Studies Show COVID-19 Is Having A Lasting Effect On Streaming TV, Video
The average consumer has seen quite a lot of changes in 2020, from the way people are working and learning, to how they consume just about everything. The TV landscape is no exception.
We no longer wait for the latest movie release and spend our weekend afternoons at a movie theater. Movies like ‘Tenet,’ and the much-anticipated ‘Wonder Woman 1984’ have been made available for immediate streaming as well as theatrical release. Theaters across the country are open in limited capacity, but the experience of going into a movie theater with your pricey popcorn and candy for the full movie-watching experience is not as appealing as it was before.
Networks have been offering exclusive and premium content on new streaming services, such as NBC’s PeacockTV streaming service, HBO’s HBOMax, and FX’s FX On Hulu. These services offer binge-worthy shows at a time when people aren’t leaving home to visit friends or restaurants, or to go on vacation. These networks are referred to as Over The Top (OTT) networks – those that bypass cable, network, and satellite services.
But, along with the willingness and desire to spend more time in front of the television, there is an opposite trend when it comes to spending more money to access this content. In “What’s Shaping the Future of Streaming: AVOD Viewership Trends & Insights,” a report published in Adweek by Tubi, a free TV & movie streaming service boasting limited ads, just three in 10 people across all demographics confessed to experiencing financial difficulties this year, and it is forcing them to re-evaluate their streaming budget, which is more than half of 18-24-year-olds and 45% of viewers aged 24 to 35.
What Does This Mean?
Consumers that previously cut the cord to cable and network TV are now also cutting the number of streaming services they have, and they’re more aware of cancelling their free trials once they’ve binge- watched the latest show that’s sweeping social media. But what it also means is that consumers are more willing to turn to OTT services that offer content for free, knowing there will be limited advertising pods during their binge-watch sessions. A one-hour show in 45 minutes with few commercials? It’s almost like we’re back to – dare we say – over-the-air network television? No antenna required.
This may mean more time on the couch for consumers, which is where brands must take these increased opportunities to get their products in front of the right targets at the right times. Whereas, previously, a groan or grumble would arise if the latest episode of Real Housewives of (fill in the blank) were interrupted, watching ads in a streaming environment is actually a welcome distraction to captive audiences who are trying to avoid the negativity of constant pandemic news.
Your Right Audience at the Right Time: Effective Streaming Secrets Revealed
So, your brand is ready to go Over The Top? Excellent decision. But, before those insertion orders are created, you’ll need some deeper insights into your target and the streaming services, in order to know exactly where you’ll find your audience – it may be different than where you’re finding them on regular cable or broadcast. You also want to consider channel mix, frequency, and overall reach.
Marketsmith’s team of television advertising, research, and data analytics experts can put together your perfect mix for OTT success. Give us a ring or send us an email! Contact Us
Source: WHAT’S SHAPING THE FUTURE OF STREAMING: AVOD Viewership Trends & Insights,
An Advertising Week product produced for Tubi
Link to Whitepaper