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
Connected device apps are increasingly important in driving OTT engagement, now accounting for more than one quarter of total OTT video subscriptions, according to new market research conducted by Par...
Capitalizing on major sporting events also provides an opportunity for TV and cable broadcast networks to respond to competition from OTT video service providers. Given the huge viewing audiences, TV...
According to Parks Associates, a leading provider of market intelligence, 17 percent of consumers plan to buy a smart kitchen appliance in 2016. As smart appliance technology continues to evolve an...
Young adult Millennials have been the primary early adopters of new connected consumer electronics (CE) products and service, and that’s the case when it comes to virtual and augmented reality (AR/VR)...
