Online Streaming Platforms vs Traditional TV
March 31, 2020 (Investorideas.com Newswire) The way we watch and consume video content is rapidly changing. In the past, televisions account for a significant portion of video format. However, the trend is changing. Streaming and 'Over The Top' (OTT) services are displacing traditional TVs from their perch.
At the core of this trend are a more extensive internet penetration, a more reliable and stable connection, faster connectivity and rising affordability of smart devices with advanced streaming capabilities.
A new report showed that traditional TV watching is on the decline, especially among younger viewers. As content providers use the internet to stream directly to their target audience, more homes are getting connected devices which enable them to stream events online instead of watching on traditional TV.
According to Nielsen Audience Report for the third quarter of 2018, 68 percent of American households have internet-enabled TV connected devices which are up from 63 percent at the same time in 2017.
The report also found that homes with smart TVs are up to 41 percent from 32 percent, while households with a streaming service subscription were up from 61 percent to 67 percent.
Interestingly, it's the same trend in the UK. Ofcom report shows that almost half of UK homes are now subscribed to a TV streaming service. The figures show 47 percent of homes in the UK have a streaming service in 2019 compared to 39 percent in 2018.
While streaming grows, there is a clear age divide driving this trend. Older people continue to tune in to scheduled programs, younger viewers prefer on-demand content - that is, they want their video content available when and where they want it.
Traditional televisions are not inherently designed to cater to this growing on-demand trend. As data from Nielsen shows, the amount spent with live TV dropped to three hours and forty-four minutes from three hours fifty-four minutes a year ago. Time-lapsed programs saw a drop in viewing time to thirty minutes per day compared to thirty-one minutes a year ago.
On the other hands, internet connected devices and smart TVs saw a significant jump to twenty-nine minutes per month from twenty-one minutes per month. Streaming video content on apps and web using smartphones jumped to two hours, thirty-one minutes from two hours, fourteen minutes.
Technology is reshaping behaviors and what we expect from content providers. Shifting viewing habits meaning viewers are more inclined to spend more time streaming on their smart devices than watching traditional TVs.
Big media companies such as Time Warner, Comcast, Disney are rushing to tap into this streaming growth. As many more people adopt new technologies, including streaming videos and live events, these big media companies are forced to re-evaluate their revenue generation strategies.
However, focusing on the audience, which includes understanding how they are consuming and what they want will become a central theme of media houses that are serious about winning in the era of online streaming.
Nielsen report showed that 57 percent of streaming consumers are looking for a variety of content. 56 percent said they are concerned about how easy streaming platforms are to use. While 52 percent said, they are looking for access to movies.
43 percent of those survey said they prefer streaming platforms with access to local programming. In comparison, 38 percent said they look for access to sports.
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