According to Parks Associates’ latest research of 10,000 US broadband households, 82 per cent of US broadband households now have at least one OTT video service subscription, up from 76 per cent in Q1 2020. Parks revealed the data in advance of its fourth annual Future of Video: OTT, Pay TV, and Digital Media virtual conference on June 9th.
“With OTT adoption so high, providers are exploring new strategies, including expanded IP and AI-powered enhancements, to stay competitive,” said Steve Nason, Research Director, Parks Associates.
“Service stacking is trending up, with 46 per cent of US broadband households subscribing to four or more OTT services,” said Matt Smith, VP, Business Development, Symphony MediaAI. “Forward-looking OTT providers are wondering when, not if, the tipping point will come – and they’re turning to predictive AI and other technology to prepare. We look forward to discussing the most effective strategies to mitigate the subscriber churn challenges that the OTT market will inevitably continue to face as consumer behaviours evolve.”
“Preventing churn is about solving the industry’s core challenge: making it easy for consumers to find exactly what they want that speaks to their unique interests,” said Scott Hancock, VP, Marketing, Plex. “Whether it’s a series from a subscription service, live TV, a movie or show for rent or purchase, or ad-supported content, if we can make it an intuitive, personalised, and enjoyable experience, why wouldn’t they stick around?”