Insights into TV Viewership: Key Statistics You Should Know

For more than a decade, traditional television has been on the decline. When connected TV (CTV) and over-the-top (OTT) streaming platforms like Netflix, Hulu, and Amazon Prime took over, it was clear that the media landscape had changed for good.

The ability to watch any content on-demand is much too convenient. Especially compared to the old model of watching a show at a specific time on a specific channel or recording it for later.

What does this mean for brand marketers and advertisers, though?

To give you a better idea of the current state of things in 2024, let's take a look at a few eye-opening TV viewership statistics.

95% of Americans pay for more than one streaming service.

According to 2024 data from Forbes, 95% of Americans now subscribe to two or more streaming services.

Multiple subscriptions per consumer indicate varied interests and demographics. And, since streaming platforms collect detailed data on viewer preferences and behaviors, you can use them to create highly targeted ads.

As a brand, you can leverage these platforms to deliver dynamic ad placements that are more likely to resonate with each viewer. Over time, you'll see a higher ROI from connected TV campaigns, thanks to better targeting and analytics.

Fewer than half of U.S. households subscribe to traditional cable TV.

Leichtman Research reported that in Q2 of 2023, cable TV providers lost an additional 1.7 million subscribers, bringing the total number of households with a cable subscription down to ~46%.

That said, traditional TV advertising isn't dead by any means. In fact, it's one of the best channels for building brand awareness if you sell generalist products to a wide audience.

Think of all the instances where cable TV is the #1 form of entertainment:

• Bars and restaurants

• Waiting rooms at the dentist, doctor, DMV

• Hotels and vacation rentals

• Hair and nail salons

There are also tons of live broadcast events that still rely on traditional TV. The Super Bowl, the Oscars, the FIFA World Cup, and countless other major events are perfect examples (not to mention the news). So while it's important to consider streaming platforms for targeted advertising, don't discount the power of traditional TV for reaching a wide audience.

There are 2,286 video streaming services available in the U.S. today.

Data from IBISWorld shows that, as of 2023, there are currently 2,286 video streaming services available in the United States. With the high number of streaming services in use, viewers have a plethora of content options at their fingertips, leading to fragmented viewership.

Given that consumers are not loyal to a single platform, marketers need to develop cross-platform strategies to reach their audience wherever they are. This might include synchronized campaigns across different streaming services, as well as integrating digital, social media, and even traditional media platforms.

Although there are platforms that "everyone" uses (think: Hulu, Netflix, YouTube, Amazon Prime), there are also countless niche platforms devoted to specific genres or interests. Advertising on the major platforms enables you to create brand awareness and reach a larger audience. But you'll see the most ROI by testing your ad placements across many of these smaller platforms.

80% of TV-owning households have a smart TV.

In an annual report, Hub Entertainment Research recently revealed that 80% of households with a TV own a smart TV in 2024. This means advertisers need to strongly consider TV viewership as a fundamental element of the conversion funnel for many of their target customers.

As more and more people adopt smart TVs, the opportunity for cross-device targeting and retargeting grows. Some streaming platforms now give viewers the opportunity to send ads to their phone, so they can convert while they watch. This is just one way to join the TV and mobile viewing experiences.

Worldwide, pay TV revenue will reduce from 2010 to 2028.

In 2024, Statista reported that while global revenue from pay TV saw an uptick in 2016, it experienced a yearly decline every year thereafter, dropping to approximately $151 in 2021. It's projected that by 2028, the global income from pay TV will have decreased by $26 million.

Meanwhile, the global video streaming market was worth $455 billion in 2022, according to Fortune Business Insights. By 2030, it'll be worth a projected $1.9 trillion.

This is further evidence that streaming platforms are the future of TV viewership. As a marketer, it's crucial to adapt your strategies to this shifting landscape and take advantage of the opportunities presented by OTT and CTV advertising, even when you're building an international brand or targeting a local market in a different country.

Final thoughts

As technology continues to evolve, it's important for brands to stay current and adapt their strategies to effectively reach and engage with their audience. Streaming services have opened up new opportunities for targeted advertising, but it's also important to consider a multi-platform approach to truly connect with viewers and see a higher return on investment for your campaigns.

By staying up to date with the latest trends in TV viewership, brands can effectively navigate the changing landscape of television viewership and be successful in their advertising efforts. So, embrace the power of TV and streaming services and integrate them into your marketing strategy for maximum impact.

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