UK consumers are not getting enough from their video and TV subscriptions, and would be willing to pay significantly more to do so.
This is according to research by Amdocs, which surveyed 1000 TV, film or video-watching consumers to shed light on the UK’s TV viewing habits.
Those surveyed currently spend an average of £47 per month on video, movie and tv subscription services, but would be willing to pay considerably more in order to access the TV shows, films and live sports they want to watch. 70% of UK consumers aren’t satisfied with the range of TV and video content they currently have access to, suggesting that they are willing to sacrifice price for a wider range of content.
To achieve this, viewers believe they would need to considerably increase the amount they’re currently spending to up to £74 per month, adding up to £888 per year. This suggests that consumers are increasingly willing to allocate a larger proportion of their monthly budget to TV subscriptions.
This follows the news that Netflix is planning raise its US subscription price for the first time since 2017. Some have speculated that this could see a drop in the number of people willing to pay extra for TV subscriptions, but the findings from this study seem to suggest otherwise.
One platform for multiple TV subscriptions?
The survey also revealed an interest in having one platform from which multiple services can be accessed. The average UK consumer uses two TV subscription services, but 68% said that they would be prepared to pay more for a single provider that could package their content into one bundle.
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Personalisation is also a key factor, with 54% of consumers open to receiving more advertising, if they could personalise the products and industries advertised to them.
Only 18% were interested in receiving access to augmented reality and virtual reality content in films and TV shows.
Gary Miles, CMO at Amdocs, said:
“We are in a golden age of content, with massive investment in original programming and new ways to consume it. But customers are still having to jump between TV applications and content providers to find the programming they want. This is confusing and frustrating. Furthermore, the monetisation model varies a lot by service provider, but clearly we are entering an age of three primary models: a) pay per view; b) ad-funded and c) subscription.
“Helping consumers find their priority content with the right monetisation mix which is simple and transparent will be the winning strategy. For sure, advertisements will help subsidize some of the consumption in many optimal mixes – so the strategy here needs to be fewer adverts, which are more relevant and therefore more valuable to all.”