Barclays issues warning to all Netflix and Prime Video customers | Personal Finance | Finance

Brits are now typically spending more on TV streaming subscriptions than on the BBC license fee, as the cost of digital content continues to soar.

The latest figures from Barclays’ Consumer Spend report reveal that the average consumer is now shelling out £175 a year on film and TV streaming platforms such as Netflix, Prime Video, Apple TV and Disney+.

That puts the figure above the BBC license fee, which has risen to £169.50 this month.

Spending on digital content and subscriptions rose by 5.1% in February, fuelled by blockbuster releases and the buzz around awards season. Hit series such as The White Lotus and Severance have driven a surge in sign-ups, with a quarter of Gen Z viewers (24%) saying they have subscribed to a new streaming service just to watch a trending show.

Despite the increasing appetite for digital entertainment, a significant proportion of consumers are worried about the financial strain.

A staggering 61% admit they are concerned about the rising cost of subscriptions, with many taking steps to curb their spending.

Barclays’ Head of Consumer Insights, Karen Johnson, said: “Streaming services have become an integral part of our daily entertainment, but with multiple platforms competing for attention, costs are stacking up.

“It’s clear that while consumers enjoy these services, many are re-evaluating their subscriptions to manage expenses.”

According to the report, 28% of consumers have reviewed their subscriptions to ensure they are only paying for what they actually use, and 20% say they have cancelled or plan to cancel a service due to cost concerns.

Meanwhile, the allure of the big screen remains strong among younger generations. One in five Millennials and Gen Z (20%) planned to visit the cinema to watch an Oscar-nominated film, such as A Complete Unknown or The Brutalist.

A spokesperson for Barclays added: “Awards season has always been a big driver of film and TV spending, but with rising costs, we’re seeing more consumers become selective about their entertainment choices.”

With household budgets under pressure, many Britons are now faced with a tough decision—whether to keep their ever-growing list of streaming subscriptions or cut back as costs continue to climb.

As one consumer put it: “I love my streaming services, but when I looked at my bank statement and saw how much I was spending, I had to cancel a few. It just wasn’t sustainable.”