According to TiVo's (NASDAQ:TIVO) annual multi-country study on viewer engagement with video content, services and devices, the average global viewer spends 4.4 hours each day watching video. Coupled with the global average of 28 minutes spent each day searching for content to watch, that is nearly five hours per day of video engagement, which amounts to 20% of daily life.
The TiVo study also indicated that about 90% of households are currently paying for traditional pay TV service. However, more than 60% are also subscribing to streaming video services like Netflix, Amazon Prime and Hulu.
The traditional pay TV subscriber base increasingly consists of longer tenured customers.
In the United States, more than 50% of pay TV subscribers have been with their service for four years or more. Subscribers with the shortest tenure are also the least dependable: More than 10% of those who have subscribed to cable for a year or less say they're very likely to cut the cord in the next six months.
It's not just the amount of content that's exploded in the last few years. People now have more screens than ever at their disposal to watch their favorite videos. Nowhere is this truer than in Latin America, where 50% of all viewing now takes place on a digital device other than a TV set, according to the study. By way of comparison, viewers in the United States said that more than 75% of their video consumption still occurs on their TV.
"Consumers today are acting as their own aggregator, piecing together what they need from a variety of video service and device combinations to suit their individual needs," said Paul Stathacopoulos, vice president, Strategy, TiVo. "Success in this new environment will not be about a single content source monopolizing the living room; instead, it will be about adapting the business model to deliver value, integrated services and personalization to meet the evolving consumer needs."
The research findings were the result of an online survey, conducted by TiVo, of 8,500 pay TV and OTT subscribers across seven countries worldwide with 2,500 interviews completed in the United States and 1,000 interviews completed each in the UK, France, Germany, Brazil, Mexico and Colombia.