Consumers spend an average of 4.4 hours each day watching video, and an average of 28 minutes daily searching for what they want to watch, according to new research from TiVo Corp. The research also found that people are using a combination of traditional pay TV services and over-the-top (OTT) subscriptions to cobble together a programming package that fulfills their video content desires.
Those desires equate to engaging video services, on average, for 20% of daily life. The study measured traditional pay TV subscribership at 90 percent, while more than 60 percent also subscribe to streaming video services like Netflix, Amazon Prime and Hulu.
Pay TV Subscribership
The traditional pay-TV subscriber base is increasingly comprised of longer-tenured customers. In the U.S., more than half of pay-TV subscribers have been with their service for four years or more. Subscribers with the shortest tenure are also the least dependable: more than 10 percent of those who have subscribed to cable for a year or less say they’re very likely to cut the cord in the next six months, TiVo added.
With the continued proliferation of OTT providers, consumers have much more content from which to choose than in the past. We reported earlier this year that consumers now have more than 200 OTT choices. TiVo research found that consumers are enjoying video on multiple digital devices, but within the U.S., more than 75 percent of video consumption still occurs on the TV.
“Consumers today are acting as their own aggregator, piecing together what they need from a variety of video service and device combinations to suit their individual needs,” said Paul Stathacopoulos, TiVo vice president of strategy, in today’s press release. “Success in this new environment will not be about a single content source monopolizing the living room, instead it will be about adapting the business model to deliver value, integrated services and personalization to meet the evolving consumer needs.”
Image courtesy of flickr user D.Reichardt.