The television world has been evolving at warp speed over the past few years and with change comes shift in viewing behavior and video consumption measurement. Media Works as an agency continues to keep a pulse on the streaming evolution to understand just how big of an impact video streaming has on the US population. In just 3 years:
- CTV households have increased 34%, while total streaming services viewed grew 15%.
- The video streaming world has also added another big player to the “TOP 5”.
- HBO-MAX has made its grand entrance into the marketplace accounting for 3.5% of total hours watched in a month and justifying its spot in the “BIG 6” streaming services.
Broadcast media giants are working their way into our homes with their own streaming solutions, causing a fragmentation in access to video content. Currently, the BIG 6 account for 80% of total hours consumed with over 13+ additional streaming services trying to crack into this channel, making up the other 20%. Ad supported services Spectrum, Sling, and Pluto (replacement services for traditional cable) account for 39% of the other services.
But what about Netflix?
Feeling the biggest brunt of these underdog services is Netflix who has lost over 200,000 subscribers in the first quarter of 2022. In addition to losing subscribers, households are growing more comfortable with ad supported content that this streaming giant used to tout against. Adoption of ad supported video content has grown 29% in the past 3 years versus non ad supported with a 21% growth.
Can Measurement Keep Up?
Media measurement partners have struggled to keep up with the aggressive shift in viewing habits but are closing in on solutions to monitor cross channel measurement. The goal is to understand holistic viewing behaviors and provide advertisers the ability to reach their audiences precisely and effectively with innovative targeting strategies. Leading the way are both ComScore and Nielsen working to make a viewer’s experience personalized and tailored by utilizing ID based and contextual solutions.
Cord cutters, cord nevers, and cable subscribers no longer define the generational gap among TV viewers. The modern-day household is merely selecting an icon that currently hosts the most sought-after video programming during peak season. Consuming video is more personal than ever, and, like social media, the audience wants to be in the driver seat of the content they see both on a program and commercial level.
Written by VP Operations & Planning, Monica Lazarus