OTT Offerings Key to MVPD Subscriber Retention, Says Parks
MVPDs in the COVID-19 pandemic era need to ramp up efforts to engage subscribers with new innovations and business models “or risk accelerating customer losses,” blogged Parks Associates analyst Kristen Hanich Wednesday. Three in five pay-TV households are interested in…
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streaming movies and TV shows from an over-the-top video service as part of their subscription, Hanich said, and many providers are responding to demand: The number of customers receiving OTT services has jumped 50% in a year. Nearly 80% of pay-TV households have both pay-TV and OTT subscriptions, with the number of OTT services among households with any online video service averaging 3.8 subscriptions vs. 4.2 for pay-TV homes. Other findings: 43% of pay-TV households want video calls on their TV; 40% want to control smart home devices and security systems; and 34% are interested in playing video games on TV via a cloud gaming service. Pay-TV providers must keep offering their most valuable content, including live sports and cultural events, Hanich said. In addition to offering streaming channels, they need to target new services to customers and “be willing to take a hit on pricing until this chaotic market stabilizes.”