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69% of connected TV (CTV) users prefer streaming free, ad supported streaming TV (FAST) content instead of a paid subscription without ads, and over half (53%) spend two or more hours per week using FAST applications.
That’s according to a new study released today by LG Ad Solutions, ‘The Big Shift: Wave III’, which marks the third instalment of its annual research series to determine consumer perceptions and behaviours related to CTV.
Ed Wale, VP International, LG Ad Solutions, said: “With Smart TV adoption soaring to an impressive 74% in the UK, it’s clear that the fusion of accessible streaming choices and cutting-edge technology is revolutionising content consumption habits. This dynamic landscape presents advertisers with a golden opportunity to harness the expansive reach of Smart TVs across the fragmented CTV ecosystem and international borders.”
The study, which surveyed more than 1,100 US CTV owners, also revealed:
- Time spent searching for what to watch increases: While over half (56%) of US CTV users prefer watching content via streaming applications, it now takes viewers almost 12 minutes on average to decide what to watch, up from 6 minutes the prior year. In addition, over a third (38%) cite too many content choices as their top challenge when looking for content to watch – with 37% stating they can’t remember what platform content is on.
- Content abundance is fueling subscription app cycling: 63% of viewers are likely to sign up for a streaming subscription service to watch specific content and then cancel/pause their subscription after watching.
- FAST content consumption is speeding up: CTV users find interactive ads of interest: 42% of viewers prefer ads that have interactive features, and 71% of viewers like TV ad creatives that include a QR code. In addition, 62% are open to scanning a QR code, and 38% are likely to make a purchase after scanning a QR code on a TV ad.
“As content continues to proliferate across channels and platforms, making content more discoverable through strategies like leveraging the OEM Home Screen will be vital to capture consumer eyeballs” said Tony Marlow, CMO at LG Ad Solutions. “In fact, two in five CTV users already rely on the TV home screen for content recommendations, and we expect that to continue to grow.”
