As expected, home entertainment trends have significantly changed during the ongoing coronavirus pandemic as consumers spend more time in the home due to government mandates and personal safety concerns.
New data from Grabyo, an online British research firm, indicates consumer spending on home video increased by £100 million ($131 million) monthly, driven by subscription VOD services such as Netflix, Amazon Prime Video and Disney+. That’s up 25% since before the pandemic hit, shuttering movie theaters, restaurants, live sports events and other public gatherings.
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With 82% of 2,000 respondents of an online survey saying they paid for video in March, 33% of respondents said they have purchased additional streaming services since March. Of the new subs, 69% added one additional streaming service, 24% added two, and 7% have subscribed to three or more additional SVOD services since lockdown began.
“The price points and flexibility of streaming services suit younger consumers, who have a greater desire to access video across multiple devices,” read the report. “This demand for availability of content on all devices is now more commonplace for older consumers too, as awareness increases of the convenience and flexibility of streaming.”
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While Netflix (76%) and Prime Video (56%) dominate SVOD among U.K. consumers, with each service up 7% and 27%, respectively, since January, 44% more U.K. consumers subscribed to Disney+ by June than were predicted in the data from Grabyo’s January survey. In January, 13% of video consumers said they planned to subscribe to Disney+ upon its U.K. launch in March. Today, 23% of U.K. video customers pay for the service.
Other SVOD services noted include Comcast’s Sky Go (17%), Now TV (15%) and BritBox (3%), with Sky and BritBox use up 13% and 50%, respectively, since January. Now TV use declined 6%.
Among survey respondents, 55% use a smart TV to stream video; followed by smart phone (47%); laptop (44%); tablet (34%); 27% use a streaming media device (i.e. Roku, Amazon Fire TV, Apple TV, etc.); 26% use a linear TV set-top box; 23% use a non-connected TV; 15% use a video game console or connected Blu-ray Disc player.
“In January 2020, 15% of paying video customers planned to pay for both TV and streaming,” read the report. “Today, this has increased to 24% of customers. These new findings indicate that pay-TV will retain a 40% market share in the next five years, which has increased from a forecast of just 26% in Grabyo’s January survey.”