10 SEP 2020

US STREAMING MARKET CONTINUES TO GROW DURING PANDEMIC TIMES

Streaming among households with access to OTT accounts for 25% of consumers’ collective time spent with the television. Streaming giant, Netflix, served as the largest contributer with a share of 34%.

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As the impact of the unprecedented global pandemic continues to unfold, streaming on behalf of US consumers continues to rise. According to the August 2020 Nielsen Total Audience Report, streaming among over-the-top (OTT) capable homes accounts for 25% of consumers’ collective time spent with the television as a result of the enforced stay-at-home orders that were imposed in numerous regions across the country. The spike is expected to carry on into the post-pandemic period.

According to data from Nielsen’s Streaming Meter, a portion of over 1,100 streaming capable homes from the National TV panel, streaming served as one-fourth of all television minutes viewed as of Q2 2020. Netflix served as the largest contributor to streaming, with a share of 34%, followed by YouTube at 20%. Recently launched service, Disney+ now accounts for over 4% of total streaming time.

Streaming Video Share of Time Spent By Age Aug 2020 Nielsen Total Audience Report

 

Responses gathered from Nielsen’s Remote Workers Consumer Survey indicate that consumers are spending more time streaming and spending more money doing so. The number of services consumers are willing to budget for and subscribe to continues to grow as well.  According to the survey, only 2% of adults say they are reducing the number of paid services they subscribe to, while 25% have added service in the past three months. Hispanics have adopted new services even more wholeheartedly at 40%.   The data reveal significant acceptance from consumers 55 years of age and older.

With other news streaming services introducing themselves, the evolution of the market will inspire a trend in which media owners seek to license programming, along with marketers and brands who have the ability to develop products and services that will help connect with the customer.

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