One third of video customers have subscribed to additional online streaming services since March 2020.
Grabyo’s new UK At Home Video Trends report says this has resulted in an increase in monthly spend of 25%.
Grabyo surveyed over 2,000 UK consumers on their video consumption and purchasing habits, following a previous survey of 2,000 consumers in January.
The study found 82% of UK consumers currently pay for video services, one-third of these have begun a new subscription since March. This suggests an additional £100 million being spent on streaming every month. 80% of streaming customers reporting they are planning to continue with the same amount of streaming subscriptions as UK lockdown measures are eased.
“The COVID-19 pandemic has permanently accelerated the shift to online streaming in the UK,” said Gareth Capon, Grabyo CEO. “With most of the UK population staying at home, online streaming and pay-TV are going head to head in the at-home arena, competing on price, flexibility and the quality and breadth of content. Our findings show that online streaming has come out on top and these changes in the market are here to stay.”
Overall, online streaming services have 65% market penetration in the UK, with total adoption up 7% since January 2020. Pay-TV subscriptions have decreased 9% with a current penetration of 53%.
The age of those paying for streaming services is also changing. Subscriptions among the over 50s has risen by more than 20% since March with 60% of UK video customers aged between 50-64 now paying for online streaming. This has brought the older generation closer to younger age groups in their streaming habits.
