Millennials like streaming services, though they think there are too many of them, according to a millennial streaming video survey from research and media company Morning Consult. Fifty-seven percent of millennials surveyed agreed with the statement that there are too many streaming services and would opt for a world in which everything they liked was on the same service.
The survey also found that 55 percent of 18- to 29-year-olds will subscribe to a streaming service in order to watch a particular show.
Millennial Streaming Video Survey
Some highlights from the research:
- Millennials are hooked on streaming: 48% of that age group already subscribe to multiple streaming services. An additional 28% subscribe to just one.
- Cost remains an issue: 42% of millennials say they’re paying too much for streaming.
- Netflix reigns supreme: fully two thirds (67%) of millennials subscribe to Netflix. Amazon Prime comes in 2nd with 28%.
Commentary by consultant and Ooyala analyst Jim O’Neill suggests that the high number of streaming services doesn’t necessary indicate that there is a bubble (which could burst), but that there is potential for services to find their own niche. He pegs a pay-TV monthly bill of about $100 as the point at which consumers likely will start considering streaming options.
Spending patterns are instructive. The survey found that most Americans spend $10 or less on streaming monthly. Twenty-one percent of millennials spend $11 to $20 and only 11 percent spend $21 to $30. He suggests that the long-term prospects for traditional cable subscriptions are not bright.