46% of U.S. pay-TV subs interested in adding Smart Home servicesTuesday, February 6th, 2024
Parks Associates: 46% of Pay-TV Subscribers Are Interested in the Ability to Control Smart Home and Security Solutions Through Their TV Service
- Consumer research study provides insights into shifting consumer preferences and new revenue opportunities for OTT and pay-TV services
DALLAS — Parks Associates’ research in ‘Video Services: Shifting Demand’ reveals 46% of pay-TV subscribers find emerging home control and interactive features, provided through their TV service, appealing or very appealing. The consumer study of 8,000 US internet households provides a comprehensive view of the traditional pay-TV, streaming TV, and OTT services market across business models, with data and insight on strategies to enhance the viewer experience and reduce churn.
“This data highlights a significant interest in smart home technology integration within the pay-TV market,” said Elizabeth Parks, President and CMO, Parks Associates. “The home ecosystems continue to overlap, creating new opportunities to expand control and enhance the user experience. Consumers expect and want more interconnected and technologically advanced home entertainment systems.”
‘Video Services: Shifting Demand’ details shifting consumer preferences, with historical trending data on adoption, satisfaction, and churn for pay-TV and streaming services. It also details top causes of service churn and consumer receptivity to new service features and retention incentives.
The most popular advanced feature surveyed is the ability to stream content from an online video service through a pay-TV service—66% of pay-TV households find this feature appealing, including 49% who rank it “very appealing.” This type of bundled offering would enhance the value of pay-TV services by simplifying the navigation process for its users.
Smart home management is the second most popular enhanced feature for pay-TV services, ahead of cloud gaming, T-Commerce, interactive polls, and sports betting. Many television manufacturers, such as Samsung and Roku, offer compatibility with smart home devices, but having this feature through the pay-TV service can offer a new level of convenience for the household. Appeal is high particularly among households with a security service—65% find home control through their pay-TV service appealing.
“The interest in connected home services opens up new markets and opportunities for partnerships between traditional pay-TV providers, tech companies, and home automation system manufacturers,” Parks said. “These collaborations will lead to innovative service bundles, combining entertainment, information, and home management in new and valuable ways.”
Links: Parks Associates