16 SEP 2021

More than half of US households use a combination of the top 3 OTT services

The three platforms, Netflix, Amazon, and Hulu, continue marking large contributions to the greater majority of American’ households. Individuals who opt to suspend their cable services spend an average of spent $117 per month on pay-TV services and are now paying $85 per month for OTT services.

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A recent Parks Associates study revealed that 54% of US broadband households are now averaging services from the streaming market's three largest players, Netflix, Amazon, and Hulu, while at the same time subscribing to one other service. "It's a crowded market, and households continue to diversify their subscriptions," President, Parks Associates, Elizabeth Parks, said. ”Delivering relevant content with excellent personalized experiences is a key focal point to stay competitive.”

Through a collaboration with Brightcove, the researcher presented its findings at its recent webinar “OTT Customer Acquisition: Opportunities and Challenges," which took place earlier this week. The data reveals that 82% of US broadband households subsribe to an OTT service. The industry has experienced a significant acceleration  in recent years. The research also notes cord cutters used to spend $117 per month on pay-TV services and are now paying $85 per month for OTT services.

 

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The webinar dicsuss various points relating to engagement strategies for companies to differentiate themselves from the competition and ensure successful delivery of services, providing the most optimal experience. "Subscription fatigue and ad intolerance are pervasive in the streaming industry, and consumers are becoming more selective about where they spend their time and money,” said Lexie Knauer, Senior Product Marketing Manager, Brightcove. “It’s important for streaming services to go to market with a strong acquisition strategy to clearly promote the value of their content across the right channels and ultimately capture their target audience.”

In this webinar, industry experts address the changing dynamics in the OTT marketplace, including the best strategies to identify, acquire, and engage their customers and increase market share. Webinar speakers include Senior Product Marketing Manager, Brightcove, Lexie Knauer,  CEO & Co-Founder of Revry Damian Pelliccione and Washington Post, Chief Subscription Officer, Michael Ribero. To me, customers are stating no one service can be everything to everyone,” said Michael Ribero, Chief Subscription Officer, The Washington Post. “I think this helps services with a clear identity while others will need to clarify how they fit into the customer’s bundle. And I believe this has downstream ramifications especially for discovering new shows and content.”

It's a crowded market, and households continue to diversify their subscriptions. Delivering relevant content with excellent personalized experiences is a key focal point to stay competitive.” Elizabeth Parks President, Parks Associates