New products from Commerce Signals make it easier than ever to understand viewing and subscription behaviors on SVOD platforms.
The OTT streaming market, which has been growing for the last few years and saw a dramatic rise during the pandemic, is projected to reach $1,039.03 billion by 2027. And, according to a report by Allied Market Research, it should grow at a compound annual growth rate (CAGR) of 29.4% from 2020 to 2027.
As the number of OTT platforms grows so did the number of streaming services per household (service stacking) during the pandemic, with 31% of households now subscribing to 4 or more services. Despite this increase of platforms per household Netflix seems to be the most viewed streaming channel, logging in more minutes per household than all other services.
According to Statista.com the principal reason people subscribe to a streaming service is content. Which means that the shows carried by platforms are the defining factor for attracting subscribers. So while some platforms get more viewing minutes than others those numbers do not necessarily apply to their individual titles. Exclusivity of content is an important asset for a streaming platform, with 37% of respondents saying that they subscribe to a service to watch a show they can’t watch anywhere else.
So far in 2021 Disney+ leads the way with 5 of the top 10 shows so far in 2021, with Netflix holding on to 4 spots and Hulu’s The Handmaid’s Tale coming in at number 10. Disney’s WandaVision sits on top with a 19.78% share of audience, while Raya and The Last Dragon, another Disney+ title, follows in second place with a 14.36% share.
And while so far this year we’ve seen other streaming platforms increase their audience share and titles such as Amazon’s Tom Clancy Without Remorse and Hulu’s The Handmaid’s Tale move up into some of the top ten slots, Netflix and Disney+ titles do seem to dominate viewership. A trend that has continued in the last two months, as seen in the charts below.
This strong growth in both viewership and the number of streaming platforms has brought about an increase in the number of households dropping their cable and satellite providers altogether. According to comScore data there has been a 32.6% increase in households exclusively adopting streaming services in the last 18 months.
With these many streaming providers trying to pull new and existing viewers towards their platforms keeping track of audience turnover has become more important than ever. Every time a viewer adds or switches streaming services their credit or debit cards, the choice method of payment for most streaming platforms, go with them. So, one way to know where audiences are going is by keeping track of the anonymized spend on their cards.
Commerce Signals, a Verisk Financial business, offers a full wallet view which keeps track of all credit or debit cards associated with 40 Million households and allows streaming services to keep track of where their viewers are going regardless of whether viewers use the same card or a different one for each streaming service.