Parks Associates presents research at StreamTV
Show
DALLAS, June 25,
2024 /PRNewswire/ -- This week, Parks Associates
will share new research at the StreamTV Show in
Denver, CO, showing shifts in
demand for streaming video services, including a significant drop
in spending. The firm's latest research from Video
Services Dashboard reports a dramatic 30% drop in spending
for streaming SVOD services, with the average US internet household
spending about $63 per month on OTT
SVOD services, down from $90 in
2021.
"Consumers are spending less, but rather than go without, many
are using ad-based alternatives to save on costs," said
Sarah Lee, Research Analyst, Parks
Associates. "A service needs to provide unique and ongoing value if
it is to charge a premium."
Households are now stacking fewer streaming services—in Q1 2024,
20% of US internet households report paying for nine or more
services, versus 29% in Q3 2023. The overall average number of
streaming video service subscriptions per household has dropped
below five, and 32% of households that cancelled a service in the
past 12 months cite a need to cut household expenses as the
reason.
"All categories of household services face challenges, as
consumers reevaluate their spending and subscriptions," said
Elizabeth Parks, President and CMO,
Parks Associates. "A focus on value and education, the user
interface, and the customer experience is what will drive the next
generation of services in the home."
Elizabeth Parks will share more
industry insight into current video services trends at the StreamTV
Show on June 24-26 in Denver, CO. She is moderating the panels
"Technology Leaders' Roundtable: Addressing Platform Fragmentation
and Video Workflows," 1:30-2:10 pm
MT, on Tuesday, June 25, and
"MT Leaders' Panel: CTV Ad Tech Maze: Navigating the Complexity of
Today's Ecosystem," 1:40-2:20 pm MT,
on Wednesday, June 26. She is also a
panelist on the session "Analysts Lightning Panel: Unveiling
Trends, Behaviors, and Metrics in Streaming" at 3 pm PT on Wednesday, June 26.
To schedule an interview with an analyst or to request specific
data, please contact Mindi Sue
Sternblitz-Rubenstein at mindi.sue@parksassociates.com or
972-490-1113.
About Parks Associates
Parks Associates, a
woman-founded and certified business, is an internationally
recognized market research and consulting company specializing in
emerging consumer technology products and services. Founded in
1986, Parks Associates provides business intelligence and research
services through its proprietary methodologies developed over
decades, including quarterly surveys of 10,000 internet
households.
The company's expertise crosses many industries: home security
and smart home, streaming video, broadband and pay-TV services,
digital media and platforms, gaming, Wi-Fi and home networks,
connected health, support, consumer electronics, home control
systems, energy management, and tech solutions for the
multi-dwelling (MDU), small-to-medium business (SMB), and
commercial building markets.
Each year, Parks Associates brings thousands of leaders together
for its webinars and annual events. The firm hosts the annual
executive research and strategy conferences CONNECTIONS™, Connected
Health Summit, Smart Energy Summit, Smart Spaces, and Future of
Video. https://www.parksassociates.com
Follow Parks Associates on LinkedIn, Facebook, and
Instagram.
Mindi Sue
Sternblitz-Rubenstein
Parks Associates
972.490.1113
379610@email4pr.com
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SOURCE Parks Associates