52% of viewers are planning to watch an OTT TV service like Netflix, Amazon Prime Instant Video and StarHub Go during the holiday season, according to a new study commissioned by Paywizard.
About 25% will be existing subscribers, but 27% will be brand new customers, causing the market to effectively double in size.
However, the traditional TV still reigns supreme for holiday viewing, with 80% of respondents planning to sit in front of the telly. However, mobile devices are most popular for OTT Christmas TV, as laptops, tablets and smartphones account for two thirds (66%) of viewing. It’s no surprise that Millennials prefer streaming, as 25-34 year olds make up the largest group of existing subscribers, with an additional 40% planning to sign up prior to Christmas.
The survey also exposed an eagerness by consumers to consider signing up to more than one OTT TV service before Christmas, revealing that consumers are not totally satisfied with their current service providers or free-to-air alternatives. Consequently, a staggering 45% of OTT subscribers plan to cancel immediately or within six months after Christmas, mostly due to cost and a lack of quality content.
According to Paywizard, this Christmas season poses a huge opportunity for OTT providers to bring in new revenue, while also intensifying subscriber retention activities and beefing up their current catalogue of movies and TV shows available in an effort to reduce subscriber churn. Quitters surveyed responded that richer content (54%) and lower cost (33%) are your best bets in persuading them to stay. So if you want to get ahead this holiday season, get your elves in gear, ‘cause Christmas time is here!