The plain, simple act of watching ‘television’ has evolved by leaps and bounds, ever since the likes of Netflix and Amazon Prime stepped into the playing field. If the last decade has given us anything, it is comfort. The comfort of sitting in your home and having everything delivered to your doorstep, the comfort of smartphones that act as handheld computers and most of all, the comfort of Netflix and chill. But one can argue that with the saturation of market by a gazillion streaming services, is the fad going to die soon? This report by Nielsen suggests otherwise.
The report suggests that users are spending as much as 19% of their TV time streaming content. The number signifies a huge boom in the industry, also signifying the shifting tides of time as streaming technology has managed to accumulate such significant numbers in a relatively short period of time.
According to the report, Netflix leads the arena and accounts for 31% of all streaming in Q4 2019. The second position goes to Youtube, acquiring 21% of the market. Hulu ended up third with 12%, followed by Amazon at 8% of all streaming.
What’s even more uplifting for newer services looking to enter the market is that 93% users state that they’d increase their number of subscriptions, or keep the ones they have. 60% of Americans already own multiple streaming accounts. These numbers came up in a survey Nielsen conducted for its latest Total Audience Report.
For new services, cost can become the driving point of acquisition, as affordable price came out to be the most important factor that users consider while going for a service. In fact, 42% of users state that the reason they cancelled their subscriptions was because they did not use the subscription enough to justify the price.
Content is also a major point, especially when choosing an additional service, as 47% users said that the reason they’d opt for a second subscription was to expand the content that they have currently available.
The report also stated that if services do not keep updating their libraries with new content, they might lose the ‘streaming war’ that we have on our hands.