FNB has revealed that video and music streaming services are growing in popularity in South Africa.
According to FNB, its customers have spent nearly R500 million on subscription and gift card purchases for Netflix, Showmax, and Spotify in the last 12 months.
It added that it has seen consistent month-on-month increases in the number of customers using these services.
“The increasing use of content-on-demand platforms is not surprising as consumers are constantly looking for ways to stretch every Rand and manage their money a lot better,” said FNB Retail chief executive Raj Makanjee.
He added that over 60% of subscriptions by FNB customers are paid by premium account holders who earn a minimum monthly gross income of R25,000.
Makanjee also said that these streaming platforms offer particularly great savings and convenience for families who have children studying at university or living in other parts of the country.
FNB Consumer chief executive Christoph Niewoudt said that access to affordable data and smart technologies are significant contributing factors to these increases in streaming service adoption.
“In 2019, we introduced free telco services for customers who use FNB Connect,” Niewoudt added.
“In the long run, we will continue to invest in our platform to help customers improve the way they manage their money.”