MMM: HBO & Netflix Churn Rates Increase After Season Ends

Key Takeaways:

• Churn on HBO Max and Netflix increased post the finales of House of The Dragon and Stranger Things, respectively, further illustrating the short-lived loyalty gains of tentpole content

  • Per Sensor Tower Churn Analysis (a new product module within Consumer Intelligence), user MoM churn on HBO Max jumped more than 4pps in Nov’22 to 31% from 26.6% in Oct’22, its highest rate of 2022

  • US user churn on Netflix sank to 20% upon the premiere of Stranger Things (Jul’22), the lowest examined on the platform since the release of Squid Game in late Sep’21. Shortly after users binged the feature-length episodes of Stranger Things, user churn ticked up 5pps (to 25%) in Aug’22

• Coinbase announced that it would lower its operating expenses by 25% QoQ, which involves cutting 950 employees, driven by the downturn in the crypto market and the broader economy

  • Per Sensor Tower estimates, worldwide installs of Coinbase were down 63% YoY in 2022, while Coinbase MAUs were down 50% YoY in 4Q22

  • Pathmatics US advertiser data indicates that Coinbase’s US ad spend fell 89% YoY in 4Q22 with ad networks Facebook and Instagram the most adversely affected as of recently down 99% YoY (-95% QoQ) and 97% YoY (-82% QoQ), respectively.

  • Coinbase’s US ad spend on Facebook and Instagram was down 99% YoY (-95% QoQ) and 97% YoY (-82% QoQ), respectively, in 4Q22

For more information, request the full report from reports@sensortower.com.