Apple TV has seen a price hike, but that may not be a big problem. Within a month of canceling their pay TV subscriptions, around 31% of traditional cord-cutters signed up for a new streaming service during the first quarter — five times higher than the normal sign-up rate, according to new data from Antenna.
Per the firm’s estimates, six of the top 10 plans subscribed to within the first month were ad-free, notes The Wrap.
Leading the pack was Paramount+ Premium with 13.7%, followed by Netflix Premium (11.5%), Peacock Premium (9.5%), Netflix Standard (9.5%), Netflix Standard With Ads (9.3%), Apple TV (8.5%), Starz Standard (7.1%), Paramount+ Essential (7%), Hulu Standard (6.7%) and the Disney+ Duo Basic bundle (6.6%).
The Wrap notes that, prior to canceling, 72% of traditional cord-cutters had at least one premium SVOD subscription. When looking at digital cord-cutters who canceled virtual pay TV services such as YouTube TV or Sling TV, the share for those with at least one premium SVOD [streaming video on demand] jumped to 84%.
The cord-cutting insights come as the average churn rate for the major streaming services was 4% in July, according to Antenna. Netflix and Disney+ remained below average at 2% and 3%, respectively, while Discovery+ and Hulu held steady at 4%. Apple TV and HBO Max’s churn rates came in at 5% each, while Paramount+ climbed to 6%, Starz fell to 7% and Peacock held steady at 7%.
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