With greater economic pressure looming, consumers might be considering ways they can save money now and in the future. One option consumers appear to be considering is staying home and streaming more. That’s according to a new survey by LG Ad Solutions.
While streaming itself has its own price increase issues, it can still be a cheaper option than many other activities. According to this latest survey, if the cost of outside entertainment, like traveling and dining out, becomes more expensive, 59% of consumers said they are likely to increase their use of streaming services.
“As consumers brace for potential economic headwinds, many are already staying in and streaming more,” said Tony Marlow, Chief Marketing Officer at LG Ad Solutions.
In the case of live events that can also be streamed at home, 66% of consumers reported plans to stream more often instead of attending.
“We’re already seeing a shift where live events—from sports to concerts—are increasingly streamed directly to viewers, and even top artists are recognizing the power of bringing the show to the screen. As audiences choose to stay in, streaming offers a front row seat to culture, giving brands more opportunities to engage in real time with fans where they’re most immersed,” said Marlow.
Naturally, with cost a concern for many right now, not everyone plans to spend more money on streaming.
According to the survey, 58% of consumers plan to cut back on the number of streaming subscriptions they currently pay for, with almost 70% stating ‘cost‘ as the primary consideration when deciding whether to keep or cancel a streaming service.
Regardless of whether cutting back on in-home or out-of-home activities, it seems FAST services continue to be a popular solution.
For those that do plan to cut back on streaming costs, 65% indicated they plan to make more use of free, ad-supported streaming platforms in the future.
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