Coronavirus stay-at-home measures sent people streaming for entertainment
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The coronavirus pandemic has presented challenges to people stuck at home either quarantining or just following local stay-at-home guidelines.
When looking for ways to stay entertained, people turned to online streaming service subscriptions.
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That is the finding of a new survey from CreditCards.com.
The report found that more than 3 in 10 U.S. adults added a streaming service subscription during the height of the coronavirus quarantine in March, April, or May.
Additionally, 54 percent of those who use streaming services increased their usage during that time, compared to January and February.
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Overall, 81 percent of U.S. adults use streaming services, and 52 percent of them shared an account with someone they don’t live with in March, April, or May, including 63 percent of millennials.
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People who borrow streaming subscriptions believe it saves them an average of $513 annually, according to a March survey commissioned by CreditCards.com’s sister site Bankrate.com.
Netflix was the most commonly shared streaming service with 35 percent of those sharing with someone outside their household.
“Streaming is a rare category where spending is rising,” said CreditCards.com industry analyst Ted Rossman.“Unfortunately, more than a quarter of streaming subscribers pay little or no attention to how they pay for these services. That’s a missed rewards opportunity, especially as more credit cards add bonus streaming rewards categories."
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Among those surveyed, 23 percent said they streamed more during the three months, while a larger amount said usage was about the same.
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The survey was conducted from May 22-26 involving 2,520 adults, including 2,042 who use streaming services.
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