As more and more people take the plunge to cut the cord, streaming subscriptions are on the rise. This is made evident by a new study from the Leichtman Research Group, which reports that a whopping 74% of American households subscribe to either Amazon Prime, Hulu, or Netflix.
The survey on subscription video on-demand (SV0D) services marks a 22% uptick from the reported 52% in 2015 and a 10% uptick from 2017.
“Nearly three-quarters of all U.S. households have at least one SVOD service, and one-third of all adults stream an SVOD service daily, including half of all ages 18-34,” Bruce Leichtman, president of Leichtman Research Group, Inc., said in the study. “With over half of all households now getting multiple SVOD services and new streaming services on the way, it is inevitable that the number of households having and using multiple services will continue to grow.”
The research comes amid an intensifying streaming war. With hundreds of already established streaming services to choose from and Disney+ and NBCUniversal’s streaming service getting ready to throw their hats in the ring, it’s safe to say the future of cable seems uncertain.
“With expanded options, consumers will increasingly decide which streaming services they pay for directly, and which they share with others,” Leichtman reported.
Recent supporting data from Leichtman further aligns with the updates, showing cable companies dropped 455,263 subscribers in the Q2 of 2019. The traditional TV industry lost 1.53 million subscribers in total.
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