In a new report from Parks Associates, the researcher reports a significant drop in spending and a declining number of services viewers subscribe to.
"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."
"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."
The results are in line with Park’s previous research last fall that reported a steep 25% decline in the number of streaming subscriptions since 2021 with nearly one-third (31%) of households having used free ad-based services by the end of 2022.
From the article, "Are Viewers Cutting Back on Streaming?" by Tom Butts
Nearly a quarter (23%) of Millennial heads of household are OTT only households, higher than the national average of 15% among all U.S broadband households. Parks Associates analysts also note that...
Smart-home technology is building quickly to a multi-billion-dollar business in Western Europe, say market researchers at Parks Associates, and the Malvern-based "Internet of Things" platform develope...
Mobile payment apps have gotten off to a slow start and there have been conflicting analyses of their market potential. For instance, customer use of digital wallets stalled in the past year because t...
Retailers and banks have their own mobile payment options. At least one research report from Parks Associates said that shoppers prefer mobile payment apps from retailers, and eMarketer noted that the...
