Survey highlights streaming industry challenges despite consumer popularity

A recent survey conducted by Forbes Home in collaboration with OnePoll has shed light on the ongoing challenges faced by the streaming industry, despite its widespread popularity among consumers. As viewers increasingly turn to digital streaming for their entertainment needs, companies within the sector are grappling with setbacks related to cost and service quality in their quest to generate profits and maintain subscriber retention.

The survey, which involved an online questionnaire of streaming consumers, revealed that individuals now spend an average of 3.1 hours daily engaging with streaming media. A striking 95% of respondents report subscribing to more than one streaming service. However, this burgeoning affinity for digital content comes at a significant financial cost, with individuals spending approximately $552 annually on streaming services. Additionally, 44% noted an increase in their subscription fees over the past year.

Password sharing continues to be prevalent, with 56% of respondents admitting to accessing streaming platforms via accounts belonging to friends or family. The survey also highlighted technical issues, which remain a common frustration among users; 79% have encountered lagging or buffering due to internet connection problems during streaming. Furthermore, evolving streaming service policies have compelled 33% of viewers to create new personal accounts over the past year.

The survey underscores consumers’ preference for variety, as nearly half (48.9%) manage three separate subscriptions at a time. Nonetheless, budget concerns remain a decisive factor for many subscribers, as reflected by the 45% who have cancelled services due to rising costs. Interestingly, 48% of participants continue to pay for subscriptions they scarcely utilise, and free trial offers have led to unintended charges for 45% of consumers who forgot to cancel after the trial period.

In pursuit of a seamless viewing experience, many respondents express willingness to invest in ad-free streaming options, with 50% prioritising uninterrupted entertainment. Conversely, only about 24.3% of consumers opted for ad-supported plans, likely motivated by the lower price point.

Among streaming platforms, Netflix emerged as a favourite for its user-friendly interface, with 35.5% of respondents praising its intuitive design. Amazon Prime Video and ESPN+ garnered appreciation as well, noted by 14% and 10.9% of participants, respectively, for their tailored interfaces catering to diverse content preferences.

As the streaming landscape continues to evolve, this survey provides valuable insights into the complex dynamics of consumer behaviour and the challenges streaming services must navigate. While variety and convenience drive consumer engagement, pricing strategies and service quality remain pivotal in shaping the future trajectory of the streaming industry.

Source: Noah Wire Services