ARE you overwhelmed by too many streaming platforms?
You’re not alone.
A global study conducted by professional services company Accenture found that consumers want to simplify their entertainment choices, amid a wide array of options that offer content online.
As part of its annual global entertainment study, Accenture surveyed 6,000 consumers worldwide on their preferences regarding their online entertainment experiences.
Accenture offers strategy and consulting, as well as technology and operations services. It has a team of 300 researchers in 20 countries and publishes reports and articles every year.
Its entertainment study, published earlier this month, found that consumers no longer like dealing with too many online streaming services.
“86 percent of consumers say that they would be interested in a single app that can provide all the services they want on a single platform, 41 percent say it’s something they’d pay for,” it said.
It also said consumers are spending less time watching TV and movies and more time on other attractions such as TikTok.
“Video now satisfies only a small proportion of the top ten entertainment needs that consumers nominate. Over half (53 percent) of the consumers surveyed this year are spending more time on social video platforms like TikTok,” it said.
Simplicity is the key
The Accenture study said consumers want things simple and don’t want to spend a lot of time looking for content and dealing with multiple screens and apps.
It said 72 percent of consumers reported frustration at finding something to watch, and this is six points higher than last year.
More than half or 55 percent said they were simply overwhelmed by the number of streaming services to choose from.
They also want one route to their content and to be allowed to share their details with whoever they choose.
The study said consumers want recommendations for similar movies and shows on the other services they subscribe to. They would like as well to be able to add content from other media or streaming services to an existing subscription.
More than half or 61 percent said they would like to share their profiles seamlessly from one service to another, and 58 percent said their single greatest source of frustration is reentering their basic information to sign up for a new service.
The Accenture study found that more consumers used cross-service search engines to look for shows compared to last year, or 68 percent versus 47 percent.
The consumers said it was a good way to find content and saves them time.
They also said they find it easier to use the cross-service search engines than to go directly to the streaming service and choose what to watch.
Value for money
The study said consumers don’t feel they are getting much value for their money with their subscriptions to streaming services.
It will be easy to for them to cut off subscriptions amid rising prices due to inflation and economic woes, it said.
In fact, 35 percent unsubscribed from one of the major subscription video-on-demand services in the last 12 months, and 26 percent said they plan to cut one or more in the next 12 months.
The Accenture study also found an increase in pay-per-view and transactional options, which indicate that the appetite for binge-watching has waned.
Consumers want more defined choices and are willing to pay for what they want when they want it, it said.
It also said that while the lack of advertisements was a major attraction of streaming services, consumers do not seem to care that much about interruptions to their viewing.
A total of 39 percent said they would not pay to remove ads, and 52 percent increased their use of completely ad-supported video in the past year.
Shows vs TikTok
The study found that traditional 30 minute shows or longer films up against gaming, social video, and fitness for viewers’ attention.
US-based consumers said TV and movies accounted for 48 percent of their screen-based entertainment, and this is down 5 percent from last year.
More than half spend more time on social video platforms, it said.
“In many ways, traditional video is just the start of how consumers wish to explore and engage with content,” it said.
Consumers want to be able to follow up with relevant or related social media or user-generated content after watching a show, it said. They would also like to access related content directly through the app where they watched the video, it said.
Accenture said the findings show the need for an entertainment platform that meets consumers’ needs for simplicity, customization, and the right mix of varied content services. These must also have flexible pricing and payment options.
It said creating inclusive platforms would ensure stable revenue for media companies, and would deliver logical experiences that would enable consumers to easily find and access content.