The research company says nearly 60% of U.S. consumers subscribe to an OTT provider, such as Netflix, Hulu Plus or Amazon Prime Video. In addition, more than 75% of streaming media player owners have an OTT subscription.
According to Parks, nearly 50 million streaming media players will be sold worldwide in 2017. The homes with children spend on average 90% more on OTT services and digital video than homes with no children.
These OTT services are adding to the average consumption of video by consumers. "The number of hours watching video content continues to rise, exceeding 36 hours per week in 2014, with Internet video accounting for 37% of that time, or approximately 13.3 hours a week," said Brett Sappington, director of research of Parks Associates, in a release.
He adds: "Rather than cannibalizing the consumption of broadcast, pay-TV, and packaged media content, Internet video is increasing overall consumption levels for video."