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UK Insights

How many paid video streaming services is too many?

Kirsty Cooke

Head of Digital Content, UK

TV 12.06.2019 / 16:00

Netflix

With the advent of new paid video streaming services, will consumers adopt multiple subscriptions?

With the success of paid video streaming services like Netflix and Amazon Prime, several other media giants including Disney, BBC and ITV are jumping on the bandwagon. While seemingly a good idea, this increase in platforms gives rise to the question: Will consumers take on more paid streaming services? Using their TGI Global Quick View Consumer Data, Great Britain TGI Consumer Data and flagship DIMENSION 2019 study of media industry trends, Kantar has been able to take a deeper look at this question. 

Research shows that online video streamers are likely to be younger in age. Specifically, they are 24% more likely than the average connected adult to be aged 25-34 and 38% less likely to be aged 55-65. Unsurprisingly, Netflix takes the lead as the most common paid provider in 15 out of the 22 markets used in the study. Netflix has dominated the game for quite some time, but is it still enough for the consumer?

Data showed that 44% of connected consumers who pay for an online streaming service have at least two paid subscriptions, 18% pay for at least three and 7% pay for four or more. This steady decline suggests that many consumers stick to fewer paid streaming services and the market may prove to be difficult for new providers developing paid streaming services. 

A key question for providers entering into paid video streaming considers what drives consumers to adopt paid streaming services. Data revealed that 48% cite the reason being the subscription offering shows they can’t find elsewhere and 37% attribute it to the lack of ads. These factors will become key in whether new providers can garner support from consumers. In short, can you provide something that other streaming services don’t?

Because it is impossible to know exactly how the market will react to new paid content providers, taking note of these trends is consequential for all new players entering into paid video streaming. While Netflix remains the top paid streaming provider second place in the market remains up for grabs.

Read the full report here.

Source : Kantar

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