Streaming Replacing Retirement Funding As Consumers Choose Binge & Kayo Over Future Wealth

Despite the “Inflation” downturn, Australians are flocking to streaming apps and a big winner is Foxtel, with their Kayo, Binge and streaming app box Hubbl, in big demand as consumers stay home to be entertained.

At a retail level the big winner is JB Hi Fi, who despite Harvey Norman selling the both new Hubbl TV and the popular new $49 Hubble puck, it’s JB who are benefitting from only going with the Hubbl puck, with consumers scooping it up because it’s unique capability to deliver integrated management, and streaming of most entertainment apps sold in Australia, without the need of an additional fee other than a subscription to the likes of Netflix, Amazon Prime and Paramount.

Streaming has become so popular that consumers are setting aside money for streaming each month with nearly half of survey respondents to a recent survey (47%) listed streaming as a top spending priority.

The First Merchants Bank who undertook a global survey of streaming habits indicates that setting aside money for streaming each month is still a top priority for consumers, with online video subscriptions taking precedence over retirement investments in household budgets.

When it came to target audience millennials appear the most likely to prioritise TV streaming, with 49% listing it as a key factor in their regular budgeting, closely followed by Generation X at 47%.

Their decisions came down to spending on streaming now because of their “wellbeing” during a diffcult inflation driven period.

Paramount+ comes to Hubbl.

This target audience needed to choose between spending their money on daily enjoyment or future investments.

The immediate reward offered by streaming services appears to be more important than long-term savings, with just 21% of millennials and 27% of Gen X prioritizing saving for their retirement.

The survey also found that on average, 58% of adults overspend every month.

Another recent study found recently that a large chunk of consumers are concerned they can’t achieve financial security for retirement.