As we wrap up 2021, reports are coming out analyzing the viewing and spending habits of consumers in comparison to the previous years. To understand these evolving consumer demands and preferences for watching TV, Mohu commissioned a survey of 1,200 U.S. adults ages 18 and older that currently subscribe to at least one TV service. The results show that people are spending more time and money than ever watching entertainment.
According to the survey, on in three respondents spend more than 7 hours a week watching TV at home, and most Americans (59%) subscribe to more TV services compared to last year. In fact, 2 in 5 admit to having more than four subscriptions (44%).
Streaming popular releases has become such a strong draw that nearly 4 in 5 (78%) have subscribed to a new service just to watch one particular show, movie, or program.
Streaming is still the most popular way to access movies (57%) and TV show favorites (50%), but many (63%) subscribe to both streaming and cable services. The main programs viewers watch on cable are local and national programs. When people were on lockdown during the pandemic, viewers turned to their TVs in order to feel connected to the outside world and those around them without actually being face to face. 70% of respondents say watching local news programs makes them feel connected to their community.
In addition to high volume of TV time, consumers are also spending more on their home entertainment set ups. Most households are spending money to upgrade their devices (75%) and even furniture (64%) to optimize the at-home viewing experience. But cost is still a big factor in keeping a subscription service, with 2 in 5 planning to cancel at least one subscription within the next six months, citing high costs as the primary driver (80%).