We’re way past the point where “bundling” just means Disney+, Hulu, and ESPN+ on one bill. If the latest research is any indication, consumers want a different kind of bundle—one that reflects their entire digital lives.
Two new reports—one from Horowitz Research, the other from Bango—give us the clearest snapshot yet of where things are headed. The data shows that consumers are increasingly overwhelmed by subscription complexity and are actively seeking a one-stop solution that goes beyond entertainment.
But here’s what really caught our eye: this isn’t just about saving a few bucks. It’s about convenience, control, and coherence in a subscription economy that’s become fragmented and chaotic.
Bundling 2.0: The New Consumer Expectation
Horowitz’s “State of Media, Entertainment & Tech: Subscriptions 2025” found that 66% of Americans would consider switching to a single provider if it offered a bundle that included not just video, but also music, fitness, home security, and smart home services. The pain point? Too many bills, too many passwords, too many apps.
I know of at least one media company that paid six figures to arrive at this exact conclusion: Consumers don’t want to manage 10 different services—they want one platform to rule them all.
Meanwhile, Bango’s study revealed that 31% of Americans are now paying for at least one specialist service, like Duolingo, Calm, Shudder, or Tinder Gold. And more than half of respondents (58%) say current bundles don’t go far enough—they want the ability to include niche services tailored to their lives.
This is Bundling 2.0: not just “more stuff for less,” but bundles that reflect lifestyle and identity.
Let’s Talk Numbers: DTC Is Not the Majority
At The Streaming Wars, we’ve been tracking the real math behind streaming subscriptions, and our internal analysis aligns with what we’re seeing in the field:
- 60% of subscribers come from wholesale or bundle channels
- 24% come from third-party direct platforms like Roku or Apple Pay
- Just 16% are pure direct-to-consumer, where the streaming service controls billing, data, and customer experience
Despite the hype around DTC, the indirect channels are doing the heavy lifting. As Wall Street demands profitability, the high CAC and platform tax of pure DTC make it harder to justify.
Platform taxes remain a significant sore point. Between Apple, Google, and Roku, companies are losing up to 30% of their revenue per subscriber. That’s a tax on growth. And it’s why companies are looking at bundling—especially operator- and bank-led bundling—as a workaround that’s both financially and strategically sound.
Aggregation Is the Goal—But It’s Not Easy
Of course, it’s one thing to talk about aggregation—it’s another to pull it off. Just ask Verizon.
Last month, Verizon quietly shut down its +play platform, less than three years after launch. +play was meant to be the solution to subscription sprawl: a centralized hub for streaming, fitness, gaming, and productivity subscriptions, with seamless billing and discovery. In theory, it was exactly what consumers say they want.
And it had momentum—bundles like Netflix and Max for $10/month were legit deals. But internally, Verizon shifted focus to its MyPlan and MyHome offerings, which integrate perks directly into mobile and broadband service plans. These new bundles have broader reach and tie more directly to Verizon’s core business.
Still, +play’s shutdown highlights the difficulty of becoming an aggregator. Even with scale, billing infrastructure, and existing customer relationships, Verizon couldn’t make the economics—or internal politics—work long-term.
That’s the lesson: bundling is easy to promise, aggregation is hard to execute.
Media companies want control over billing, data, and UX. Telcos want churn reduction. The incentives don’t always align. And while the need for aggregation grows, the number of players truly positioned to deliver it keeps shrinking.
The Rise of “Weird and Useful” Bundles
Bango’s findings add some unexpected color here. Today’s consumers are crafting bundles that are highly personal, even quirky:
- 34% of fitness app users also pay for meal kits
- 21% of food delivery subscribers also pay for niche streamers like Shudder
- 16% of AI tool users pay for Tinder Gold
- 14% of gamers also subscribe to pet care services
This is the “build-your-own bundle” economy, and it’s only going to grow. Platforms that can support this level of customization—such as Bango’s Digital Vending Machine—aren’t just enabling bundles. They’re powering personal ecosystems.
It’s about value, yes. But more importantly, it’s about identity-driven utility. That’s a new kind of distribution play.
Who’s Positioned to Win?
Telcos were the early movers here, and some are still in the game. Optus, Telenet, and a few others are actively operating super-bundling platforms that allow customers to pick and mix subscriptions across various categories. Banks are starting to catch up, embedding subscription management and discovery directly into their apps.
Verizon’s position is more complicated. While it’s no longer trying to be a content-agnostic aggregator—the company shut down its +play marketplace this summer—it’s doubling down on bundling through MyPlan and MyHome. These models are more tightly integrated with Verizon’s core mobile and broadband business, offering perks like streaming bundles as part of service tiers.
So while Verizon is no longer building a standalone aggregation layer, it’s still in the bundling game, just from a different angle.
What Happens Next?
3 things to watch:
- The unbundling of bundling – Consumers will start mixing entertainment with utility. Expect bundles like “Netflix + Ring + Fitbit Premium” to be the norm.
- Platform wars escalate – The real fight will be over who owns the bundle experience—telcos, streamers, device platforms like Apple and Roku, or banks. Behind the scenes, infrastructure players will play a critical role, but control of the customer relationship and interface is what ultimately defines the winner.
- DTC continues to shrink in real terms – Unless media companies invest in owning billing and identity layers, most “DTC” subs will continue to be routed through indirect channels.
Final Thoughts
The latest data makes one thing clear: bundling ain’t a sideshow—it’s the main act.
It’s not just about retention, or value, or price. It’s about making the modern subscription experience livable.
Consumers are done juggling apps, bills, and user accounts. They want control, simplicity, and relevance. And they’re telling us, in every survey and in every behavior, that they’ll reward whoever gives them that.
As we’ve said before, bundling is here to stay. But now, it’s not just about what’s in the bundle. It’s about who controls the experience—and who owns the customer.
