The rise and proliferation of SVoD services is the most transformative media and entertainment development in recent years, notes Whip Media.
SVoD has changed how people consume and purchase content and how studios and producers pursue monetising that content. Beyond that, it continues to force advertisers to find ways to reach viewers who have abandoned the linear channels. As a result, streaming video has driven tectonic changes in how media companies are organised and valued, and catalysed M&A activity. After the Covid-19 pandemic accelerated an already rapidly changing media environment, Whip Media says it is imperative that we understand how the public is perceiving SVoD as a whole, what they want from it and how the individual platforms are delivering on those expectations.
With that in mind, Whip Media recently surveyed nearly 4,000 US viewers about their perception of their SVoD services. The key findings include:
Whip Media Streaming Landscape Survey
Consumers are almost maxed out on services
Survey respondents subscribe to an average of 4.7 services and plan to add only one more.
70 per cent of respondents feel that there are too many subscription services on the market and (most of them 85 per cent say) it’s getting too expensive.
32 per cent cancelled an SVoD service in the past year. However, churn is spread out over all of the SVoDs. All of the services were relatively sticky in that Disney+, Netflix and Apple TV+ had the highest cancellation rates at a mere 6 per cent.
The majority (60 per cent) of consumers prefer to pay for an ad-free service
Netflix is the most indispensable SVoD platform
When asked if they could only keep one streaming service, 41 per cent of consumers said Netflix would be their choice if they could only keep one; followed by Hulu (21 per cent), HBO Max (13 per cent), Disney+ (9 per cent), and Amazon (6 per cent).
HBO Max vs Netflix: Which SVoD Leaves Customers More Satisfied?
When ranked on SVoD satisfaction, HBO Max jumps to the top spot.
Of the major services, AppleTV+ is in the most precarious position as the streaming service consumers are least satisfied with and least likely to keep.
The survey was fielded with 3,960 US TV Time app users from June 9-13, 2021. All results were weighted to balance with the US general population, by gender and age (13-54).