Parks Associates June 25 announced that new data found a 30% drop in spending for streaming SVOD services, with the average U.S. internet household spending about $63 per month on streaming video services, down from $90 in 2021.
“Consumers are spending less … many are using [lower-cost] ad-based streaming alternatives to save on costs,” analyst Sarah Lee said in a statement.
Parks said that in the first quarter, 20% of U.S. internet households paid for nine or more services, versus 29% in Q3 2023. The overall average number of streaming video service subscriptions per household has dropped below five, and 32% of households that canceled a service in the past 12 months cited a need to cut household expenses as the reason.
“All categories of household services face challenges, as consumers reevaluate their spending and subscriptions,” analyst Elizabeth Parks said in a statement. “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.”
From the article, "Parks: Household Average SVOD Spending Drops from $90 to $64 Monthly" by Erik Gruenwedel
Smart home technology that has long been knocking at doors will settle into the mainstream after rival gadgets and services become hassle-free guests that get along with one another, industry insiders...
Marketing for RecycleHealth got an unexpected boost from an applicant to the digital health communication certificate program, who volunteered her design skills and did a photo shoot of donated device...
Mobile payments are still an up-and-coming new capability for consumers; while mobile banking has clearly led the way, there’s still a lot of interest in mobile payments at least in some fields. Wh...
Parks Associates has hosted the final day of the company’s 20th annual CONNECTIONS conference in San Francisco with panel discussions moderated by the firm’s analysts and featuring executives from com...
