U.S. Households With 2 or More OTT Services Rises to 46%: Parks
In 2017, 33% of broadband-enabled U.S. households subscribed to 2 or more over-the-top (OTT) services. Today, that number is 46%. That data comes from the researchers at Parks Associates, which released several data points on the rise of streaming adoption.
One streaming service isn't enough for nearly half of households, as niche services are filling a void:
"The number of OTT services available in the U.S. increased by 140% in 5 years, giving consumers an unprecedented number of options to meet their video needs," says Steve Nason, senior analyst for Parks. "Most OTT households are anchored by one of the three major OTT services—Netflix, Hulu, or Amazon Prime Video—but consumers are finding they can't fulfill all their interests through a single service. Many small and medium-sized services are building their brand and subscriber base by filling in these gaps in content."
Parks notes that consumer awareness of video streaming is high, but awareness about individual streaming options is low. Of all the OTT services available, roughly 90 have fewer than 50,000 subscribers, while 72 have fewer than 20,000.
Nearly three-quarters of broadband homes have at least one OTT video subscription, up from 52% in 2014. But not everyone is ready to cut the cord: 53% subscribe to pay TV and at least one OTT service.
This data comes from Parks' report Partnering, Aggregation, and Bundling in Video Services, available for purchase.
Consumers are dropping pay TV subscriptions for over-the-top services, and they're happy to recommend their favorites to their friends.
Consumers are comparing high-priced pay TV services with lower-priced streaming plans, and for many streaming wins out.
Young people who post videos to online platforms and spend a lot of time watching shared content are less likely to opt for paid services.
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