The use of streaming video services continues to rise, and viewers expect to be able to access content whenever, wherever, and on whatever device they want. The increasing diversity of devices on which streaming video is consumed presents a rising challenge within the streaming video ecosystem.

Nearly 72% of US broadband households own at least one streaming video product that is connected to the internet. Over the last few years, ownership of smart TVs has risen, while ownership of streaming media players has shown minor fluctuation. and gaming consoles have been on a slow decline. In Q3 2021, Parks Associates research found that 55% of US broadband households owned a smart TV and for 58% of those households, the smart TV was the device used most frequently to watch streaming video.

The platforms consumers use to access their streaming video vary—72% of consumers reported regularly using multiple platforms to consume video. More than half of these respondents—representing more than 40% of all consumers—said that they view streaming video on all tested platforms—TV and TV-connected devices, mobile devices (smartphones and tablets), and PCs—while almost half use some combination of these. Multiplatform viewing is dominant among younger generations, and seniors are most likely to report watching content exclusively on televisions. While many consumers view video on mobile, very few (3%) said that they do so exclusively.

In today’s vibrant streaming video landscape, consumers are diversifying their viewing of OTT content across a variety of devices in and outside of the home. The adoption of streaming video services is at an all-time high, and given their investment in products and services, consumers naturally expect to be able to watch their content wherever they are, and on whatever device they are using.

The billion-dollar streaming market is being reshaped by new trends. The rise of FAST (Free Ad-Supported Television), direct-to-consumer products, and the increasing number of connected televisions on the market will shape streaming services in 2022. However, the most important trends that will establish industry players’ long-term strategies include the cementing of the smart TV as the default connected streaming platform, content partnerships and service acquisitions, business models that accept and respond to churn as a normal course of business, and content creators reaching their audience directly.

Data will continue to grow in value as companies work to better understand consumer decision-making and interest in OTT services.

This is an excerpt from Parks Associates research library. For more information on our research studies and services visit www.parksassociates.com

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