Download this: Subscribing to digital apps has gotten a lot more expensive

The surge in digital subscription prices is hitting Americans hard, with costs for TV, music, news, and other digital apps rising by 19% since 2020. A recent analysis from DepositAccounts, a platform owned by LendingTree, examined 15 popular subscription services to track how their prices have evolved over the past six years.

Matt Schulz, chief consumer finance analyst at LendingTree, highlighted how seemingly small price increases from multiple subscriptions can add up to significant expenses over time. The study revealed that the average American pays for 4.5 digital services, totaling $84 per month or $1,008 annually.

One-third of surveyed individuals admitted to canceling a paid digital subscription in the last six months due to cost concerns. The analysis also pointed out specific subscription services that have seen significant price hikes. For instance, Disney+ subscribers now pay $18.99 per month for an ad-free plan, more than double the cost from six years ago when adjusted for inflation. Apple TV subscription costs have also skyrocketed by 108% since 2020.

On the bright side, not all digital platforms have raised their prices. Apple’s iCloud storage platform and Apple Music have actually seen price decreases of nearly 20% and more than 12%, respectively, since 2020.

Streaming services have become the dominant force in TV viewership, accounting for around 48% of total viewership and surpassing traditional broadcast and cable options, according to Nielsen data.

In conclusion, rising digital subscription costs are forcing many Americans to reevaluate their spending on entertainment and information services. As the landscape continues to evolve, consumers may need to make tough decisions about which subscriptions are worth the investment.

This article was edited by Alain Sherter.