90% of Consumers Subscribe to a Streaming Service. Should You?

It could be a more affordable alternative to cable.

If you're not signed up for any streaming services and you feel like you're just about the only person you know in that boat, well, there's a reason for it. A recent survey by Forbes Advisor found that 90% of consumers have a streaming service. And it's easy to see why.

Although the cost of a streaming service can vary based on the specific service you use and the tier you sign up for, the hit to your monthly credit card tab might pale in comparison to the cost of cable. So if you've yet to cut the cord, it may be time to reconsider that hefty cable bill -- and replace it with a less expensive streaming service bill instead.

How much could dumping cable save you?

A recent report by Allconnect found that the average household cable package costs $217.42 per month. That's more than the $205.50 per month the typical household spends on all major utilities combined, including heat, electricity, and water.

Now, let's compare that $217.42 a month to the cost of different streaming services. We'll start with Netflix, which has long been a fan favorite.

For a basic Netflix subscription with ads, the cost is just $6.99 a month. For a basic ad-free plan, you're looking at $9.99 a month. And a standard plan, which offers better quality streaming, is $15.49. You could also pay $19.99 for a premium package, which allows you to watch content on more devices and gives you higher-quality streaming, but many Netflix users find that the standard plan works just fine for them.

Then there's HBO Max. If you're willing to deal with ads, you'll pay $9.99 a month, or $99.99 a year. For ad-free content, you're looking at $15.99 a month, or $149.99 a year.

Finally, let's talk about Hulu. A standard ad-supported plan costs $7.99 a month, or $79.99 a year. If you'd rather have ad-free content, you'll pay $14.99 a month. You can also sign up for Hulu with ads plus Live TV for $69.99 a month. And if you can't bear the thought of ads, you can get Hulu ad-free plus Live TV, along with Disney+ and ESPN+, for $82.99 a month.

A much cheaper alternative

Clearly, moving from a cable package to a streaming service could result in a world of savings. In fact, even the most expensive bundle above -- ad-free Hulu plus Live TV, along with Disney+ and ESPN+ -- is considerably cheaper than the average cable package.

If we add up the cost of that Hulu bundle plus a premium Netflix subscription and ad-free HBO max, we're looking at $118.97 a month, assuming you pay by the month and don't get any discounts for paying the annual rate. Compare that to $217.42 , and you're still saving roughly $100 a month. So unless you can honestly say that you watch almost every channel your cable plan gives you access to, it's probably worth making a switch.