Full access to Entrepreneur for $5
Subscribe

What should we do so that subscriptions to streaming services do not become vampire expenses?

Videos, movies, music, documentaries and other streaming content are making healthy distance more bearable, however they can also cause you to lose track of their cost and use.

By
This article was translated from our Spanish edition. Opinions expressed by Entrepreneur contributors are their own.

How many streaming services do you subscribe to? In short, we now have a very wide catalog to choose the video on demand company, from which we want to consume content. This has caused that the phantom or vampire expenses in subscriptions to services have increased.

Souvik Banerjee vía Unsplash

According to a survey for Bloomberg conducted by Corus, people are subscribing to more services than a year ago, therefore their budgets for services have also increased.

In this sense, the percentage of growth of these expenses of the users albo , account free of commissions, was 420% from 2020 to 2021.

What are ghost or vampire expenses? It is about those that go unnoticed and that we even forget. And as we have seen, these types of expenses can represent a considerable amount of our income.

On demand services are booming. Due to confinement, mobility restrictions and how accessible they are due to their low monthly cost, they indicate that the trend in demand for these seems to be increasing. The growth percentage of these user transactions as of 2021 versus 2020 was 420%. So that they do not become phantom and vampire expenses, users must have an intelligent control of all memberships ”, said Sarah González, product manager of albo .

Is Netflix still the favorite?

According to Statista analysts and a survey conducted in September 2020, 89% of people who consume video streaming services in Mexico declared that they use Netflix.

It is important to note that in 2019, the revenue generated by OTT (over-the-top) video services in this Aztec country almost reached 700 million dollars and it is estimated that this figure will exceed 1,400 million dollars in 2024.

As we know today there is a large number of them, among which we find:

  • Netflix: whose cost ranges from 139.00 to 266.00 Mexican pesos.
  • Prime Video: with a price of 99.00 pesos per month and the annual subscription 899.00 pesos.
  • Disney +: with a subscription of 159.00 pesos per month or 1,599.00 pesos per year.
  • HBO Max: Offers two subscription plans, both monthly and yearly. The mobile version 99.00 and 829.00 pesos, and the standard 149.00 and 1,249.00 respectively.
  • Paramont +: 79 pesos per month.
  • Claro Video: for 115.00 or 1,249 pesos.
  • There is also the offer of Apple TV, Blim TV, Pluto TV, Funimation, Crunchyroll, MUBI, etc.

What to do to control phantom spending on subscriptions?

The Albo representative responds: “Visualizing what we spend always gives good results, many times the money leaves our portfolio without planning. Seeing how much you spend on monthly or annual memberships or subscriptions will give you the correct data of what you spend on streaming , so that you can analyze if you are willing to continue with these expenses ”.

“Let's remember that these services are automatically charged to your card every month, even the annuity when the time comes. Many times, they do it without prior notice, so it is important to know the date in case you want to cancel. The best thing is to reduce your streaming expenses, you can even share the monthly payments of the different platforms among various family members ”, concludes González.