Consumers binge on streaming spending

Since 2021, spending on streaming services has risen 70% and the share of households paying over $100/month has more than doubled.

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Taylor Bowley

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Joe Wadford

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David Tinsley

February 2024

Key takeaways

  • Bank of America aggregated internal data shows that consumers have not been rolling back on their streaming subscriptions or 'at home' entertainment. Aggregate spending activity shows a sharp increase in spending on streaming relative to discretionary spending, with spending in January on streaming services up over 70% since 2021.
  • Despite rising prices or "streamflation," the January 2024 share of households spending over $100 monthly on streaming services increased by four percentage points (pp) compared to January 2021, while the share of households spending less than $20 dropped by 16pp over the same time period.
  • Millennials and Gen Xers are paying more per household on streaming as they are paying for multiple streaming subscriptions. These cohorts have also seen the largest share increases of those streaming over the past three years.

Read our full analysis for a more in-depth look at these trends.