Over the last few years, the way people watch TV has changed a lot, especially with the popularity of streaming services.
A recent report by Inscape reveals that streaming now makes up more than half of the total TV viewing time in U.S. households, while cable and satellite TV are losing viewers day by day.
In the third quarter of 2023, time spent on streaming services in U.S. households increased by 6% compared to the previous year.
Streaming now makes up 55.9% of total viewing time, up from 46% in Q3 2021. On the other hand, cable and satellite TV’s share has dropped from 44.3% to 34.9%.
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The percentage of viewers who exclusively stream content has risen from 45% at the end of 2021 to 54% in Q3 2023.
These viewers are mostly younger, more educated, and more affluent than the average TV viewer. They prefer streaming services because they offer more personalized and diverse content, as well as more control and convenience over their viewing experience.
However, not all cable or satellite TV subscribers have completely cut the cord.
Some pay TV subscribers, termed as “quiet quitters,” still have cable or satellite subscriptions, but spend most of their time watching streaming content.
Their percentage has risen from 5.3% to 5.7% in Q3 2023.
These viewers are mostly older, less educated, and less affluent than the average TV viewer.
They keep their pay TV subscriptions because they are either unaware of the alternatives, or because they are loyal to certain channels or programs that are not available on streaming services.
On the other hand, the percentage of smart TV owners who both stream and watch traditional cable or satellite TV has decreased from 46% in 2021 to 41% in Q3 2023.
They use both streaming and pay TV services because they want to have access to a wide range of content, from live sports and news to original series and movies.
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