Parks Associates: Household Spending on Streaming Subscriptions Declined 25% to $73 Per Month Versus $90 a Month in 2021
Joint webinar with Adeia explores the market forces and technology trends driving consumers to ad-supported services
DALLAS, Sept. 18, 2023 /PRNewswire/ -- Parks Associates and Adeia, the company whose innovations shape the way the world explores and experiences entertainment, will present a joint webinar entitled "AVOD, FAST, Freemium: Effective Advertising in the New Video Landscape," on September 19 at 11:00 AM CT. The webinar will provide insights into the seismic shifts occurring in the media and entertainment landscape, as consumers respond to uncertain economic realities. It will assess efforts by streaming providers to achieve and maintain profitability through yet another period of change and disruption.
Parks Associates research shows that internet household spending on streaming subscription services has declined 25% to $73 per month versus $90 in 2021. Meanwhile, nearly one-third (31%) of households used free ad-based services by the end of 2022 -- posting the fourth consecutive year of market share growth since 2019.1
"Leveraging data to provide relevant content and digital advertisements to keep viewers engaged is crucial, and tricky. Data is fragmented across operating systems and applications, and viewer consent is required," said Jennifer Kent, VP, Research, Parks Associates. "The next generation of TV and CTV advertising should not replicate traditional linear, pay-TV ad formats and models but offer interactive, actionable, secure, and enjoyable experiences that engage video viewers and attract ad dollars."
The webinar will provide insight into the changing relationship between consumers and video content, as more options enter the market and younger demographic consumers shift to viewing video on devices. Parks Associates and Adeia will present research nd insights from the just-published white paper, Overcoming Complexity: Advertising in a Fragmented Landscape, and discuss how advertising is evolving to accommodate new ad-supported streaming models and privacy practices for a more engaging and targeted experience.
"Concerns around inflation and streaming services price hikes are driving consumers to dynamically choose the streaming services that they subscribe to each month. As a result, AVOD services have risen in popularity, adding to the fragmentation of target audiences for advertisers and brands," said Jean-Yves Couleaud, Senior Director of Advanced R&D for Adeia. "Leveraging first-party data is helpful for advertising; however, this first-party data as well as ad reporting are still locked within each streaming service. We, as industry technologists, are looking for technological solutions that will federate advertising opportunities and reporting across the disparate streaming landscape."
The webinar features the following industry experts:
For data or interview requests, contact Mindi Sue Sternblitz-Rubenstein at [email protected].
About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households. http://www.parksassociates.com
Adeia is a leading R&D and intellectual property (IP) licensing company that accelerates the adoption of innovative technologies in the media and semiconductor industries. Adeia's fundamental innovations underpin technology solutions that are shaping and elevating the future of digital entertainment and electronics. Adeia's IP portfolios power the connected devices that touch the lives of millions of people around the world every day as they live, work and play. For more, please visit www.adeia.com.
Mindi Sue Sternblitz-Rubenstein
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SOURCE Parks Associates
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