36% of CTV viewers have canceled at least one paid streaming subscription in the past year. This is according to a new study from LG, which also highlighted the growing interest in free, ad-supported content and services.
The Big Shift survey by LG Ad Solutions aims to look at general consumer behavior and preferences around TV viewing, and this year’s study brought together data from 1,133 CTV viewers in the United States.
According to the results of the study, 70% prefer to watch TV via streaming apps, with control, cost effectiveness, and content, all cited as reasons why.
In spite of this, more than one-third noted that they have canceled at least one paid streaming subscription over the past year, and 32% plan to cancel at least one streaming subscription over the next twelve months.
63% also reported that they are likely to sign up for a streaming subscription service only to watch specific content and then cancel or pause the subscription after consuming that content.
Naturally, the continual rising cost of streaming was given as one of the main reasons for canceling a paid subscription.
While 89% stated that economic uncertainty had raised concerns about all of their recurring household subscription costs, 62% specifically stated streaming subscriptions as a concern.
This was a higher percentage than those concerned about their monthly phone bill (45%), cable/satellite bill (44%), and gym membership (16%).
FAST Provides Consumers With A Cheaper Alternative
With consumers increasingly worried about cost, it is not surprising that the study found an increase in interest in the FAST market. According to the survey, 82% prefer streaming subscriptions that are available at a lower cost in exchange for the use of some ads.
Furthermore, the study found that 67% now prefer streaming free video content with ads over paying for a subscription without ads, and 47% consider themselves to be regular FAST users in general.
In addition to preferring the use of ads, 51% reported they find streaming TV ads to be more relevant to them than traditional TV ads.
In terms of the type of ads they like to see, 75% of those surveyed noted a preference for ads relevant to their interests, while 59% prefer seeing ads relevant to the content they are watching.
Other notable findings from the survey included:
- LG TV users have 8 installed apps on average
- FAST app user growth outpacing SVOD by 3x
- 9m 46s is the average estimated time to find something to watch
- 2 in 5 CTV viewers rely on the TV Home screen for content guidance
