Streaming services helped in the rise of cord-cutting, a trend in which people abandoned traditional cable and satellite and moved to streaming. People liked streaming’s flexibility and on-demand nature.
Streaming has evolved to over a $670 billion business, giving consumers many choices. There’s a new streaming service launched every year. But where does streaming stand for the public? Is it still popular?
How Many People Use Streaming
Streaming services have become a mainstay for the American public. An astounding 83 percent of U.S. households subscribe to one or more services. That’s an increase from 2015, when 52 percent of households had streaming services. This represents a major shift in how people receive their entertainment.With 36 percent of the market share, streaming is more popular than broadcast (ABC, NBC, CBS) or cable. It breaks down this way:
- streaming—36 percent of market share
- cable—27.9 percent of market share
- broadcast—24.2 percent of market share
- other—11.8 percent of market share
Fewer Americans Are Adding More Streaming Services
On average, Americans pay for two to four monthly streaming subscriptions. But although streaming services are still popular, fewer households are adding to the number of services they’re subscribed to.Thirty-seven percent of people say they have fewer subscriptions than they did in 2022. Seventeen percent they would remain with the same number, and 46 percent said they would increase subscriptions. Still, that means 54 percent of subscribers say they will stay the same or cut back on streaming services.
To be fair, the country has recovered from the lockdown when streaming services’ popularity increased.
Why Americans Like Streaming
People like streaming services mainly for the original content. They place the most value on original and exclusive shows. Previously aired shows and movies are also a factor.But most subscribers ranked news and sports as their least favorite part of streaming. Americans’ favorite streaming services by number of subscriptions are:
- Netflix—260.8 million
- Amazon Prime Video—200 million
- Disney+—150 million
- HBO Max—95 million
- Hulu—48.5 million
Many Americans like the convenience of streaming. They’re not tied to a broadcast or cable programming schedule. And many streaming services let customers customize what features they want. They can pay for content they want to watch.
Streaming services recommend programming based on viewing profiles and past viewing choices. But the bottom line is it’s more affordable than cable.
Streaming Services Cost vs. Cable
On average, Americans pay $46 monthly for streaming services. In comparison, cable runs between $55 and $250, depending on what tier you purchase. But on average, Americans pay $83 monthly. That means consumers will still come out ahead even if they buy more than one streaming service. The various prices for streaming services per month break down like this:These prices show a financial commitment by consumers for these services’ unique features and offers. They also show the economic advantage to streaming over cable.But many consumers are willing to endure ads for a lesser price. Almost two out of three Americans would use a streaming service if it were less expensive because it included ads. This would equate to a savings of $4–5. Thirty-six percent said they'd rather go ad-free.
Prices for streaming services with ads are:It’s interesting that these same people don’t want to watch commercials on broadcast or cable. The assumption is that the streaming services are more affordable than cable.
Complaints About Streaming Services
Americans’ love affair with streaming isn’t perfect, and there are some complaints. One is that there are too many streaming services. Content often moves between services.Streaming has become fragmented. You must buy several streaming services to watch the shows you want. And the cost of services keeps increasing.
The price increases have either motivated people to cancel or try to bundle existing services. Many people want to bundle services, while others turn to ad-supported streaming.
Generational Differences in Using Streaming
Binge-watching is associated with streaming services. You can watch an entire series in one day. Most people think the younger generation is binge-watching, but the older generation is right there with them.The biggest number of binge-watchers were the 30- to 44-year-olds. Seventy percent of those with streaming services binge-watched their favorite programs. The next highest was the 18- to 29-year-olds, with 69 percent binge-watching.
The lowest number was the 65-plus demographic. Forty-one percent of them binge-watched their programs.
Streaming Services Will Continue to Grow
Despite some complaints, most people who buy streaming services seem to be happy. It’s a less expensive way to receive programming when compared to cable. And most people receive the shows they want to watch.The Epoch Times copyright © 2024. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
