Rising costs are making some Americans reconsider their streaming services

A recent survey from LendingTree found that nearly three out of four Americans believe they're paying too much for their streaming services.

2,000 U.S. consumers were surveyed and 72% of them said the price to watch their favorite shows or sporting events has gotten too high.

86% of Americans pay for at least one streaming service. Netflix is the top dog at 47% followed by Amazon Prime Video (41%) and Hulu (33%). Peacock, Disney Plus and Paramount Plus are all also used by at least 20% of American consumers. More than half of Americans have also signed up for at least one new streaming platform in the past year.

Joshua Starnes, film critic for Vital Thrills and former president of Houston Film Critics Society, said people hopped on to a variety of the platforms at first for the free months and lower costs but the rising costs have turned some away since.

"A low price and a bunch of free introduction and free months made people switched from their two or three services to their 10 services," he said. "But suddenly, shareholders want profit, not just growth, and that means costs have gone up."

Plans differentiate in their costs with Netflix for example having plans ranging from $7 a month all the way up to a more premium plan with no ads for around $20 a month. 31% of respondents said they're starting to cut back while another 29% are considering it.

"Everyone is trying to find some sort of profitability out of streaming as it spreads more and more which means consolidation," said Starnes.

And with that, a lot of companies are joining forces on different bundles as an appeal to the consumer and sort of a return to old-fashioned cable. One example is the Disney bundle which includes Disney plus, Hulu and ESPN plus for around $15 a month.

When it comes to sports, Starnes said there will be some "winners and losers," but people will still pay for their sports to get them. Amazon and NBC have made big splashes recently to obtain the rights for some professional sports.

"People are going to see where they can get the most bang for their buck," Starnes said.