NEW YORK — A provider of “currency-grade” smart TV data based in Los Angeles has found that some 94% of total streaming time during the third quarter of 2023 was driven by viewers who only (64.6%) or mostly (29%) streamed on their smart TVs.
It’s yet more evidence that broadcast television and radio executives need to accept FAST channels and OTT as sources of ad dollars that won’t be disappearing anytime soon, and are only growing by leaps and bounds.
The data point comes from Inscape, which Thursday morning released new insights into continued consumer fragmentation and shifts in behavior. It based its findings on first-party viewing data from upward of 22 million internet connected TVs.
According to Inscape’s recent Q3 2023 TV Market Trends report, the average number of apps has doubled since Q4 2021, with consumers in Q3 2023 using an average of 5.4 for each smart TV.
The wide adoption of smart TVs, and the apps that live on them, is also helping fuel a fundamental change in how people consume content – and there seems to be no signs of slowing.
Looking at the the share of connected TV viewing across all inputs (streaming, cable/satellite/OTA) from Q4 2021 to Q3 2023, the percentage of viewers who only stream content has increased from 45% to 54%, while the percentage who only use cable/satellite/OTA has decreased from 9% to 5%.
“Marketers should really take note of these shifts,” said Ken Norcross, Vice President of Data Licensing and Strategy at VIZIO/Inscape. “With more than half of smart TV viewers not reachable by traditional cable/satellite/OTA advertising, it reinforces the fact that brands should prioritize diversification across marketing efforts and lean into data that will give them the best decision-making ability to do so.”
“Tracking these changes in media behavior across streaming and linear is crucial to all facets of the industry – from media sellers to marketers alike – as they seek to create and successfully achieve individual business goals based on holistic, trusted insights,” Inscape notes.
To learn more and download the Inscape’s FULL report click HERE.