SAN JOSE, Calif.--(BUSINESS WIRE)--Research released today from TiVo Platform Technologies LLC (TiVo), a wholly owned subsidiary of entertainment technology company Xperi Inc. (NYSE: XPER), for IBC 2023, reveals that almost half of all UK consumers have not reduced their video spending as a result of increases in the cost of living. On average, UK consumers subscribe to six paid video content sources, with an average monthly bill of £78.06.
However, while having access to multiple content sources, the inaugural TiVo Video Trends Report: UK found UK consumers report considerable frustration with discovering new and interesting video content, with only one in 10 (11%) strongly liking recommendations they receive from any source.
Of the respondents who pay for video content, 81% have a subscription to video on demand (SVOD) services such as Netflix and 57% subscribe to pay TV services (e.g., Sky, Virgin Media), but there is a considerable churn risk for both. Two in five (21%) respondents said they stopped their SVOD subscription within the last six months.
The report also reveals the world of Advertising-Based Video on Demand (AVOD)/Free Ad-Supported Streaming TV (FAST), such as Pluto TV and Freevee, is still in early stages of its path forward, with only 42% of UK consumers watching AVOD or FAST channels. Further uptake looks promising, however, as 76% of UK consumers say they are ad-tolerant if it means not paying for content.
“It’s clear that UK consumers are willing to both pay for content and watch ads to access the entertainment they want, but they have considerable frustration with discovering new and interesting video content in this ever-saturated market,” said Gabriel Cosgrave, general manager of EMEA at Xperi. “It’s time for TV manufacturers to invest in creating personalised content experiences across devices that provide dynamic, highly relevant recommendations based on preferences and behaviours to give stand-out experiences and minimise churn.”
Additional TiVo Video Trend Report: UK Highlights on Consumer Habits
- UK consumers prefer to binge: more than half (52%) prefer a whole season of a TV show to be available at once so they can binge it, compared to 21% who prefer episodes to be released one per week
- Social content reigns: the majority (81%) watches social video (e.g., YouTube, TikTok), with 26% watching it on a TV several times a week
- Smart TV ownership is very encouraging: nearly three-quarters (74%) own a smart TV and 15% plan to make a purchase in the next six months (58% replacing a TV and 42% to add to another room or location)
- Trust in voice control needs to improve: top reasons for not using voice control are: not being comfortable talking into a device (32%); not recognising what they said (28%); and it’s faster to browse the menus (23%).
Find more information from the first Video Trends Report: UK here.
To learn more, TiVo will be showcasing its video streaming services for smart TVs and the car at IBC 2023 in Amsterdam, Stand 5.F36. And for more information on TiVo’s discovery solutions, visit https://tivo.xperisolutions.com/discovery/.
The TiVo Video Trends Report: UK surveyed 1,004 adults 18 and older living in the UK during the second quarter of 2023. In addition to identifying and analyzing key trends in viewing habits, the TiVo Video Trends Report: UK provides insight into consumer opinions regarding Subscription Video on Demand (SVOD), Transactional Video on Demand (TVOD) and Advertising-Based Video on Demand (AVOD) providers, emerging technologies, connected devices, over-the-top (OTT) apps and content discovery features, including personalized recommendations and search.
TiVo brings entertainment together, making it easy to find, watch and enjoy. We serve up the best movies, shows and videos from across live TV, on-demand, streaming services and countless apps, helping people to watch on their terms. For studios, networks and advertisers, TiVo targets a passionate group of watchers to increase viewership and engagement across all screens. TiVo is a wholly-owned subsidiary of Xperi Inc. Go to tivo.com and enjoy watching.
About Xperi Inc.
Xperi invents, develops, and delivers technologies that enable extraordinary experiences. Xperi technologies, delivered via its brands (DTS®, HD Radio™, TiVo®), and by its startup, Perceive, and IMAX Enhanced, an IMAX and DTS partnership, have been integrated into billions of consumer devices and media platforms worldwide, powering smart devices, connected cars and entertainment experiences. Xperi has created a unified ecosystem that reaches highly engaged consumers driving increased value for partners, customers and consumers.
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SOURCE: Xperi Inc.