US consumer spending on video streaming services drops 25%
The amount spent by US consumers on video streaming services fell to $69 per month in 2022 from a high of $90 the previous year.
The amount was identified in research from Parks Associates that showed the amount have fallen by 25% on the period between Q3 2022 and Q1 2021.
Forty-five percent of US internet households now have five or more OTT services, and their streaming activities influence spending on other services – 60% of households that recently upgraded their broadband service report streaming as the reason for the upgrade.
“Consumers are trying new services – they’re hopping in and out based on the season for sports, fresh content offerings, and the deals and bundles offered,” said Elizabeth Parks, President and CMO, Parks Associates. “Currently we see 32 million US internet households hopping around with various services, and retention and churn will continue to challenge the industry.”
The data is explained in the Parks OTT Video Market Tracker.
