Average spending on streaming services drops 30% from $90 to $64 per month
Elizabeth Parks
Market Research and Marketing Communications Expert | Thought Leadership | Networking / Brand Visibility for Tech and IoT Markets - Consumer, Small Business, Multifamily
This week, Parks Associates is attending The StreamTV show in Denver and presenting new research from its Video Service Dashboard, showing shifts in demand for streaming video services, including a significant drop in spending. The firm’s latest research reports a dramatic 30% drop in spending for streaming SVOD services, with the average US internet household spending about $63 per month on OTT SVOD services, down from $90 in 2021.?
In addition, households are now stacking fewer streaming services—in Q1 2024, 20% of US internet households report paying for nine or more services, versus 29% in Q3 2023. The overall average number of streaming video service subscriptions per household has dropped below five, and 32% of households that cancelled a service in the past 12 months cite a need to cut household expenses as the reason.
All categories of household services face challenges, as consumer reevaluate their spending and subscriptions. ?A focus on value and education, the user interface, and the customer experience is what will drive the next generation of services in the home.”
?Elizabeth Parks will share more industry insight into current video services trends at the StreamTV Show on June 24-26 in Denver, CO. ?She is moderating the panels "Technology Leaders’ Roundtable: Addressing Platform Fragmentation and Video Workflows," 1:30-2:10 pm MT, on Tuesday, June 25. Featured speakers include:
Gordon Brooks , Executive Chairman and CEO, Zixi
Rob Collins , Executive Director of Software Development, Digital Platforms, Starz
Jeff DiTullio , CTO, AtmosphereTV
Vipul Patel , Vice President, Advanced Video Engineering, Charter
She is also participating on the session "Leaders’ Panel: CTV Ad Tech Maze: Navigating the Complexity of Today's Ecosystem" 1:40-2:20 pm MT, on Wednesday, June 26.? Featured speakers include:
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Mike Brooks , Global Head of Business Development and Partnerships, LG Ad Solutions
Michael Fedyna , Director of Monetization and Client Services, DISH Media
Edmund Jules , Sr. Director - Ad Sales Partnerships, DIRECTV
Bill Murray , Senior Vice President, Programmatic Solutions, Warner Bros. Discovery
?Elizabeth Parks is also a panelist on the session "Analysts Lightning Panel: Unveiling Trends, Behaviors, and Metrics in Streaming" at 3 pm PT on Wednesday, June 26.
Parks Associates extensively covers the video distributing market, including uptake and use of broadband, pay TV, and streaming services. The historical data set provides a unique, proprietary, and historical view of the changes in the digital content and service markets. www.parksassociates.com
Research is delivered through various services including the Streaming Video Tracker, Consumer Insights Dashboards, Broadband Tracker, Quantified Consumer studies, Industry reports, and Consulting Services. For more information visit www.parksassociates.com
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Elizabeth Parks... I'm afraid that whatever services people are streaming... there is an inevitable realization... that there is only so much time in a lifetime to view quality content (when you can find it)... and mostly.... the viewing experience is more like there being 57 channels with nothing on... ( a nod to Bruce Springsteen from another Jerseyan ). Quality content wins the day. It would be nice if all the streaming services were one library... everything to everyone for everyone and we could take out only what we wished for... when and where we wanted.
LOL - we literally just did a home audit on what we are spending on streaming services and subscriptions. TOO MUCH! I downgraded a couple of our accounts and now my family is getting ads - gasp. Still a lot of money from the Castenson household!