According to a new study, 75% of Millennials have access to an OTT SVOD service and are three times as likely to have an OTT SVOD service and no multichannel, while nearly half (48%) report spending more than 50% of their viewing time streaming.
Furthermore, fifty-five percent (55%) of Millennials who are multichannel subscribers say that if the price were right, they would subscribe to an Internet TV service instead of their current cable or satellite service, compared to 43% of 35+.
The study, conducted by Horowitz, finds that among Internet users overall, 51% have access to an OTT SVOD service.
Overall, 40% of Internet users have multichannel and an OTT SVOD service, 42% have multichannel only, 11% have an OTT SVOD service only, and 7% have neither. Among OTT SVOD users, 78% are also multichannel subscribers, suggesting that over-the-top streaming video on demand (OTT SVOD) services remain a complement to, not a replacement for, traditional pay TV.
However, recent OTT developments from traditional pay TV distributors—DISH’s Sling TV and DirecTV’s Yaveo— not to mention the viewing habits of Millennials, could start changing the game.
“For many, streaming video has become an integral part of the viewing lifestyle. The idea of an Internet TV service, at a lower price point and with more customizable options, is an attractive prospect,” says Adriana Waterston, Horowitz’s SVP of Insights and Strategy. “No longer tied to their physical infrastructure, OTT offerings have the potential to offer huge opportunity for distributors to reach beyond their footprint, shaking up the entire pay TV model.”
Scott Murrow (AMC Networks) and Jamie Lennox (Hotwolf) are among the panellists that will be discussing ‘Monetising the Millennials’ at this year’s OTTtv World Summit (9th – 12th November 2015 Millennium Gloucester Hotel, London, UK).