Although South Africans have no chill most of the time, it is apparent that we like the ‘Netflix’ part. According to FNB, its customers spent close $500 million in subscription and gift card purchases from Netflix, Showmax and Spotify.
To put that into perspective, these services all range in costs from R60 to R170 per sub. That a lot of subscriptions… FNB says it recorded a consistent month-on-month increase in the number of customers who use these services.
“The flexibility of content-on-demand platforms allows families to customise their own experience and playlists, with the convenience to consume content as and when they want to. In some cases, families can create secondary profiles for various family members. This can be of great convenience and a cost-saving for families that have children in varsities or other parts of the country,” says Raj Makanjee, chief executive of FNB Retail.
Apparently, FNB’s Premium account holders make up 60% of the online streaming subscriptions bought in this time period. These are people who make more than R25k a month minimum. You know what? We’ll make sure to get a Netflix sub even if we make R200 a month. Because streaming is life.
Sauce: FNB press release