In a new entertainment ecosystem where SVOD platforms offer endless on-demand content, FAST video services present a more “relaxed” way of watching TV, according to a new report from Horowitz Research, revealing that the format is gaining increasing traction in the US.
One of the fastest-growing models in recent years, FAST video platforms are becoming an increasingly attractive alternative for users in the US.
That’s because, according to a new report from Horowitz Research, the rise in FAST usage is causing some consumers to reduce spending on SVOD and MVPD, while also helping to address ecosystem discovery challenges.
The consultancy reveals that 66% of the country’s content viewers use FAST platforms every month, with Tubi, Pluto TV, Freevee, YouTube and Roku as the most used platforms.
In this regard, 53% of FAST users have decreased spending on SVOD platforms now that they have adopted FAST. However, 43% subscribed to a paid service to continue watching something they discovered on FAST.
Additionally, consumers have missed the stress-free experience of flipping through channels amid the rush of demand; 73% of FAST users agree that TV is more enjoyable now that they can turn on these free services and watch whatever is on screen. Among those who dropped cable, 58% say the free services are like having cable again.
“As the FAST space matures, it appears that many of the problems that on-demand streaming created for consumers and the industry are being corrected,” said Adriana Waterston, executive vice president and chief information and strategy officer at Horowitz Research.
“On the consumer side, FAST is helping to mitigate the challenges of TV viewing in the on-demand space, where consumers had to go to great lengths to find content to watch every time they sat down in front of the TV, which was not the most relaxing viewing experience. It is also creating opportunities to generate advertising revenue and syndication revenue, which will help to rebalance the business model.”
Horowitz’s survey was conducted from March to April of this year, and tracked usage trends among 2,008 TV viewers aged 18 and older.
