Half of Consumers Willing to Spend on Additional Video Services
With many households now juggling subscriptions for cable or satellite as well as multiple OTT services, is there room for growth in the industry? Yes, says a report from IBB Consulting. It surveyed 415 people online and found that roughly 45 percent are willing to spend more on additional video services. Of that group, 80 percent would spend up to $20 more per month, and 20 percent would spend over $20.
IBB's report, "Consumer Streaming Trends Creating New Opportunities," looks for growth potential in video services. IBB conducted the research so it could advise its cable and media clients on where to invest in consumer offerings.
People who already have a pay TV subscription are more likely to add streaming services, IBB found. Of current pay TV customers, 31 percent are planning on adding a subscription video-on-demand (SVOD) service in the next 6 months, while only 21 percent of non-pay TV subscribers said the same.
When choosing a new video service, 38 percent say that having a lot of content in genres that most interest them is the key factor, while 30 percent look for the widest variety of content. Additionally, 12 percent look for easy search options and another 12 percent want strong original content. Young adults showed a greater preference for genre-specific content.
For more on video growth opportunities, download the full report for free (no registration required).
Streaming use is high: Over 9 in 10 SVOD subscribers user their accounts weekly, with a third watching between 1 and 5 hours of video.
In its latest quarterly report on the pay TV industry and online viewing, Digitalsmiths finds that large channel lineups can be a liability.