Netflix subscriptions have soared after the streaming platform banned the sharing of passwords, according to new data from digital bank Monzo.
An annual spending study found that movie theater attendance tripled after the release of the Barbie and Oppenheimer films, with spending up 260 percent in July when both films were released in theaters worldwide, compared with average spending before their debuts.
The study, which examined the spending habits of more than eight million Monzo customers in the UK, found that spending on Netflix was up by almost a quarter compared with the first few months of the year after the platform decided to stop sharing passwords in May to prevent their use. .
The streaming entertainment company introduced a fee for users who wanted to add an additional non-family member to their account, leading to a surge in the number of people paying for the service.
A lot of money was also spent on tickets to live performances. The data showed a 340 percent increase in spending on Ticketmaster during the February sales window when Beyoncé released tickets for the Renaissance tour, and a 460 percent increase in July when pre-sales opened for Taylor Swift’s Eras tour.
Leicester has emerged as the UK’s nightlife capital with the highest spending on nightlife, according to a national analysis of data. People in Liverpool spent more money on late-night meals between 11pm and 4am than anywhere else, and Londoners were more likely to visit McDonald’s after dark. Londoners also spent almost £23 million on Pret A Manger last year.
McDonald’s was the best restaurant in the United Kingdom, with the exception of Sunderland and Newcastle, where people preferred the local fast food chain Greggs.
People in Doncaster spent the most on McDonalds and KFC than anywhere else, while people in Edinburgh spent the most on Starbucks. Milton Keynes residents are the biggest Nando’s fans in the country.
Tesco was the supermarket of choice in all regions except London, where shopping trends showed shoppers favoring Sainsbury’s.
Individual Monzo customers have access to their own year-end report, which also shows whether the customer is in the top 5 per cent of those spending the most on apps such as Uber and Deliveroo.
Source: I News
I am Moises Cosgrove and I work for a news website as an author. I specialize in the market section, writing stories about the latest developments in the world of finance and economics. My articles are read by people from all walks of life, from investors to analysts, to everyday citizens looking for insight into how news will affect their finances.