A recent study by Parks Associates found that online video consumption almost doubled since 2017, increasing from an average of 3.6 hours of online videos per week to nearly seven hours in 2020.
Additionally, the study found that while online video consumption is on the rise, pay-TV services are on the decline, with many households preferring OTT (over-the-top) platforms instead. Since 2017, adoption rates for pay-TV services have fallen from 75% to 62% among U.S. households with broadband. OTT, on the other hand, continues to grow in popularity, with almost three quarters of households having at least one OTT service in 2020.
“The set-top box [for pay-TV service] does have a role in this market, but it will have to adapt,” said Dr. Kenneth Wacks, contributing analyst at Parks Associates.
Source: Parks Associates