Damning the Stream

Cutting the Cord

I was one of the first people in my circle to cut the cord. At the time, I tried just about every streaming service and streaming device that existed. We went from Sling, to Hulu, to others, until we eventually settled on YouTubeTV. I remember my wife questioning my sanity and what a life without cable would be like.

I transitioned for three primary reasons:

1. Save some money;

2. Reduce my reliance on Comcast, which is arguably one of the worst companies from a customer service perspective; and

3. I just love trying new technology.

It was fairly clunky at first, but flash forward about six years and now almost everyone is streaming.

It has evolved to be more than just replacing basic cable and now there are so many options, each of which has unique content. It’s essentially become a worse version of premium cable where your options were essentially limited to paying for HBO, Showtime, or Cinemax.

Two quick stats:

• 86% of people pay for more than one streaming service each month (source: Forbes)

• On average, U.S. consumers pay $48 per month for subscription-video services (source Deloitte)

This last stat is fairly reasonable, but I suspect that some of these consumers may still be paying for traditional cable along with the $48/month for streaming services (e.g., Apple, Netflix). This cost will also likely rise 2-3X in the coming years as more streaming services end account sharing.

Damning the Stream

The end of account sharing will create a financial dilemma for families, approximately 65% of whom are living paycheck to paycheck. This can only be solved by damning the stream.

Spending intentionally applies to all things in life, including streaming services. Pay for the one or two where you value the content and cancel the rest. The other benefit of these services vs. traditional cable is the ability to cancel and then resubscribe later, perhaps when a new season of your favorite show is released. If you don’t damn the stream soon, you will find yourself flooded with content and short on money!

If you or someone you know would benefit from personalized coaching on everything from spending intentionally to investing in the stock market or crypto, please schedule a free introductory meeting to learn more! In the meantime, I’ll be reevaluating my streaming services.

Disclaimer: The information in this post is provided for your convenience only and is not intended to be treated as financial, investment, tax, or other advice. The information is intended to be educational and is not tailored to the investment needs of any specific individual.  It is also not intended to be relied upon as a forecast and is not an offer or solicitation to buy or sell any securities or to adopt any investment strategy.  The opinions expressed are those of the author.  Reliance upon the guidance and information in this presentation is at the sole discretion of the individual.