Two in three (66%) TV content viewers are using free, ad-supported streaming TV (FAST) platforms in a typical month, according to Horowitz Research’s latest annual report, "State of Media, Entertainment, and Tech: Viewing Behaviors 2024." Tubi, Pluto TV, Freevee, YouTube, and Roku are the top-used FAST networks by consumers surveyed in the study.
The new report, which tracks the evolution of the pay and free TV, streaming, internet, and mobile environment, reveals the impact of the emergence of FAST services on the TV ecosystem. On one hand, more than half (53%) of FAST users say they have cut down on their paid streaming services now that they have adopted FAST. On the other hand, 43% of FAST users tell us they have subscribed to a pay service to continue watching a show they started watching on a FAST channel. These data underscore the important opportunity to leverage FAST strategically, with smart windowing and content promotional strategies.
Indeed, Horowitz’s study finds that the lean-back experience of channel surfing was sorely missed by consumers who cut the cord and just relied on on-demand streaming options. Over 7 in 10 (73%) FAST users agree that TV is more enjoyable now that they can turn on these free services and watch whatever is on. Specifically, among cord-cutters who no longer have a cable or satellite subscription, nearly 6 in 10 (58%) say free services are like having cable TV again.
“As the FAST space matures, it does feel like a correction of many of the issues that on-demand streaming created for both consumers and the industry,” notes Adriana Waterston, EVP and Insights & Strategy Lead for Horowitz Research, a division of M/A/R/C Research. “On the consumer side, FAST is helping mitigate the challenges of TV viewing in the on-demand space, in which consumers had to work pretty hard to find content to watch every time they sat down in front of the TV—not the most relaxing viewing experience. It is also creating opportunities to generate both ad revenue and revenue from syndication, which will help put the business model back into balance.”
The importance and value of content for diverse audiences will be a key focus of the upcoming Cultural Insights Forum, Horowitz’s renowned conference which is coming back in fall 2024 after a 6-year hiatus. The Forum, focused on how brands and media companies can drive ROI by reaching and serving America’s diverse, multicultural, and intersectional audiences, will be hosted on November 14, 2024, at Telemundo Center in Miami. Sponsorship and speaking opportunities are now open. Contact Tasha Mitchell at tasham@horowitzresearch.com for more information. Early bird registration is now open. Use the code EARLYBIRD24 to save $200 now! Register here: https://culturalinsightsforum.com
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