Survey: 46% dissatisfied with major streaming services
September 27, 2023
Nearly half (46 per cent) of viewers do not believe they are getting good value from major streaming services, with nearly a fifth (19 per cent) saying they could do better, according to a survey by Bitcentral’s ViewNexa, the unified workflow solution.
The findings come from the company’s report How to follow the audience: the challenges and opportunities in today’s streaming market.
The research shows that under half of older viewers believe they are getting good value from their paid video subscriptions. There is an untapped opportunity to reach and monetise this segment of viewers through advertising. Baby Boomers (59-77 year-olds) would be more likely to watch three ad breaks an hour (44 per cent) than millennials (32 per cent).
When asked what would make viewers try a new streaming service, over three-quarters (76 per cent) of those asked cited relevant content as the number one reason. Audiences are open to free, advertising-based options, with three-quarters (75 per cent) saying they are interested in trying services like Pluto, Tubi, or Amazon Freevee.
Netflix’s crackdown on password-sharing has not been popular, creating another opportunity for other streaming subscribers to take advantage of subscriber unrest. Two-thirds (65 per cent) of Netflix subscribers say the crackdown on password sharing has driven them to look elsewhere. Millennials (aged 27-42) say they are most likely to switch, with a third (33 per cent) saying they are very likely to consider other providers.
“Despite what may seem a crowded marketplace, there is ample opportunity for companies with high-quality content to succeed in the direct-to-consumer streaming market,” said Greg Morrow, GM Streaming Media Group, Bitcentral. “A lot of the industry conversation is dominated by big streaming services that cater to a mass market, but there are whole swathes of viewers who are more than open to change if the content and price point are right. There is a fantastic opportunity to increase ARPU if providers cater better to the nuances among their audience.”