Cable TV may be on its way out.
In an annual digital media trends survey conducted by Deloitte and released on Monday, it was revealed that more and more households in the United States are now switching from cable to streaming services.
69% of the respondents said that they are subscribed to at least one video streaming service, while 65% said that they are still subscribed to a traditional pay TV service. Only 43% of respondents are subscribed to both.
With regards to multiple subscriptions, it was also revealed that on average, a consumer tends to subscribe to three streaming services. Binge-watching seems to be a norm especially with the younger generation; 91% of surveyed millennials in the US said that they have already watched three or more episodes of a certain show in one sitting.
The results also highlighted the popularity of various media streaming services like Netflix, Amazon Prime, and Hulu, saying that more consumers are starting to make the switch due to the comparably high cost of cable and satellite services.
On the other hand, 47% of respondents mentioned their frustration with such streaming services, saying that they need multiple subscriptions in order to watch all the shows that they want. 57% also said that shows they enjoy have disappeared from such services, and 43% said that they give up if they can’t find the show they want within a few minutes.
“Overall, consumers say that they are getting much of what they want but are frustrated by the complexity and effort to get it,” the report sums up. The report also added, “Streaming versus pay TV is not an either-or proposition.”
