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Tag: Parks Associates

  • More than 85% of US millennials tune in to OTT platforms

    More than 85% of US millennials tune in to OTT platforms

    MUMBAI: Over-the-top (OTT) platforms have become the new opium for millennials. According to a new report from the analyst firm Parks Associates, more than 85 per cent of millennials in the US subscribe use at least one OTT video service. Interestingly, the number of OTT subscribers among other generations is also growing gradually.

    An earlier report from Parks Associates showed that the number of households worldwide with an OTT video service subscription will exceed 265 million by 2022. Since 2010, a steady increase has been noticed in the adoption of smartTVs and streaming media players.

    Many of the millennials opt for more than one platform for browsing. More than one-fourth of millennials subscribe to three or more OTT services, and more than 50 per cent subscribe to at least two. OTT service penetration among ‘Baby Boomers’( 1946-64) and older generations grew more than 10 per cent between the two groups as a whole between 2016 to 2017.

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    “Overall penetration of subscription OTT video services among millennials has topped out, suggesting that those households that want such a subscription already have one or more. The more interesting and important question is how many subscriptions they will keep,” Parks Associates research senior director Brett Sappington said.

    Millennials are more prone to consume online content not only because of a personalized experience but also due to the flexibility it offers. Various reports since 2014 have highlighted how millennials are opting for streaming services like Netflix, Hulu, Amazon over television.

    Parks Associates researcher Hunter Sappington thinks self-aggregating content is simply a part of the entertainment experience, particularly in millennial households. 

    “Their evaluation criteria for services, and brand loyalty, differs from that of previous generations. To take advantage of this self-aggregation trend, providers need to understand the evaluation criteria consumers use for their OTT services, which can vary from household to household,” he commented.

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  • Global OTT subs to cross 265 mn by ’22: Park Associates

    Global OTT subs to cross 265 mn by ’22: Park Associates

    MUMBAI: The number of households worldwide with an OTT video service subscription will exceed 265 million by 2022. The popularity of over-the-top (OTT) video services, such as Netflix, Amazon, and Hulu has driven a steady increase in adoption of smart TVs and streaming media players since 2010, according to `Global Connected Living Outlook: Expanding IoT Momentum’ by Park Associates’.

    “Fifty-three percent of the US broadband households own a smart TV, and both smart TVs and streaming media players are continually improving the user experience to accommodate the shifting habits of consumers, including integration with voice-based digital assistant ecosystems,” said Kristen Hanich, Parks Associates’ research analyst.

    “The rise of these digital assistants is another key trend over the last few years, with Apple Siri, Amazon Alexa, Google Assistant, Microsoft Cortana, and Samsung Bixby, among others, now on the market. Both smart home and connected entertainment developers are working to integrate this functionality into their products,” Hanich was quoted in an official statement put out by Park Associates.

    The `Global Connected Living Outlook: Expanding IoT Momentum’ provides a comprehensive overview and assessment of the markets serving consumers’ connected lifestyle. The report identifies key trends and market developments in service categories, including broadband, television and video, digital content, residential security, home energy management, home support services, and connected health and wellness, as well as connected consumer product categories, including home networks, smart home devices, and connected consumer electronics.

    The report identifies key companies to watch in each product category and includes five-year forecasts for select product categories.

    The global study reveals that consumers now own an average of 8.6 connected CE products in their home, an 87 per cent growth in the average volume of devices since 2010. Some of the highlights of the report are the following:

    More than 70 per cent of the US broadband households have an internet-connected entertainment device.
    17 per cent own both a smart home device and an internet-connected entertainment device.
    Parks Associates estimates over 265 million households worldwide will have a total of more than 400 million OTT video service subscriptions by the end of 2022.

    “With IoT expansion comes added expectations of interoperability,” said Park Associates Research Quality & Product Development director Jennifer Kent, adding, “Consumers prioritize general device interoperability over staying within a specific brand ecosystem when considering a purchase; three-fourths of consumers find it important to consider any smart home product brand that will work with other products in their home and 49 per cent find this very important.”

    Also Read :

    Traditional pay TV under pressure from OTT services: Horowitz report 

    Regional OTT content more than just catch-up TV    

    OTT platforms discuss need for regulation

    Apple bags rights to novel ‘Shantaram’ for drama series

  • Parks Associates: TV related apps gaining in popularity

    Parks Associates: TV related apps gaining in popularity

    MUMBAI: New research from Parks Associates reveals that usage of TV apps is on the rise, with 55 per cent of US smartphone owners and 61 per cent of tablet owners using TV-related applications at least once a month.

     

    The firm expects the number of global TV-app users to reach 1.29 billion by 2019.

     

    More than 70 per cent of TV-app users are believed to be satisfied with the TV show or network apps they use, Parks Associates reports. More than 23 per cent of US smartphone owners ages 18 to 34 have used a TV app on their smartphone to schedule a DVR recording, while more than 22 per cent have used an app that transforms their smartphone into a remote control for their TV or set-top box.

     

    The company also states that TV app usage is altering the use cases for multiple connected devices; currently 57 per cent of connected game console owners are using the device to watch TV shows.

     

    It’s also seeing new revenue opportunities emerge through in-app solutions in the smart home and Internet of Things. And predicts in-app solutions to be a large focus of its 2014 Connections Conference, where its analysts and industry leaders will address the changes surrounding the connected home and implications for consumers and businesses.

  • Digital living in Asia, a global perspective

    Digital living in Asia, a global perspective

    SINGAPORE: In the second session on global digital living, a Parks Associates survey of 13 nations revealed that Asian countries are leading the way in the digital homes arena.

    The session, which was addressed by Parks Associates, USA director of research, John Barrett, analysed the digital trends within Asia and compared them to other countries. He also touched upon key topics like consumer attitudes, market structure and current practices.

    He said, “Asian consumers express high demand for new digital service but a low willingness to pay.” When queried on what is driving the growth, Barrett said, “There are some notable differences with western countries. One is that there is wide availability of content and deeper broadband penetration have resulted in Asians being more likely to use computers a entertainment platforms.”

    Secondly, Asian CATV providers are weaker than their North American counterparts because the demand for TV services is not as strong in Asia as it is in North American. Also, piracy is a much greater concern in Asia because copyright provisions are more weakly enforced and commercial piracy more common.

    Some key points which emerged were:

    * Korea, Taiwan were the top two countries ranked high on the Digital Living index
    *53 per cent of Asian internet households are interested in viewing digital photos on their TV compared top just 43 per cent of European Internet HHs and 28 per cent of North American HHS
    *Asian Internet Households are willing to spend on an average $ 7 per month for a video-on-demand service compared to $11 per month in Europe and North America.