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Parks Associates: Average Consumer Spending on OTT Services Doubled from $8 per Month in 2018 to $16 in 2020

·3 min read

Fourth annual Future of Video: OTT, Pay TV, and Digital Media virtual conference to explore expansion of OTT video services, churn rates, and impact of COVID-19 on video services

DALLAS, March 25, 2021 /PRNewswire/ -- Parks Associates will host the first 2021 session for the fourth annual Future of Video: OTT, Pay TV, and Digital Media on March 31, "Evolution of vMVPDs: Finding Success," featuring a visionary presentation from VIDGO, an interactive Q&A session with Frndly TV, and a panel with Metrological, Philo, TiVo, and ViacomCBS. The international research firm finds US broadband households spent an average of $16 per month on OTT services in early 2020, double what they spent just two years ago. The research firm also reports 45% with traditional pay TV report they are likely to switch to a virtual multichannel video programming distributor (vMVPD) in the next 12 months.

Future of Video, sponsored by Bitmovin, Deltatre, Everise, and Metrological, brings together industry leaders for visionary presentations, interactive panel discussions, and analyst presentations. The event provides in-depth consumer and industry research on video services; the value of digital content in driving and retaining subscribers; technology innovations that market, measure, and track video viewing; and best strategies for building successful video services.

"Today's video services market is in a historic state of disruption and disarray," said Paul Erickson, Senior Analyst, Parks Associates. "Our Q3 2020 survey finds 29% of current subscribers to traditional pay TV are unhappy with the price and value of their service, and vMVPDs are seeking to address that need with a variety of different bundles and value propositions."

"Evolution of vMVPDs: Finding Success" addresses the opportunities for vMVPDs to dominate the pay-tv landscape, including the drivers and inhibitors to growth. The session features visionary speaker Shane Cannon, President & Co-founder, VIDGO, followed by an executive Q&A session with Michael McClain, Co-Founder and CFO, Frndly TV, and then a panel with the following executives:

  • Carolyn Ferreira, Head of Customer Acquisition, Philo

  • Michael Ribero, VP Global Marketing, Paramount+, ViacomCBS

  • Greg Riker, SVP, Americas, Metrological

  • Nic Wilson, Head of Customer Success, TiVo, an Xperi brand

"The vMVPD universe is evolving faster than ever before – and its evolution was hyper-accelerated in 2020 by the pandemic and our greater dependence on home entertainment," said Mike McClain, CFO of Frndly TV. "This conference presents a great opportunity to discuss the dynamic vMVPD landscape, lessons learned from 2020, and how vMVPDs can best position themselves for success in 2021 and beyond."

"We saw an unprecedented acceleration of consumer interest in aggregators and vMVPDs in 2020, and there's still a lot of room to grow viewership - especially through exceptional content discovery, 47% of viewers still turn to traditional pay-TV to find their next show, compared to 18% for vMVPDs," said Nic Wilson, Head of Customer Success, TiVo.

Future of Video explores the changes created by COVID-19, the long-term impacts, and strategies to fulfill consumer expectations in content and service in order to create successful video services. The conference features topics covering new business models, technology, and consumer trends.

Registration is open, and media are invited to attend. For more information, contact Rosey Ulpino, rosey@parksassociates.com, 972.996.0233.

About Future of Video
Future of Video: OTT, Pay TV, and Digital Media brings together senior leaders to share insights on new trends in the video and connected entertainment industries, with insights on consumer adoption, churn, and spending. www.futureofvideo.us

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SOURCE Parks Associates