It’s that time again — TiVo released its latest Video Trends Report recently and the findings may or may not shock you.
The report found that the average number of streaming services used by consumers decreased to 10.9 in Q2 2023, compared to 11.6 services in Q4 2022. Tangentially, consumer spending on services also decreased to $170 per month versus $189 in Q4 2022. While these decreases may signal a change in consumer video consumption habits, the opposite is true. While the number of services may be down, video consumption jumped from 4.4 hours a day in Q4 2022 to 4.7 hours per day. This could be a sign that folks are being more financially conscious at the moment but that they are still consuming the content they desire.
There is also the potential that these shifting consumer trends are seasonal. There is a chance that consumers are adjusting their subscriptions based on when live events or show premieres are airing. The report found that one of the top reasons consumers signed up for a subscription video-on-demand service in the last six months was because it had one specific show or movie they were interested in watching.
One trend that seems to perpetuate is the issue of discovery. While word-of-mouth recommendations on programs remain high, the TV shows or movies that are being discovered on platforms have decreased 6% year-over-year.
The report discusses, at length, new trends in AVOD, SVOD and FAST, as well as smart TV loyalty patterns, local content insights and much more.
To download the report, click here.