The ‘Videoquake’ is Here
Consumers know the kind of entertainment they want to view. These days, it’s all about streaming online video. Consumers like being able to watch what they want, when they want, and they want to keep their costs down.
The Feeling the Effects of the Videoquake report from PwC is based on the behavior and opinions of 1,024 consumers. During a one-year study period, researchers detected a 6% drop in cable subscriptions among consumers in the 18-24 year old group. A similar drop, from 73% to 67% took place among 25-34 year-olds. Operators of streaming online video services recorded a significant jump in subscribers between 2013 and 2014.
- Netflix: 25%
- Amazon prime: 14%
- Hulu: 3%
Researchers found that cable subscribers feel overwhelmed by the sheer volume of programming that is available. Even the most dedicated viewers don’t have time to watch all of this content and don’t want to pay for it. They do, however, pay for content that they believe is as good as what they might see in the movies. This might explain why 71% of pay TV subscribers between the ages of 25 and 34 also have Netflix.
Likely streaming video service subscribers skew on the younger side with 48% being under the age of 45. AudienceSCAN data also indicates these audience members are technology hounds. About 30% enjoy working with technology and gadgets, a rate that is 100% higher than average. In the next year well over 40% of these audience members plan to purchase or upgrade their smartphone, and purchase a laptop or desktop computer. These consumers are also comfortable with online purchasing. At least 20% of these folks prefer to buy online which is significantly higher than average.
Marketers seeking to reach these consumers should go the digital route. In the last 30 days, 44% of likely streaming video service subscribers have taken action as a result of a sponsored search result. And, in the past year, 44% have started an online search as a result of seeing an Internet ad.
AudienceSCAN data is available as part of a subscription to AdMall for Agencies. Media companies can access AudienceSCAN data through the Audience Intelligence Reports in AdMall.