Take a close look at the TV viewership stats and you’ll find some thought-provoking numbers. TV is still a popular form of entertainment despite the fact that other stimulating screen-based options have emerged. Contrary to popular opinion, plenty of people still watch TV in addition to playing video games, surfing the web, and using social media.
TV Viewership Statistics Every Business Owner, Manager and Marketer Should Know
Did you know that slightly less than 20% of Generation Z watches 10 or more hours of TV per week? Exactly 26% of Millennials watch 10+ hours of weekly TV. Nearly 60% of Baby Boomers watch 10+ of TV per week.
Viewership of streaming content surpassed cable TV by 0.4% in 2020. However, cable TV is still an important medium to reach those with discretionary income as cable subscribers rake in a yearly income that is 11% greater than those who do not subscribe to cable.
Exactly 34% of United States residents between the ages of 18 and 34 pay for cable TV. It is interesting to note that seniors age 65 on up viewed cable 5% less frequently between 2015 and 2021.
The transition away from cable TV is largely the result of the rise of the streaming video industry. The streaming video market is currently valued at more than $100 billion. In contrast, the combined cable and broadcast TV markets are valued above $300 billion. These combined markets will expand by 3% per year all the way up until 2030. The streaming video market throughout the world is likely to grow by more than 21% every year up until 2030.
Though cable and satellite TV subscribers have decreased across the recent decade, the numbers reveal more than one-third of adults between the ages of 18 and 29 subscribe to cable. In comparison, more than half of those age 65 on up subscribe to cable.
Streaming Video is Surpassing Traditional TV
Two years ago, Nielsen reported that streaming video viewership exceeded traditional TV viewership for the first time in a single month. The breakthrough occurred in July of ’22 when streaming video captured 34.8% of aggregate TV viewership. The trend has continued through ’23 and the first quarter of ’24.
A recent report from Statista shows around 20% of those between the ages of 18 and 54 who live in the United States are inclined to cancel their subscriptions to traditional TV in the year ahead. Those who cut the cord on cable are inclined to pivot to streaming video services such as Netflix.
Of the 44% of young adults living in the United States who do not pay for cable or satellite TV, 91% report they do not have a subscription to the service as they can view the content they desire on the web. The percentage drops a bit lower for those between the ages of 30 and 49, coming in at 72%.
It is interesting that 57% of those between 18 and 29 indicate the cost of cable or satellite TV is too high to motivate them to transition away from web-based video to traditional offerings. Moreover, 61% of those in the young adult age group report they had not subscribed to pay TV in the form of cable or satellite in the home compared to merely 30% of those in the age cohort of 30 to 49.
Break down the statistics of those who have not subscribed to cable or satellite TV even further and you’ll find 53% of those between the ages of 18 and 29 do not watch TV. Exactly 47% of those between the ages of 30 and 49 do not watch TV with regularity. Moreover, one-third of those in the Generation X and baby boomer age cohorts who do not pay for cable or satellite TV report infrequent TV watching.
TV Viewing Habits are Changing
More than 60% of adults 30 and younger have not paid for cable or satellite TV. The largest audience for cable and broadcast TV consists of adults age 50+. Exactly 90% of such adults view TV in the traditional manner. In contrast, nearly two-thirds of those living in the United States younger than the age of 30 prefer to stream video content on the web instead of through traditional TV.
The ongoing transition away from broadcast and cable TV toward online streaming is partially driven by money. Paying for a single online video streaming service is cheaper than paying for an entire package of cable TV channels.
The transition to streaming content is also driven by a desire for customization. Online video streaming provides an opportunity to pick and choose specific content as desired without intrusive commercials. Stay tuned as TV viewership will inevitably continue to change in the months and years ahead.
