New Study: Half of Consumers Purchasing Streaming Devices Are First-Time Buyers
Despite the popularity of streaming devices and services, not everyone is on board yet. Interpret’s “Streaming Devices: Platforms, Brands, and Consumers 2021” report, released on June 29, shows that many consumers still haven’t purchased smart TVs and other streaming devices. It looks like that’s all about to change though, especially with nearly half of consumers deciding to cut the cord.
The Interpret report notes that half of the consumers who plan to purchase a smart TV or streaming media player in the next three months will be first-time buyers. In total, 10% of consumers plan to purchase new smart TVs or streaming devices in the next three months.
“With half of buyers being new to smart TVs and streaming media players, this sector of consumer electronics is primed for continued growth,” said Brett Sappington, Interpret’s VP of research. “However, not all streaming device brands will enjoy the full benefit of that growth. Our research shows that each brand attracts a unique consumer audience, with differing characteristics, habits, and preferences that are often related to key features. Those brands that best meet consumers’ needs stand the best chance of gaining market share.”
The other half of consumers planning to buy smart TVs and streaming media devices soon have purchased these items before. They may be upgrading to a newer product that offers additional features, switching from one brand to another, or replacing their products.
The study gives some insight into which products are least likely to be replaced or upgraded within the next few months. This can help first-time buyers decide which products to buy and which to skip.
The report notes:
- 18% of Roku owners plan to replace their streaming devices within the next three months
- 17% of Samsung owners and 18% of Vizio owners plan to replace their smart TVs within the next three months.
If you’re ready to make a smart TV or streaming device purchase, check out our helpful guide here.