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
New data from research firm Parks Associates found that 46% of cable TV subscribers find emerging home control and interactive features, provided through their TV service, appealing or very appealing....
New data from market researcher Parks Associates shows 60% of U.S. households think they’re paying too much for electricity. The firm will host dozens of experts from Big Tech and energy companies...
The smart home market continues to grow, with Parks Associates announcing at CES that 42% of U.S. internet households now have one or more smart home devices. In a December 2023 press release, mark...
According to Parks Associates, nearly a third of security dealers sold DIY systems in 2023, and 10% of U.S. homes own a DIY security system. From the article, "Nice Reaffirms Support for Dealers Am...
