Parks Associates: More Than 85% of Millennials Subscribe to at Least One OTT Video Service

Parks Associates' OTT Video Tracker identifies consumer adoption of multiple OTT service subscriptions as key to future growth

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Parks Associates

Jun 21, 2018, 08:41 ET

DALLAS, June 21, 2018 /PRNewswire/ -- New video research from Parks Associates finds more than 85% of millennials in U.S. broadband households subscribe to at least one OTT video service. This research comes from Parks Associates' OTT Video Market Tracker, which includes an exhaustive analysis of market trends and profiles of OTT video service providers in the U.S. and Canada, such as Netflix, HBO, YouTube, and Amazon. The Tracker features a new way to blend company profiles with industry research data and analysis of competing players' strengths and weaknesses in the space.

Parks Associates: Number of OTT Video Service Subscriptions

"Overall penetration of subscription OTT video services among millennials has topped out, suggesting that those households that want such a subscription already have one or more. The more interesting and important question is how many subscriptions they will keep," said Brett Sappington, Senior Director of Research, Parks Associates. "More than one-fourth of millennials subscribe to three or more OTT services, and more than 50% subscribe to at least two."

The trend is also visible, though less pronounced, among the other generations as well. OTT service penetration among Baby Boomers and older generations grew more than 10% between the two groups as a whole from 2016 to 2017.

"For consumers, self-aggregating content is simply part of the entertainment experience, particularly millennial households," said Hunter Sappington, Researcher, Parks Associates. "Their evaluation criteria for services, and brand loyalty, differs from that of previous generations. To take advantage of this self-aggregation trend, providers need to understand the evaluation criteria consumers use for their OTT services, which can vary from household to household."

Parks Associates will examine the connected entertainment marketplace and current consumer data on OTT video services at the inaugural Future of Video: OTT, Pay TV, and Digital Media on December 10-12 in Marina del Rey, California. More information is available at www.fov2018.com. The conference advisory board includes executives from 605, Discovery, Hulu, LG Electronics, TiVo, and Viacom International.

The OTT Video Market Tracker features monthly updates on trends and market activities in the OTT video space. Additional features include:

Comprehensive tracking of the OTT video services industry
Identification of new OTT video service players
Changes among existing OTT players
Current updates and insights into industry trends and disruption

For information about Parks Associates, visit www.parksassociates.com. To schedule an interview with an analyst, contact Julia Homier at [email protected], 972-996-0214.

About Parks Associates

Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.

The company's expertise includes digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.

Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit: Engaging Consumers, and Smart Energy Summit: Engaging the Consumer. http://www.parksassociates.com

Media Contact:
Julia Homier
Parks Associates
972.996.0214
[email protected]

SOURCE Parks Associates