Video remains the dominant entertainment content format. But it is increasingly coming from sources other than a conventional television signal, according to findings of a multi-country study released this morning by TiVo Corp.
The study, which is based on 8,500 interviews conducted online with pay TV and over-the-top (OTT) subscribers across seven countries, including 2,500 in the U.S., found the average person consumes 4.4 hours of video content daily.
That said, there appears to be significant dissatisfaction with conventional TV sources.
The study found that one in four of the respondents who had pay TV services for less than 12 months said they are “extremely likely” to cut or shave their cord in the next six months.
Half of pay TV subscribers in the U.S. and 42% of those in Western Europe reported they have had their pay TV service with the same provider for four years or more, versus only 32% in Latin America.
Not surprisingly, baby boomers are more likely than millennials to be long-term pay TV subscribers.
“As new, shiny OTT services and streaming devices continue to proliferate in the market and compete for consumer attention, there is considerable risk that younger generations may come to view pay TV as an antiquated service that doesn’t play a role in their daily lives,” stated Paul Stathacopoulos, vice president of Strategy and Research, TiVo.
“Service providers must focus on delivering entertainment experiences that are compelling to a highly segmented viewer composition. By staying ahead of the curve through technology innovation, providers can retain longer-term subscribers, while attracting young consumers by adapting the TV experience to include a wide array of internet video services and viewing devices,” he added.
The study also found that more than 38% of viewers shut down and turn off their devices altogether when they can’t find something to watch.