Parks Associates: Average Spending on Streaming Services Drops from $90 to $64 Per Month

Parks Associates presents research at StreamTV Show

DALLAS, June 25, 2024 /PRNewswire/ -- This week, Parks Associates will share new research at the StreamTV Show in Denver, CO, showing shifts in demand for streaming video services, including a significant drop in spending. The firm's latest research from Video Services Dashboard reports a dramatic 30% drop in spending for streaming SVOD services, with the average US internet household spending about $63 per month on OTT SVOD services, down from $90 in 2021. 

"Consumers are spending less, but rather than go without, many are using ad-based alternatives to save on costs," said Sarah Lee, Research Analyst, Parks Associates. "A service needs to provide unique and ongoing value if it is to charge a premium."

Households are now stacking fewer streaming services—in Q1 2024, 20% of US internet households report paying for nine or more services, versus 29% in Q3 2023. The overall average number of streaming video service subscriptions per household has dropped below five, and 32% of households that cancelled a service in the past 12 months cite a need to cut household expenses as the reason.

"All categories of household services face challenges, as consumers reevaluate their spending and subscriptions," said Elizabeth Parks, President and CMO, Parks Associates. "A focus on value and education, the user interface, and the customer experience is what will drive the next generation of services in the home."

Elizabeth Parks will share more industry insight into current video services trends at the StreamTV Show on June 24-26 in Denver, CO. She is moderating the panels "Technology Leaders' Roundtable: Addressing Platform Fragmentation and Video Workflows," 1:30-2:10 pm MT, on Tuesday, June 25, and "MT Leaders' Panel: CTV Ad Tech Maze: Navigating the Complexity of Today's Ecosystem," 1:40-2:20 pm MT, on Wednesday, June 26. She is also a panelist on the session "Analysts Lightning Panel: Unveiling Trends, Behaviors, and Metrics in Streaming" at 3 pm PT on Wednesday, June 26.

To schedule an interview with an analyst or to request specific data, please contact Mindi Sue Sternblitz-Rubenstein at [email protected] or 972-490-1113.

About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com

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Mindi Sue Sternblitz-Rubenstein
Parks Associates
972.490.1113
[email protected] 

SOURCE Parks Associates