Consumers for the first time are utilizing more streaming services for video entertainment rather than pay TV, according to a new report from research firm Deloitte.
“For the first time in our survey, more respondents have at least one streaming video subscription (69 percent) than have a traditional pay TV subscription (65 percent),” writes Jeff Loucks, Executive director, Deloitte Center for Technology, Media & Telecommunications Deloitte Services LP.
Gen Z (1997-2004), Gen X (1966-1982) and Millennials (1983-1996) prefer streaming by 10 percentage points or more with Gen Z and Millennials embracing streaming at 80 percent or more.
However, the report notes a number of different caveats.
“[S]treaming services versus traditional pay TV” is not an either/or proposition for many,” Loucks writes.
“Consumers often want both. Forty-three percent of US households now subscribe to both pay TV and streaming video services. For live TV news, sports, and TV shows, most consumers still turn to traditional pay TV networks, although live TV streaming services are gaining traction.”
The following graphic breaks down the latest trends:
Source: Deloitte
In addition to watching a lot of video, consumers also find time to listen to music anOther services also are being used more for streaming entertainment, especially music.
“Penetration of music streaming services rose to 41 percent, a 58 percent increase from last year,” Loucks says.
“Younger consumers, in particular, put music in the “must-have” category: Close to 60 percent of Gen Z and millennial consumers subscribe to a music streaming service.”
Video game streaming is becoming more popular as well.
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