A new study released by Horowitz Research takes a look at streaming platform trends across 2,200 viewers 18 or older. Horowitz Research is one of the leading providers of consumer market research and specializes in media, content, and technology.
Its latest report titled State of Media, Entertainment, & Tech: Viewing Behaviors 2023 shows U.S. households pay for an average of 3.8 streaming services each month and subscribe to 2.6 free ad-supported options, such as Amazon Freevee or Pluto TV.
SVOD services total around six in ten streamed hours, compared to one in four hours spent streaming via free ad-supported platforms. The Horowitz Research report shows while Netflix may have seen a decline in subscribers in recent months, the streaming platform still makes up the biggest share of self-reported viewing time. The platform fell from 32 percent in 2019 to 18 percent this year, surpassing Amazon Prime Video, YouTube, and YouTube TV.
The report also shows consumers are more likely to subscribe to bundle packages. Six out of ten respondents said they would consider upgrading to a bundle subscription streaming service if their preferred platforms offered one. Bundle deals are growing in popularity. Disney+ is another streaming service that offers a package deal including Hulu and ESPN+. Hulu also offers a bundle deal alongside Max.
“The recent announcement of Verizon’s +play bundle with Netflix, Paramount+, and Showtime is an example of where this industry has to go to meet the needs of consumers and help stabilize churn,” notes Adriana Waterston, Chief Revenue Officer and Insights & Strategy Lead for Horowitz Research. “But this is just the beginning. We know what consumers really want are universal and integrated menus, programming guides, and recommendation/search functionalities, which will mitigate the challenges of content discovery in today’s fragmented media environment. In short, we are seeing renewed demand for a multichannel, managed services solution in the streaming ecosystem.”