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.
It is an active arena. Disney and ESPN have announced services and Comcast will flip the switch on Instant TV before the end of the year.
Image courtesy of flickr user Merlijn Hoek.
