Antenna Data is a funny company. Their data is taken from a population of consumers that have opted-in to provide their personal purchasing behavior to a financial app. That’s not a representative sample. To be sure, I understand why consumers would want to trade their privacy for such services because I’ve seen many compelling RocketMoney ads preaching the proposition. RocketMoney puts the Easy Button to shame.
And yet…
Their data has proven to be incredibly insightful, sample bias and adjustments notwithstanding. The churn rate in streaming is much higher than it was with the cable and satellite companies and thus the topic is even more important to measure and manage. (Easy churning out is also something consumers value and have come to expect.)
Recently I dove into six charts of six streamers and came up with six insights. These charts were published last month as part of a detailed report on the subject, including data from Antenna, by the Wall Street Journal.
1. Max's Consistency: The Superpower of HBO
Despite industry-wide turbulence, Max maintained remarkably stable cancellation rates of 6-7% throughout 2024. This resilience, even amidst content changes, price increases, and the attempted burial of the greatest TV brand ever shows the enduring value of uber-premium content. Almost as shocking as the disappearance of HBO branding was Casey Bloys’ recent revival of the iconic brand. Is WBD Wall Street’s newest darling?
2. Careful with that Password-Sharing Crackdown
Hulu's cancellation rate nearly doubled from 3% to 6% following its password-sharing restrictions in late 2024. This dramatic spike occurred simultaneously with Disney+ integration efforts, suggesting poor coordination between anti-sharing measures and strategic bundling initiatives. Services have to carefully sequence such changes to minimize subscriber backlash.
3. Sports Programming Demands Multi-Event Strategies
Peacock and Paramount+ data reveal clear patterns: Massive subscriber acquisition during tentpole events (2024 Super Bowl added 3.2 million Paramount+ subscribers; 2024 Olympics drove 1.8 million to Peacock) followed by predictable churn. Success requires year-round sports calendars—explaining NBCUniversal's reported interest in MLB rights to complement NFL and Olympics coverage. And by the way, I’m already seeing fantastic NBC Sports logo’d Ray Romano ads for Milano Cortino Italy 2026.
4. Netflix Remains Golden
Netflix's cancellation rate remained stable at 1-2% despite implementing a pricing increase in January 2025 across all tiers. This stability, achieved after successfully navigating its own password-sharing crackdown in 2023, reinforces Netflix's position as the streaming leader. Their ability to utilize pricing as a strategic weapon both offensively and defensively is just another benefit of being number one.
5. A Price Increase Will Drive Immediate Cancellations
Every major price increase in 2024 corresponded with cancellation spikes. Peacock's $2 increase in July, Paramount+'s $1-2 increase in August, and Hulu's October increase all triggered visible subscriber departures. The data suggests even modest price adjustments prompt immediate customer evaluation of service value. Obvious, but fun to see it in the charts.
6. Content Lifecycle Creates Predictable Churn
Series finales and cancellations generate measurable subscriber losses. Young Sheldon's conclusion impacted Paramount+. Services have to invest big in content rights to offset the standing average churn in the streaming era.
In sum, here’s the roadmap:
Acquire subscribers with big events. Follow-up with strong retention. Be careful with your pricing and bundling choices. Diversify your content portfolio. Look to place tentpole events throughout the year. What did I miss?
Join me at StreamTV Show! I’ll be there to discuss three big insights from years of running one-of-a-kind TV surveys on the viewer experience.
You can access all my work including my latest report on Multi-view and Programmatic Ad opportunities at #FutureOfTV.Live📺. You’ll also gain access to my quarterly zoomcasts featuring insightful voices like Laura Martin, Colin Dixon, David Bloom, David Giles, Evan Shapiro, John Kosner, David Giles, William Mao, Christy Tanner, and many more.
See you in Denver!
Brian Ring is President of Ring Digital LLC, a best-in-class GTM consultancy enabling high-tech video innovators to drive product-led revenue growth. Mr. Ring also publishes the #FutureOfTV.Live 📺 Quarterly, a TV Survey, Report & Zoomcast on the business, technology and creative markets fueling the growth of Streaming TV. Ring has 25 years of technical and product expertise in these areas.
Industry Voices are opinion columns written by outside contributors — often industry experts or analysts — who are invited to the conversation by StreamTV Insider staff. They do not necessarily represent the opinions of StreamTV Insider.