Growth in Users Appetites for Streaming Content
In a competitive streaming services arena, it appears that consumers appetites for different services is growing.
As little as 27% of people said they’d drop a current streaming service to switch to a new one. Content variety and availability is important when considering streaming services.
93% of users surveyed, plan on signing up for additional services or continuing to use the streaming service they already use. 40% admitted they’d add new services at a cost whilst 27% said they’d drop their current service to swap to another.
According to Peter Katsingris svp, audience insights at Nielsen, “there’s definitely still room for this market to grow”
90% of U.S. consumers have subscribed to at least one streaming service with 30% signed up for 2 and another 30% to 3 or more. In the 18-34 age category more than half have subscribed to 3 or more streaming services.
TV streaming screen time made up about one-fifth of their surveyed TV time.
Netflix prominently took a third of streaming time, You Tube 21% , Hulu 12%, Amazon Prime Video 8% and 28% of video streaming time went to other services.
As variety and availability of content is key to users when choosing streaming channels nearly half said expanding the available content was a reason for subscribing to additional paid video streaming services. 35% of users subscribed to additional channels for particular content or programmes
“What we are seeing here is that the content is really what’s driving the decisions,” said Katsingris, who oversaw the creation of the report. “Content is huge. Content is king.”
In addition to content, price is a major driver in decision making when evaluating available services. 84% admitted cost was extremely or very important to their decisions around streaming service subscriptions, and 64% of survey respondents said the overall cost of media services was a factor in limiting the number of paid video services subscribed to.
These findings underscore the importance of original and engaging content and justifies the billions invested in new programming, enticing the user in a crowded market.
Price point is key in this market place as Disney has proved with its Disney+ channel costing $6.99 a month which attracted 28.6 million subscribers in three months.