According to Deloitte’s 12th edition of the Digital Media Trends Survey, 55% of US households now subscribe to at least one video streaming service, a 450% increase since 2009.
The survey also found, on average, that Americans watch 38 hours per week of video content (39% of which is streamed), nearly the equivalent of a full-time job. With over 200 SVOD options in the US, the average streaming video subscriber is paying for three services.
High-quality original content appears to be driving an increase in streaming with nearly half (48%) of all US consumers streaming television content every day or weekly, up 11% year-over-year.
Conversely, the report found that pay-TV subscriptions declined for the first time in recent years, with 63% of households still subscribing to a traditional pay-TV service, down from 75%. Pay-TV’s decline was seen to be especially pronounced among Generation Z (ages 14-20), Millennials (ages 21-34) and Generation X (ages 35-51).
“Consumers now enjoy unparalleled freedom in selecting media and entertainment options and their expectations are at an all-time high,” said Kevin Westcott, vice chairman and US media and entertainment leader at Deloitte. “The rapid growth of streaming services and high-quality original content has created a significant opportunity to monetize the on-demand environment in 2018.”