Three-Quarters of Consumers Pay for a Maximum of 3 Streaming Services, a Disadvantage for New Platforms Entering the Market -- Including Quibi and HBO Max

WASHINGTON, June 9, 2020 /PRNewswire/ -- Three-quarters (76%) of people pay for just 3 or fewer streaming services, according to a new survey report from Visual Objects, a visual guide to finding and hiring the best creative firms.

Breaking it down, the survey found that half (50%) of people pay for 2 to 3 streaming services and one quarter (26%) pay for 1, while only 16% invest in more than 3.

This could be a potential stumbling block for new platforms entering the market, especially as the competitive pool increases every year.

The Majority of Customers Spend Under $50 Per Month in Streaming Services

In the survey, 73% of consumers indicated a monthly investment of less than $50 per month for streaming services.

Furthermore, up-and-coming competitors will be up against media giants such as Netflix, Amazon Prime Video, and Hulu. These companies hold large market shares, so breaking into the industry will already be a challenge.

With only 20% of consumers currently spending more than $50 per month on streaming subscriptions, there may not be enough room in customers' budgets for platforms such as recently launched Quibi and HBO Max to compete.

In fact, more people are spending on the lower side of the scale. Just over a third (39%) of people pay $11 to $25 per month, while a quarter (24%) pay $26 to $50 per month for their streaming subscriptions.

Additionally, HBO Max, which launched two weeks ago, and Quibi, which launched earlier this year, are entering the market in the middle of a global pandemic, adding yet another potential disadvantage to their plate.

Almost Half of People Are Indifferent About New Movie Releases

The Visual Objects survey also revealed that almost half (42%) of consumers are uninterested in watching new movie releases. On top of that, a mere 18% of survey respondents said that they would watch a movie only if it was a part of their subscription.

Due to COVID-19, streaming platforms are unable to produce original content for the foreseeable future.

If consumers aren't interested in future movie releases and unique content is crucial to competing in a saturated market, then new and upcoming streaming platforms may already be greatly disadvantaged.

Visual Objects surveyed 401 people about their media subscription habits and how much they pay for streaming content and watching new films.

Read the full report: https://visualobjects.com/app-development/cable-vs-streaming-cutting-cord-options-2020

For questions about the survey or comments on findings, contact Mandile Mpofu at [email protected].

About Visual Objects

Visual Objects is your visual field guide to finding and hiring the best B2B service provider. A sister website of Clutch, the leading B2B services review platform, Visual Objects features portfolio items and client reviews of top creative, design, development, and marketing companies from around the world.

Contact
Mandile Mpofu
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(202) 840-6690

SOURCE Visual Objects