Cost is the most important factor in deciding to subscribe to a brand new video streaming service for almost half of the consumers (46%) Deloitte Digital Media Trends 2021 report shows.
On the other hand, the cost is driving 55% of respondents to choose free, ad-supported video services.
Respondents using video (49%), gaming (38%) and music (37%) services would cancel or stop if the price for the services increased.
The study also reveals that the COVID-19 pandemic has amplified consumers’ appetite for video games across generations.
87% of Generation Z, 83% of Millennials, and 79% of Generation X say they play video games on devices such as smartphones, gaming consoles or computers at least weekly.
How important is the content
Te report shows that content is the second most important factor when deciding to subscribe to a new streaming video service, as mentioned by 35% ofconsumers.
The average video subscriber has four paid streaming services, music subscribers pay for an average of two services and gaming subscribers pay for an average of three services.
On the other hand, 52% of respondents find it difficult to access content across so many services, 66% get frustrated when the content they want to watch is removed.
Other 49% are frustrated when a service doesn’t make good recommendations for them.
The churn rate for video streaming services remained at around 37% from October 2020 to February 2021, the report also reveals.
60% of respondents have a paid streaming music service
The report underlines that listening to music is a top-three favorite entertainment activity for all generations, as 60% of respondents have a paid streaming music service.
The same share have used a free, ad-supported music service.
For those who pay, the library of music was the primary reason, followed by an ad-free and reasonably priced experience.
For those using a free, ad-supported music service, zero cost was the primary reason, followed by ease of access and the broad range of content.
