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
TV customers have a high rate of starting and stopping many new OTT services. Parks Associates says that with the exception of Netflix and Amazon Prime, OTT services experience churn rates exceedin...
New research from Parks Associates found that more than one in five consumers plan to purchase a voice-controlled smart speaker with a personal assistant in 2017. Interest in the category is growin...
More than one in five (22%) of U.S. broadband households plan to purchase a voice-controlled smart speaker this year, according to Parks Associates. From the article "Santa More Likely To Bring Sma...
The home entertainment market is consolidating around the smart TV, with the TV now being the most commonly used platform for accessing video content, according to Parks Associates. Consumers are b...
