Video streaming dominates the at-home entertainment industry. More than half of Americans are watching TV via an SVOD and about 8 in 10 people in the US subscribe to at least one video-on-demand service, while more than half subscribe to more than one. And, thanks to the pandemic, time spent with streaming services has increased since the start of 2020. But what keeps consumers interested in their video subscription platforms? Here’s what a recent report from PwC reveals.
Surprisingly, only about one-quarter (27%) of consumers say top-notch content is what attracts them to streaming services. However, more than half (55%) of consumers say ease of use is one of the most influential features of streaming services, while 35% say knowing they’ll always find something to watch is a major influence – indicating the importance of a strong library of content.
PwC reports that about 4 in 10 consumers say they are at least satisfied by their SVOD experience. However, some consumers find themselves unsubscribing from SVOD services. Beyond monetary reasons – such as the cost being too high – the top reasons consumers unsubscribe include the removal of content they liked and limited selection. Others say not finding something to watch, too many subscriptions and not enough fresh content cause them to drop their subscriptions.
Some 3 in 10 (29%) say they are frustrated by the array of choices available on their subscription services and about one-third (31%) suggested personalized recommendations would be a reason to keep their subscription. Consumers say they’d be interested in recommendations based on their mood (74%), length of content (66%), who they’re watching with (65%) and what their family and friends are watching (64%).
You can read the full report here.
About the Data: Findings are based on a survey of 1,000 US consumers ages 18-59 with an annual household income above $40,000.