New Year, new viewing habits? While digital video has grown exponentially for some time, 2023 is the first year digital viewing sources are expected to outpace traditional TV viewing time in the history of the industry.
The trend is expected to continue, says Insider Intelligence, a leading independent analysis firm, who predicts this disparity will only increase. Overall viewing isn’t down, it’s just happening in different places these days.
In the study, traditional linear TV was considered to be any type of video content delivered through cable, satellite, telecom, or over-the-air antenna, while digital viewing counted as any video derived from over-the-top or connected streaming services, and all video viewing taking place on social media and YouTube.
Last year’s projections anticipated TV and digital video consumption would reach a state of equilibrium by this year. But the latest data indicates TV viewing will decrease 6.4% to 2 hours and 55 minutes daily, while digital video viewing will rise 6% to 3 hours and 11 minutes a day.
Trends matter, and following this course puts digital video viewing on track to rise to 3 hours and 18 minutes per day, while traditional TV viewing is expected to continue decreasing to 2 hours and 46 minutes daily by 2024.
A driving factor behind the explosive growth of digital viewing is the ubiquitous presence of social media and time spent on these platforms. Daily video time on social media is slated to increase this year to an average of 45 minutes per person.
TikTok, which has seen some of the most exponential growth, will top Facebook for the very first time in 2023, Insider Intelligence predicts.
Among streaming services with viewers 18 years and older, YouTube and Netflix are battling it out for dominance, with YouTube viewing currently coming in at 33.1 minutes each day to Netflix’s 32.9 minutes daily – a race too close to call at this juncture.
What does all this mean for the industry and how will it shape marketing strategies and advertising spends? The data will no doubt affect these outcomes. Read the full article here.