According to research from BroadbandNow, the number of Americans that added or switched home services in 2019, including internet, TV and phone, tripled YoY to around 118 million. When streaming TV services are included, the numbers increase dramatically to 241 million US adults.
In addition to the rapid growth of consumers changing services, as compared to last year’s study, overall, the adding and switching equates to $90+ billion in consumer spending that will shift between providers.
Other key findings from the 2020 US Internet, TV & Phone Shopping Study include:
– Comparing March 2020 to March 2019, we are seeing increased consumer interest in broadband internet as evidenced by visitors to BroadbandNow and rise of telecommuting, home-based schooling and telehealth in recent weeks due to Covid-19.
– 36 per cent of consumers added at least one new home service (internet, TV, and/or phone) purchase in 2019. When streaming services were factored in, this number ballooned to 73 per cent.
– Pricing was the main motivation cited for consumers changing services across all categories. Even so, as many as one-third of consumers were shopping for better quality products, indicating that providers can differentiate on quality in a meaningful way.
– Consumer satisfaction has increased overall YoY across all categories, but especially for TV and phone services.