With rising costs of streaming subscriptions, consumers expect enhanced content, experience, innovation and more to justify increased fees; pivot from a passive to an active streaming experience underscores the growing indispensability of steadfast networks
JERSEY CITY, NJ / ACCESSWIRE / December 5, 2023 / Amdocs (NASDAQ:DOX), a leading provider of software and services to communications and media companies, today released new research on the current state of streaming and changing consumer preferences around their experience.
The New Streamer 2024, conducted by Dynata and commissioned by Amdocs, surveyed US consumers to understand sentiment of streaming offerings and identify opportunities for providers to build stronger brand loyalty with customers. The findings show that while most Americans are feeling the squeeze of the rising cost of entertainment subscriptions, original content, active experiences like cloud gaming and more customized offerings can help providers improve overall customer satisfaction.
As streaming providers continue to compete for customer loyalty, 90% of consumers want better control over their experience. Findings show consumers would prefer to create and pay for a package that is limited to only content they are interested in instead of paying for access to an entire library they may never fully explore. Additionally, most Americans (82%) want a single portal or app where they can access all their streaming subscriptions versus searching for content across various apps.
The survey also uncovered insights into streaming's hottest trends, ads, service costs and content. US findings include:
- Thoughts on ads? It's complicated.
- Overall, 38% of consumers are opposed to seeing more ads, while 45% are open to it. However, younger generations are much more open to seeing more ads, including Gen Z (36%), Millennials I (43%) and Millennials II (50%).
- Contrary to popular belief, cost isn't everything
- The price of streaming services doesn't impact loyalty to an entertainment provider today (25%) as much as it did in 2020 (38%).
- However, consumers are expecting improved experiences with increased costs.
- New, original content is a top want from consumers, but older titles aren't far behind
- Consumers say original content is the most important consideration (72%), with new content every few weeks (59%), access to older titles (55%) and being able to watch anywhere (49%) also being top factors.
- More choices, more problems
- Nearly one quarter (22%) of consumers report feeling overwhelmed by the number of streaming subscriptions they have.
- This feeling is most present amongst Gen Z (41%).
- "Streaming" is evolving beyond simply watching
- Two-fifths (40%) of general consumers and 54% of gamers believe that cloud gaming will become a dominate way to play games in the future.
- Consumers would welcome new cloud gaming options; 52% would be likely to try a new service beyond just current offerings from Microsoft and Apple if a brand like Netflix were to offer it.
- More in-depth experiences require a more capable network
- Over the past year, nearly half of consumers (49%) have encountered connectivity issues while streaming movies and TV shows.
- Although the majority of general consumers don't frequently engage with cloud gaming services, 10% of all respondents reported experiencing lag when utilizing such platforms.
"Customer expectations for entertainment breadth and quality continue to grow, but needs are increasingly nuanced," said Anthony Goonetilleke, Group President of Technology and Head of Strategy, Amdocs. "Customers are looking for increasing control over their entertainment experience, and at the same time, ready for content innovation that next generation connectivity, coupled with AI, may enable."
Supporting Resources
- Download the New Streamer 2024 research
- Keep up with Amdocs news by visiting the company's website
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The New Streamer 2024 research was conducted by Dynata on behalf of Amdocs, surveying 1,000 US-based consumers
About Amdocs
Amdocs helps those who build the future to make it amazing. With our market-leading portfolio of software products and services, we unlock our customers' innovative potential, empowering them to provide next-generation communication and media experiences for both the individual end user and enterprise customers. Our approximately 30,000 employees around the globe are here to accelerate service providers' migration to the cloud, enable them to differentiate in the 5G era, and digitalize and automate their operations. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $4.89 billion in fiscal 2023. For more information, visit www.amdocs.com
Amdocs' Forward-Looking Statement
This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs' growth and business results in future quarters and years. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general macro-economic conditions, prevailing level of macroeconomic, business and operational uncertainty, including as a result of geopolitical events or other global or regional events such as the recent attacks in Israel and evolving conflict and the COVID-19 pandemic, as well as the current inflationary environment, and the effects of these conditions on the company's customers' businesses and levels of business activity, including the effect of the current economic uncertainty and industry pressure on the spending decisions of the company's customers, Amdocs' ability to grow in the business markets that it serves, Amdocs' ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, our ability to successfully and effectively implement artificial intelligence and Generative AI in the company's offerings and operations and risks associated with operating businesses in the international market. Amdocs may elect to update these forward looking statements at some point in the future; however, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs' filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2022 filed on December 13, 2022 and our Form 6-K furnished for the first quarter of fiscal 2023 on February 13, 2023, for the second quarter of fiscal 2023 on May 22, 2023, for the third quarter of fiscal 2023 on August 14, 2023, and for the fourth quarter of fiscal 2023 on November 7, 2023.
SOURCE: Amdocs Management Limited