In a new report from Parks Associates, the researcher reports a significant drop in spending and a declining number of services viewers subscribe to.
"Consumers are spending less, but rather than go without, many are using ad-based alternatives to save on costs," said Sarah Lee, Research Analyst, Parks Associates. "A service needs to provide unique and ongoing value if it is to charge a premium."
"All categories of household services face challenges, as consumers reevaluate their spending and subscriptions," said Elizabeth Parks, President and CMO, Parks Associates. "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."
The results are in line with Park’s previous research last fall that reported a steep 25% decline in the number of streaming subscriptions since 2021 with nearly one-third (31%) of households having used free ad-based services by the end of 2022.
From the article, "Are Viewers Cutting Back on Streaming?" by Tom Butts
The latest Parks Associates study is out, and it has more bad news for traditional pay TV companies. Once again, satellite and cable companies are seeing losses. And it’s not just streaming services t...
New Parks Associates research shows the importance of brand preference in consumer electronics purchase decisions, revealing that 71 per cent of buyers last year considered only one brand when making...
In a world where selling a home is already hindered by the economy and a generation that is hesitant to buy, smart home technology is making things even harder. According to Coldwell Banker Real Es...
Earlier this year, Parks Associates published a study highlighting that the number of paid OTT video subscriptions in Europe is still lagging behind the U.S. For instance, while 64 percent of U.S. bro...
