SVOD Services Now Top Choice for Viewers, Netflix Leads
The streaming landscape has shifted significantly, with the top five Subscription Video on Demand (SVOD) services, namely Netflix, Amazon Prime Video, Disney+, Hulu, and Paramount+, now commanding strong user loyalty. This shift is a stark contrast to traditional Multichannel Video Programming Distributors (MVPDs), which often involve rigid viewing schedules and package deals.
The appeal of SVOD services lies in their extensive content libraries and modern on-demand viewing features. Variety is the key attraction for viewers who default to free ad-supported (FAST) services. A significant change has occurred since 2018, when only 30% of viewers started watching with one of the top five SVOD services, compared to 62% for live TV. Now, nearly half of all viewers (46%) say their first watch when watching TV is an app from one of these top five SVOD streaming services.
Loyalty to SVODs is stronger than traditional MVPD sources. Only 3%-13% of SVOD 'default' users plan to drop their service, compared to 24% of cable viewers. Even devoted cable viewers are less loyal, with 24% planning to drop their service. Netflix is the top SVOD default, on par with cable TV as a 'first watch' to watch (26% each). For the first time, the 'Big 5' SVODs are more likely to be the 'first watch' for viewers than live TV via cable, vMVPD, or antenna (46% vs 38%).
The rise of SVOD services has transformed the way viewers consume content, with these services now being the primary choice for many. This shift is a testament to the convenience and variety they offer, and it will be interesting to see how this trend evolves in the future.
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