Why Streaming Tv Networks
Over 82% of US adults claim that internet / streaming TV is much more entertaining than cable TV with millions of viewers moving towards subscribing to internet TV websites over cable and satellite options every year.
Over the most recent years, cable tv has been slowly dying as most people want access to their favourite shows from anywhere without having to pay an exuberant amount of money for channels they don't even watch.
Cord Cutting Statistics and Trends in 2022
Cord-cutting" is a fast-growing trend among US residents. It involves "cutting the cord" on high-cost pay-TV options, including cable and satellite TV. Cord cutters aren't ditching TV altogether. Instead, they're shifting to lower-cost online streaming options.
Although cord-cutting is still in its infancy compared to traditional methods for viewing content, its rapid and expanding growth in the past several years means plenty of cord-cutting stats and trends are available in 2022. Here are the most startling and exciting cord-cutting facts for the current year and beyond.
Major Cable Providers Collectively Lost 6 Million Pay-TV Subscribers Each Year Between 2019 and 2021
Cord-cutting is responsible for leading cable TV providers to lose millions of customers they can't seem to win back. Traditional pay-TV providers lost around 6 million pay-TV subscribers each year from 2019 to 2021.
In total, major US cable TV and satellite TV have lost 25 million subscribers since 2012 and are projected to lose another 25 million by 2025. Most cord-cutters are not just ditching live TV for all on-demand, however. The majority are moving to all-digital live TV streaming services.
The average monthly cable TV bill is now over $200 per month.
According to the FCC's 2018 Report on Cable Industry Pricing (the latest as of this time of writing), the average cost of expanded basic cable services was just over $73.08. That number, however, does not include the cost to purchase or rent equipment from cable TV providers or the cost of taxes and fees.
Now, it's worth bearing in mind that this data is several years old, and the TV landscape has changed dramatically since then. In June 2022, Allconnect released a report claiming that the average cable bill was $217.42 per month.
While watching traditional television is still very popular among Canadians, video-on-demand has been rising in popularity recently. A survey from June 2021 found that a slightly larger share of Canadian respondents preferred SVOD services. In addition, the coronavirus pandemic outbreak also caused more viewers to pivot towards streaming services as audiences started to look for broader content catalogues while confined at home. Meanwhile, the absence of significant sports events and other popular pay TV broadcasts further reduced the appeal of this entertainment format. Over 500,000 households cut their cord or never had one by the end of 2020 – the highest figure since 2014.
Canada has been one of the quickest countries to embrace the streaming trend, trailing only the United States in terms of subscription video streaming penetration rate. Recent surveys suggest that Canadian adults spent nearly one and a half an hour listening to music via streaming services – an increase of about 17 percent compared with the previous year. Streaming music and video have quickly established itself among Canadians' most popular online activities.
As of July 2021, 27 percent of subscription streaming viewers and even 38 percent of ad-funded viewers watched more than 20 hours of video-on-demand content in Canada every week, as online platforms have begun slowly pushing traditional cable video providers out of the market. Netflix is the most popular among these subscription streaming video services, with a total of 18 million Canadians viewing the service as of 2020. By comparison, the domestic offer Crave reached less than half of the population. In addition to Netflix, Amazon Prime Video, and Crave, free streaming services such as YouTube and Tubi are becoming increasingly popular, especially among younger generations.
Video Streaming App Revenue
The video streaming industry reached $72.2 billion in 2021, with most revenue coming from the United States. It is projected to reach $115 billion by 2026.
Global streaming projected market size 2018 to 2026 ($bn)
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