It might not be that surprising to read, but new data gathered by market research firm Fluent LLC clearly shows that streaming video services have become more prevalent than cable, especially among millennials.
In a survey of US homes which have access to the internet, eMarketer found that 67% of these homes have access to or regularly watch an online streaming service. Just 61% of the same households reported having a cable subscription, showing that for many homes, streaming has become the preferred way to watch video. Low cost was cited as the number one reason why these households prefer streaming services over cable subscriptions according to Fluent LLC’s data, while access to original streaming content came in at number two.
The data also revealed that streaming is most popular among millennials, individuals born between the early 1980s and late 1990s. That news is likely not a shocker to millennials, many of whom have never payed for a cable subscription and likely never will. 77% of millennials surveyed reported regularly using a streaming service, and at a much more frequent rate than their older counterparts. Among millennials, Netflix was the clear preferred streaming service of choice: 61% of millennials surveyed reported using Netflix, as opposed to 45% of non-millennials.
This new data is part of a growing body of evidence which suggests traditional cable subscriptions might soon be a thing of the past. In fact, cable services have recently reported their worst quarterly financial reports ever. Streaming services continue to grow at an exponential rate, showing that the disruptions caused by the internet are finally starting to chip away at some of the most established industries. The internet already rules our shopping, dating, social lives, and now media habits; who knows what might be next?