Published on Broadcast Beat here
NEWPORT BEACH, Calif, September 27, 2023 – Nearly half (46%) of viewers do not believe they are getting good value from major streaming services, with nearly a fifth (19%) saying they could do better, according to a survey by Bitcentral’s ViewNexa™, the unified workflow solution that simplifies video management, streaming, the consumer application experience, and distribution for media companies and content owners. The findings come from the company’s new report, ‘How to follow the audience: the challenges and opportunities in today’s streaming market.’
The research shows that under half of older viewers believe they are getting good value from their paid video subscriptions. There is an untapped opportunity to reach and monetize this segment of viewers through advertising. Baby Boomers (59-77 year-olds) would be more likely to watch three ad breaks an hour (44%) than millennials (32%).
When asked what would make viewers try a new streaming service, over three-quarters (76%) of those asked cited relevant content as the number one reason. Audiences are open to free, advertising-based options, with three-quarters (75%) saying they are interested in trying services like Pluto, Tubi, or Amazon Freevee.
Netflix’s crackdown on password-sharing has not been popular, creating another opportunity for other streaming subscribers to take advantage of subscriber unrest. Two-thirds (65%) of Netflix subscribers say the crackdown on password sharing has driven them to look elsewhere. Millennials (aged 27-42) say they are most likely to switch, with a third (33%) saying they are very likely to consider other providers.
“Despite what may seem a crowded marketplace, there is ample opportunity for companies with high-quality content to succeed in the direct-to-consumer streaming market,” said Greg Morrow, GM Streaming Media Group, Bitcentral. “A lot of the industry conversation is dominated by big streaming services that cater to a mass market, but there are whole swathes of viewers who are more than open to change if the content and price point are right. There is a fantastic opportunity to increase ARPU if providers cater better to the nuances among their audience.”
‘How to follow the audience: the challenges and opportunities in the streaming market today’ is available to download at: content.bitcentral.com/viewnexa-survey-report
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