LG Ad Solutions Finds US Viewers Stream More During Economic Uncertainty

LG Ad Solutions, the global leader in advanced advertising for Connected TV and cross-screen devices, conducted a survey involving U.S. consumers to understand how current economic conditions are impacting video streaming behavior.

The company found that 59% of consumers are likely to stay at home more and increase their usage of video streaming services if the costs of out-of-home entertainment (traveling, dining out, etc.) become more expensive. Additionally, 66% of consumers are planning to stream more live events at home instead of buying tickets to attend, in order to reduce costs.

“As consumers brace for potential economic headwinds, many are already staying in and streaming more,” said Tony Marlow, Chief Marketing Officer at LG Ad Solutions. “CTV viewership continues to accelerate, creating a prime opportunity for brands to invest in advertising that connects with highly engaged audiences on the biggest screen in the home.”

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LG Ad Solutions’ survey also found the rapid expansion of FAST platforms and channels will likely continue this year. While over 58% of consumers said they would be cutting back on the number of paid video streaming subscriptions (SVOD), over two-thirds of respondents (68%) said they plan to increase or have already increased their use of FAST platforms.

Nearly 70% of respondents said “price” was the number one consideration on whether they keep or cancel a streaming service, followed by the quality of the platform’s content library (38%) and the fact that they already have too many subscriptions (30%).

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With shopping for everyday items set to become more expensive, consumers also said they are more open to receiving ads via streaming platforms with special product offers or vouchers. Over 70% of respondents said they found these discount-related CTV ad features helpful.

“We’re already seeing a shift where live events—from sports to concerts—are increasingly streamed directly to viewers, and even top artists are recognizing the power of bringing the show to the screen. As audiences choose to stay in, streaming offers a front row seat to culture, giving brands more opportunities to engage in real time with fans where they’re most immersed,” Tony Marlow said.

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Source – Businesswire

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