Streamers now only spend 1 in 3 hours using traditional platforms, with the majority of their viewing time spent streaming, according to Horowitz’s latest “State of Viewing and Streaming 2022” report, which has been tracking the evolution of the TV space.
Streamers use an average of 7.1 services – around 4.3 subscription and 2.8 free services — in a given month to stream full-length TV content. Indeed, with the cost of streaming subscriptions rising, the demand for free, ad-supported content is ever increasing. Usage of both AVOD and FAST services has increased substantially since last year, with YouTube remaining the top free service used for TV content, closely followed by Pluto TV and Tubi.
Overall, Netflix still commands the largest share of viewing with almost a quarter (22%) of streaming reportedly done through the platform. However, Netflix’s share has dropped dramatically from about 39% in 2018 as more services vie for consumers’ eyeballs and engagement.
With so many new services to keep track of, consumers are demanding managed and consolidated services to improve the streaming experience. The Horowitz study finds that two-thirds of streamers would like universal search capabilities across all their streaming services (66%) and to be able to manage all their streaming subscriptions in one place (65%). Meanwhile, six in ten (58%) would like to see consolidation of the myriad streaming services to help mitigate the fragmentation and confusion they are experiencing.
Many consumers are also excited about potential new enhancements to streaming platforms that would enable more interactive experiences such as being able to access content beyond TV shows or movies (57%), being able to shop for products seen in shows directly through their phone or remote (48%), and being able to virtually socialize with friends/family while viewing content together (41%).
“As the streaming space evolves, the platforms that will dominate will be those offering the best user experience. That will help consumers be more efficient at finding great content to watch, will help them manage skyrocketing costs, and will deliver benefits beyond viewing, whether that is shopping, socializing, or other new ways of interacting with content, brands, and other viewers,” noted Adriana Waterston, Chief Revenue Officer and Insights & Strategy Lead for Horowitz Research.
As the streaming space evolves, the platforms that will dominate will be those offering the best user experience.” Adriana Waterston Chief Revenue Officer and Insights & Strategy Lead for Horowitz Research