The Covid-19 pandemic catapulted an already-on-the-rise streaming landscape into new heights in 2020. Now in 2021, streaming popularity continues to grow with overall streaming viewing time up 36% during Q1.
With new generations rising and even the older ones adopting digital options, close to 8 in 10 TV consumers now use a streaming TV service, according to Hub Research. That’s 19 points higher than those who have a traditional pay TV subscription like cable. In fact, the proportion with traditional pay TV has dropped 7 points since the same time last year.
Recent surveys from earlier this year show that 82% of Americans subscribe to a paid video streaming service, with 4 being the average number of video streaming services they’re subscribed to. Combined with those still using antenna TV and paid TV subscriptions, the average consumer gets TV from 5.7 different sources in total. That number has jumped by nearly one full service since just last year, and is almost twice as high as it was in 2019
As would be expected, the more TV sources a viewer has, the more satisfied they are with their current set up. Only 42% of those who only use one source for TV viewing say it meets their needs very well, with 13% saying it doesn’t meet them well at all. The more TV sources a consumer has, the more likely the are to say their TV needs are being met. Case in point: 63% of viewers who use 8 or more services say their TV needs are being met very well, with just 3% left unsatisfied.
Still, there’s always room for an upgrade. One in 5 (21%) consumers say they plan to add new services in the next six months. However, it’s interesting to note that while they may add new streaming services, most don’t plan on replacing any old ones. Among all who plan to add new TV services, 72% don’t plan on getting rid of any current ones to make room for another subscription but will keep all of them.
