Americans Predicted to Subscribe to an Average 5.7 Streaming Services By 2024
How many streaming services does one person need? Activate Consulting co-founder and CEO Michael Wolf appeared on FOX Business’ “Mornings with Maria” on Tuesday to discuss a recent report. The Activate report shows that Americans will be subscribed to an average of 5.7 streaming services by 2024. As of today, paid video subscribers pay for an average 4.1 streaming services. In 2016, most Americans paid for just one streaming service.
Wolf says, “All of our consumer research shows that within a short period of time, the average American is going to be subscribing to five of these streaming services, as well as a number of free services at the same time.”
Not only does this affect streaming services and those who subscribe to them, but it also creates a higher demand for content. Anyone who’s involved with writing, filming, and producing shows and movies plays an important role as these services remain popular and grow their libraries. With the popularity of streaming services, these companies will need to keep up by continuing to add to their content collections.
Wolf explains, “It is a golden moment for anybody who is a content creator and yes, it’s people who write films, who write scripts, it’s people who produce. It’s a great moment to be in the business. People used to come to me and say, ‘Should I be trying to be an actor or should I try to be a director?’ These days it’s really worth it. There’s going to be a lot more being produced.”
Wolf argues that the libraries each service offers are very important. He says, “We shouldn’t forget about some other important services out there — Peacock from NBCUniversal, which is largely a ‘freemium’ service and so it [has] grown to over 30 million subscribers. And then you’ve got Amazon Prime and you get Amazon Prime for free if you’re a Prime member. And a lot of people are watching it. And so it makes sense for Amazon. A large part of these services are libraries. And if you look at that MGM library, yes, it’s ‘Rocky,’ but it’s also a lot of TV shows like ‘Handmaid’s Tale’ or shows like ‘Survivor.’ And these are all shows that people are going to watch on Amazon Prime.”
New features and tiers are another way for services to set themselves apart and keep subscribers interested.