As the cost of living hits Australians, it appears that streaming services are among the first of the luxuries to go by the wayside.

666,000 services were cancelled during the June quarter, according to Kantar’s latest findings, with 37 per cent doing so to save money.

A further 16 per cent of households plan to cancel a subscription in the quarter, with 26 per cent of these citing the desire to save money – the top reason for cancelling.

Interestingly, its not due to price rises or unwillingness to pay, with this making up only 10 per cent of all cancellations. This blows out to 20 per cent, however, when it comes to the reason for cancelling Netflix, specifically.

15 per cent of cancellations during the June quarter were due to households subscribing for specific content, which has since been watched.

­6.3 million Australian households subscribe to at least one video streaming service. Just under 4 per cent of households signed up to a new streaming service during the June quarter, suggesting we have reached penetration rates.

Amazon Prime Video and Disney+ commanded the highest shares of new subscriptions during the quarter, with 19 and 18 per cent respectively.