Time to read : 4 Minutes
Our appetite for entertainment has grown bigger than ever and that means we have a lot more streaming options screaming for signups.
According to Worldpanel data:
Australia’s average monthly streaming spend rose to $50 at the end of 2024.
This is a 16% increase from the previous year.
The rise follows every major streaming service bringing in some form of price hike in 2024, so even if you’re not subscribing to more platforms, you’re still paying more for your entertainment.
Many platforms are looking at lower cost alternatives, such as ad-supported tiers, which may give us cheaper options in the future. But there are other ways you can reduce your streaming spend while still having access to all the content you love and never missing an episode of The White Lotus or Yellowstone.
Start with an audit
Before you can start saving on your streaming subscriptions, you need to know where you currently stand. Make a list of all your streaming services, and how much they cost. If you have any applied discounts, check when those savings end and set a reminder in your calendar.
For a week or so, track how often you use each service. If you’re only using a service for one program or the occasional movie, check whether that content is also available on another service you use more. And if you’re using a service for one program, make a note of when it ends.
At the end of your tracking, have a look at the numbers and rank each service – from the ones you couldn’t cut to the ones you wouldn’t miss. You might be surprised by how quickly you can make cuts.
Check for savings
Cutting services isn’t the only way you can reduce your entertainment budget. CommBank offers eligible customers a discount on streaming platforms, including Binge, through its Yello program.
Shopback provides cashback on spending on certain streamers, and Telstra and Optus both offer bundle discounts through their respective Fetch and Subhub partnerships.
Telstra and Optus also offer signup bonuses if you switch to their services. You could get free access to Netflix, Apple Music or Kayo subscriptions among others. These offers pop up from time to time with other providers, so it’s worth doing a quick online search before you sign up.
You should also check your subscription tier. If you’re paying for a premium plan but only need one screen and don’t watch in 4K, downgrading could save you money.
Don’t forget, there are a number of free services, and many of them have a large variety of content. SBS On Demand, for example, is renowned for its library of movies and premium content.
Tip: move free streaming apps to the front of your phone or smart TV and try them out before going back to paid platforms. You can even set yourself a challenge to find a movie on a free service on a weekend, rather than doom scrolling a subscription platform.
Don't get caught in the subscription trap
It’s easy to forget what you’re currently subscribed to, or to sign up for a few new trials and forget until months later that you’re now paying $9.99 a month. So when you audit your subscriptions, keep a tracker so you don’t fall into the subscription trap of never ending payments for services you don’t use.
If you’re planning to sign up for the free trial only, remember to set a calendar reminder so you cancel before it rolls into a billing cycle.
If you plan to drop a service as soon as your show ends, cancel it the moment the production credits roll so you don’t forget. Many streaming services have made it incredibly easy to cancel now, so don’t let the admin fatigue win.
Another benefit of cancelling is the sneaky discount providers may offer you to keep you on the books. For example, Binge and Kayo offer discounted rates when you begin the cancellation process.
Tip: if you’re just looking for another couple of months before you cut ties for good, this is a good way to save a few bucks… but again, make sure you track when the offer runs out!
Service cycling – when you only have one service at a time – might sound fiddly, but with premium subscription plans pushing up to as much as $20 a month, cycling through providers can save you hundreds of dollars a year. You might even realise you don’t want to resubscribe once a service is gone.
Plan your year of entertainment
Disney+ and Hayu both offer discounts for annual subscriptions.
During the Black Friday period, Paramount+ shot up as the second-most popular subscription service at the end of 2024 because of its discount offering.
Hayu also offers big discounts around this period.
We don’t always know when our favourite shows will drop, but if there’s a service you’re most likely to want year-round, keep an eye on when they offer discounts, or special rates for longer subscriptions. It may cost more upfront, but over the year it will reduce your spend, and that’s more money in your pocket.
Bottom line
The entertainment subscription landscape is busier than ever, extending beyond just streaming platforms. For larger households with varied content demands, managing subscriptions can be overwhelming.
To avoid overpaying, spend a couple of hours each year reviewing where your money is going. This way, you can cut unnecessary costs while still enjoying the content you love!
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Disclaimer
The information contained on this web page is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. Any opinions expressed within an article are those of the author and do not specifically reflect the views of Compare Club Australia Pty Ltd.
