Parks Associates: 49% of Ad-Supported Subscribers Report Free Cost Was Their Top Reason For Using The Service
New whitepaper published in partnership with Quickplay highlights the engagement and monetization potential of personalization for FAST video services
DALLAS, Dec. 5, 2022 /PRNewswire/ -- A new Parks Associates whitepaper, Personalized Virtual Channels: Maximizing FAST Content, finds cost is the main factor driving adoption of ad-supported video services, with nearly 50% of users citing the free price as their top reason for using the service. Content was also a key factor, with 31% using the service because it has their desired content, highlighting further opportunities to enhance and personalize user experiences with FAST (free ad-supported television) video services.
The whitepaper, developed in partnership with Quickplay, examines the drivers and use cases for combining data, analytics, personalization, and virtual streaming channels to create personalized hybrid virtual channels for FAST services.
"Personalized virtual channels take content curation to the next level," said Jennifer Kent, VP, Research, Parks Associates. "Using cloud-based personalization, service providers can tailor the content curation for that channel to individual users based on their viewing habits and preferences. This personalized viewing experience allows viewers to enjoy content that more accurately reflects their tastes and can keep them on and engage with the service for longer."
The "free" component has been the driving force behind the rise of these services, with 38% of users admitting that they do not mind viewing advertising on a free service. However, 41% of ad-supported customers dislikeviewing video content with commercials, and 40% are dissatisfied with the frequency of ads. Personalized virtual channels could create better viewing experiences for all consumers and provide differentiation for providers, while delivering new opportunities for media and entertainment advertising industries to monetize consumer viewership of these free ad-supported services.
"FAST channels are the 'front porch' that enables streaming providers to engage and monetize subscribers in a stress-free navigation environment," said Paul Pastor, CBO and Co-Founder, Quickplay. "Personalized FAST channels remove one-size-fits-all limitations and allow providers to tailor content and advertising to each viewer's individual preference."
"Personalized virtual channels are a necessary advancement in today's streaming video industry to maximize viewership monetization," Kent said.
About Parks Associates
Parks Associates, a woman-owned and woman-led internationally recognized market research and consulting company, specializes in emerging technology solutions serving the consumer and small to medium business (SMB) markets. Celebrating its 35th year in 2021, Parks Associates is a partner to companies navigating the changing consumer technology landscapes through data-driven market insights, extensive consumer and industry intelligence, custom marketing services, and executive networking experiences and conferences.
The company's expertise includes home automation, control systems and security, digital media and platforms, entertainment and gaming, home networks, internet and video services, connected health and independent living solutions, mobile applications and services, support services, consumer electronics, and energy management solutions.
Each year, Parks Associates hosts industry webcasts, Smart Spaces: Apartments, Hospitality, and Community Living, the CONNECTIONS™ Conference Series, Connected Health Summit, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/parks-associates-49-of-ad-supported-subscribers-report-free-cost-was-their-top-reason-for-using-the-service-301694590.html
SOURCE Parks Associates
Building a Scalable MSP Model
Selling SD-WAN: A Key to MSP Success
Keynote Presentation - Fireside Chat with Dell Technologies