U.S. Households Spend An Average of 5.7 Minutes Deciding What To Watch on Streaming Television
LG Ad Solutions study highlights the importance of TV homepages as the focal point for content discovery amid increasing amount of content available on CTV
April 11, 2023 MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--LG Ad Solutions, a global leader in connected TV (CTV) and cross-screen advertising, has today released the findings of its latest streaming report which found although viewers are streaming more free, ad-supported TV, nearly half of U.S. households aren’t sure what they want to watch when they turn the television on, given the amount of content now available on streaming. And even if they know what they want to watch, 40% are confused on where to find that content.
“Consumers take almost 6 minutes on average to select a piece of content to watch after turning on the TV,” said Tony Marlow, CMO of LG Ad Solutions. "This presents a great opportunity for streamers to leverage Smart TV homepages for content discovery. Our data indicates that 39% of viewers have used recommendations from their TV’s homepage when they’re looking for something new to watch–and we anticipate that number to increase as Smart TV adoption continues to climb. The home screen is the new center of the CTV experience where consumers can search for specific content, and find recommendations when they aren’t sure what they want to watch.”
The study, a follow up to LG Ad Solutions’ first The Big Shift report last year, surveyed more than 750 U.S. consumers in March 2023 to determine consumer perceptions and behaviors related to CTV. Titled “The Big Shift: Wave II” the study also found:
- Consumers are cutting down on subscription services: Almost one in two viewers (46%) have canceled a streaming service to save money. Further, 59% of viewers are willing to cancel a subscription after finishing their desired content, supporting the trend that subscribers are hopping between services to keep costs down.
- Consumers continue to want free, ad supported content: 63% of consumers prefer to stream free content rather than paying for a subscription. Over the next 12 months, 32% of consumers will remove a subscription CTV service and 21% will add more free, ad-supported CTV services.
- CTV is a performance channel that drives outcomes: 39% of viewers have searched online and 37% have visited a website after seeing a CTV ad.
Marlow continued: “As consumers increasingly move to free, ad-supported services, this next phase of TV will be defined by both content and experience. This means not only do streamers need to promote their content to lure overwhelmed consumers in, but they also need to have enough to keep them engaged and on the app or channel. Additionally, advertisers must prioritize relevant ad targeting– as nearly 3 in 4 viewers want ads relevant to their interests–and working with partners that provide adequate frequency capping to ensure a good consumer experience.”
For more information on LG Ad Solutions and to download the full study, visit: https://lgads.tv/resource/big-shift-wave-ii/
About LG Ad Solutions
LG Ad Solutions is a global leader in connected TV and cross-screen advertising, helping brands find hard-to-get unduplicated reach at optimal frequency across the fragmented streaming TV landscape. We bring together LG’s years of experience in delivering world-class smart TVs to consumers worldwide with big TV audience data and Video AI designed to connect brands with audiences across all screens.