Recent research from Parks Associates shows that OTT services are booming with the number of US broadband households that subscribe to multiple OTT services having increased by 130% since 2014.
It seems everyone’s talking about the latest new show they discovered on their favorite streaming service, or how many episodes they managed to watch last night! Rather than wait around all week for one more episode of a primetime favorite to be released on traditional cable or satellite, people are turning to OTT services to bingewatch complete seasons of popular new series and get the content they enjoy.
While one OTT service might have your go-to favorites, it’s hard to please everyone in the family with just a single video streaming option. In addition to traditional TV, consumers are turning to multiple services like Netflix, Amazon Prime, Hulu, Apple, and Disney to provide them with the variety they want for movies, full seasons of popular shows, original content, documentaries, and comedy specials.
The report from Parks Associates confirms what we already knew – consumers want broad access to a range of different content and are prepared to pick and choose to get the content they want.
Today, an estimated 46% of U.S. broadband households subscribe to multiple OTT video services. This is a huge increase compared to only 20% five years ago and 33% three years ago.
“The number of OTT services available in the US increased by 140% in five years, giving consumers an unprecedented number of options to meet their video needs. Most OTT households are anchored by one of the three major OTT services—Netflix, Hulu, or Amazon Prime Video—but consumers are finding they can’t fulfill all their interests through a single service. Many small and medium-sized services are building their brand and subscriber base by filling in these gaps in content.”
– Steve Nason, Senior Analyst, Parks Associates.
The latest stats on OTT subscriptions:
- Fifty-three percent of US broadband households subscribe to at least one OTT service and a pay-TV service.
- Nearly three-quarters subscribe to an OTT video service, up from fifty-two percent in 2014.
- The average OTT customer owns three devices they can use to watch OTT content and subscribe to three different OTT services.
- Among the OTT video services available in the US, approximately 90 have fewer than 50,000 subscribers and 72 have fewer than 20,000.
The recent study found that while the majority of consumers are aware of the availability of video streaming services, their awareness of any specific individual service is low. Which makes it harder for smaller niche services to match the publicity efforts of the bigger players.
“Netflix can afford to license high-value content like Seinfeld to supplement its original content, and Apple can buy commercial space during the Emmys and NFL games to promote its upcoming Apple TV+ service and its array of content and stars,” Nason said. “By contrast, smaller OTT services are having to harness the power of a partnership with an aggregator, bundling or content partner, or marketing and promotion partner to boost awareness of their brand and offerings.”
– Steve Nason, Senior Analyst, Parks Associates.
How Many OTT Subscription Services Do You Need?
Can we have too much of a good thing? OTT subscribers are only prepared to part with a certain amount of money for their TV viewing pleasure. And there’s something to be said for keeping it simple. With the recent additions to the OTT market with ViacomCBS and Apple TV+ on top of CBS All Access and Showtime OTT, we have to ask – how many streaming subscriptions are too many?
In a Hub Research survey, 36% of OTT subscribers said they’d drop a video service or two before adding a new one.
Are you getting enough of your favorite TV? Does your current OTT subscription service offer you the content you want? Do you want more live TV and unlimited internet so you and the family can watch on-the-go and on multiple devices? Call us to see what bundled plan will offer you the best value for money.
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