DALLAS, March 20, 2019 /PRNewswire/ -- Parks Associates' OTT video research finds household spending on subscription OTT video services has held steady for three years, averaging just under $8 per month since 2016. Given the growing adoption of OTT video services over the past three years, these figures suggest that adoption of multiple services or expensive services by some consumers is offset by a larger base of consumers who either subscribe to one or two relatively inexpensive services, including 30 percent of consumers who do not spend any money on OTT video services. Parks Associates will discuss strategies to launch successful services in the complimentary webcast "Avoiding OTT's Top 5 Mistakes," co-hosted with Swrve on Tuesday, March 26, at 11:00 A.M. CT.
"The stability in average household spend belies the activity going on under the surface," said Brett Sappington, Senior Director of Research, Parks Associates. "2019 may be poised to break that trend. Netflix, Hulu, and Amazon continue to pack on new subscribers. At the same time, services like ESPN+ are also experiencing phenomenal growth, and new offerings from Disney and WarnerMedia are set for release later this summer. One of three things will happen—more households will become OTT streaming households, rival services will begin to pull subscribers away from Netflix, or that spending number will go up. "
"The deluge of OTT platforms has created greater competition for video based on choice and quality of content. Yet as people spend more and more time consuming digital media, OTT platforms are seeing a lag in customers insights, loyalty, and revenue," said Barry Nolan, Chief Strategy Officer at Swrve. "We believe that by delivering the perfect message at the perfect time, OTT platforms will have a richer and more enduring experience with their customers."
The webcast will identify the top five mistakes that OTT providers can make when planning, designing, and deploying their services. Sappington and Nolan will discuss strategies for companies to overcome challenges related to churn, marketing, and content and service offerings.
Lessons learned from successful and unsuccessful services
Key issues that many OTT services overlook
Potential obstacles that can inhibit growth
Understanding buying, churn, and viewing behaviors of today's consumers
Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.
The company's expertise includes digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.
Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit: Engaging Consumers, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com