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
As live TV viewing continues its decline, so-called over-the-top video continues to grow, according to the study TV Everywhere and the New World of OTT by Parks Associates. Global OTT video service...
More than a fifth (21%) of U.S. broadband households with a connected electronics device are using it for streaming media, up from 12% last year. Moreover, usage of connected gaming consoles and DVRs...
According to estimates from Parks Associates’ most recent “OTT Video Market Tracker,” the top video streaming service (based on number of subscribers) is Netflix, followed by Amazon Video and Hulu. Be...
Over-the-top video platforms continue to see sharply higher new business and usage -- and will see rapid growth in five years. Parks Associates says nearly 60% of U.S. broadband homes have used at le...
