Parks Associates presents research at StreamTV Show
DALLAS, June 25, 2024 /PRNewswire/ — This week, Parks Associates will share new research at the StreamTV Show in Denver, COshows shifts in demand for streaming video services, including a significant drop in spending. The company’s latest research Video Services Dashboard reports a dramatic 30% drop in spending on streaming SVOD services, with the average US internet household spending approx. $63 per month on OTT SVOD services, down from $90 in 2021.
Parks Associates: Average spending on streaming services drops from $90 to $64 per month
Parks Associates
“Consumers are spending less, but instead of going without, many are using ad-based alternatives to save on costs,” he said Sarah Lee, Research Analyst, Parks Associates. “A service must provide unique and continuous value if it is a premium.”
Households are now stacking up fewer streaming services – in Q1 2024, 20% of US internet households report paying for nine or more services, up from 29% in Q3 2023. 32% of households who canceled a service in the past 12 months cite a necessity to cut household expenses as a reason.
“All categories of household services face challenges as consumers reevaluate their spending and subscriptions,” he said Elizabeth Parks, Chairman 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.”
Elizabeth Parks will share more insight into the current trends of video services at the StreamTV Show on June 24-26 in Denver, CO She moderates the panels “Technology Leaders Roundtable: Addressing Platform Fragmentation and Video Workflows,” 1:30-2:10 PM MTHon Tuesday 25 Juneand “MT Leaders’ Panel: CTV Ad Tech Maze: Navigating the Complexity of Today’s Ecosystem,” 1:40-2:20 PM MTHon Wednesday, June 26. She is also a panelist on the “Analysts Lightning Panel: Unveiling Trends, Behaviors, and Metrics in Streaming” session at 3 pm PT on WednesdayJune 26.
To schedule an interview with an analyst or to request specific data, please get in touch Mindi Sue Sternblitz-Rubenstein by (email protected) or 972-490-1113.
About Parks Associates
Parks Associates, a woman-founded and certified company, is an internationally recognized market research and consulting firm specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 Internet households.
The company’s expertise crosses many industries: home security and smart home, streaming video, broadband and pay TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and technical solutions for the multi-dwelling (MDU), small to medium business (SMB), and commercial buildings markets.
Each year, Parks Associates brings together thousands of leaders for its webinars and annual events. The company holds the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com
Follow up Parks Associates LinkedIn, Facebookand Instagram.
Mindi Sue Sternblitz-Rubenstein
Parks Associates
972.490.1113
(email protected)
SOURCE Parks Associates