Homes are using and paying for fewer streaming services than before but, at the same time, are streaming more content than before. This is one of the main takeaways from a new study by TiVo.
With the cost of many streaming services continually increasing, it is not surprising that many homes are looking to cut back on some services. In fact, a recent report from Roku cited both inflation and the cost of living as two of the things TV streamers are most concerned about at the moment.
According to TiVo’s latest Q2 2023 Video Trends Report, the average number of streaming services used by consumers decreased from 11.6 in Q4 2022 to 10.9 in Q2 2023. With consumers using fewer services, it should be expected that they are paying less as well. That’s exactly what the study found with a decrease in consumer spending from an average of $189 a month to $170 over the past six months.
In spite of seemingly using fewer streaming services, and paying $20 less each month on average, the study also found consumer video consumption increased over the same period. According to the findings, consumption rose from 4.4 hours a day in Q4 2022 to 4.7 hours per day.
Considering homes appear to be paying less but streaming more, it should come as no surprise that the study found an increase in the use of ad-supported and free, ad-supported streaming television (FAST) services.
Other findings from the study point to TVs remaining the primary choice for watching content (albeit down to 63.7% from 73.4%), word of mouth and recommendations from friends overtaking commercials as the most common method of content discovery, and access to local content remaining important to homes.