video streaming services are the most popular: 58% pay for services like Netflix and Hulu, while 41% said they paid for online subscription shopping like Amazon Prime, and 34% subscribe to a music service like Spotify or Pandora.
- Those with online subscriptions spend an average of $38 a month on them. The average monthly spend was $23.
- Those with online subscriptions usually have more than one type: 66% 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% of consumers with $5,000 or more in credit card debt currently pay for an online subscription, and 11% with the same amount of debt pay $100 or more monthly.