DENVER—Adtaxi’s 2024 Streaming TV Survey is predicting that the rapid rise in the popularity of streaming services will once again produce declines in traditional TV viewing and pay TV subscribers this year.
The annual survey found that streaming levels surpass 80% of U.S. adults in 2024 and that Americans are now choosing streaming as their default source for viewing content. Nearly three in four (73%) list streaming as the first destination for content, versus cable (15%) and broadcast (6%).
That in turn is producing declining interest in cable and broadcast options. In just the past year, the study found that there has been a 50% decrease in the percentage of adults who first turn to cable and broadcast for viewing content, as streaming has become the top choice for the majority of Americans, regardless of gender, age, or household income level.
“Each year, streaming utilization increases as more Americans move away from cable and broadcast options,” said Adtaxi director of research, Murry Woronoff. “A recent report from eMarketer supports our findings, claiming that they expect 10 million adults–representing 5 million households–to cut the cable cord in 2024. We anticipate streaming to continue to dominate the market as consumers rely on digital devices more and more.”
Key takeaways from the Adtaxi’s survey include:
- Default Source: 73% of adults turn to streaming services before cable (15%) and broadcast (6%). Over half of those who belong to groups that typically are slower to adopt technologies, including older Baby Boomers, the Silent Generation, and those with household incomes below $35,000, are also preferring streaming.
- Device Decisions: When choosing how to watch TV and video content, the majority (72%) watch through their TV set – but not exclusively. Over the past 30 days, respondents also consumed TV via their smartphone (59%), laptop (37%), and tablet (30%). On average, Americans use 2 different devices to consume content.
- Streaming Service Subscriptions: In 2023, only 62% of free streamers incorporated 1 or 2 different services, but in 2024, this figure has dropped to 48%, as the majority utilize 3 or more services. Paid streamers have increased from using an average of 3 services to 4. The average monthly expenditure of paid streamers is in the range of 70-75 dollars.
- How Viewers Respond to Ads: On average, streamers who respond to ads do so in two or more ways. Over half (51%) go directly to a company’s website, 40% look at the company’s social media, and 36% consider a company review.
- Advertising Effect: When it comes to advertising on streaming services, a significant majority of respondents (two-thirds) have observed a rise in the volume of ads displayed while streaming. Of those respondents, half claim the increase in ads has a negative effect on their viewing experience.
- Necessary Features: When asked what features are most important in a streaming service, a substantial majority of consumers (60%) said low price was a top priority, followed by a large content library (48%), commercial-free options (42%), and easy user interface (36%). The least important options for consumers are offline viewing (21%), personalized recommendations (22%), and professional sports (22%).
“The findings of our 2024 Streaming TV Survey are extremely crucial for digital marketers to utilize as they create their marketing and advertising plans for the upcoming year,” said Chris Loretto, executive vice president of Adtaxi. “As streaming continues to dominate viewership, utilizing both paid and free platforms will be highly important for reaching key audiences. Throughout 2024 and beyond, digital mediums will continue to be a necessary portion of marketers’ strategies.” To view the full report, click HERE.
This survey was conducted online using Survey Monkey, among a sample of 1,137 adult respondents. The surveyed population is balanced across U.S. geographic regions, income levels, gender, and age. The survey was conducted on November 2, 2023.
The full report is available here.
