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How Can TV Providers Attract Millennials? Tell Them They Can Watch TV Everywhere
It’s no secret that Millennials (people born between1980 and 2000) are moving away from traditional pay-TV subscriptions.
Many Millennials are part of the cord-cutting trend, opting to piece their television viewing experience together through over-the-top services, like Netflix.
Last year, 8.2% of former pay-TV customers ditched their television subscription — an increase of 1.3% year-over-year. Source: DigitalSmiths.
But a new survey from Altman Vilandrie & Co. and EPIX shows that there may be a way to get Millennials interested in traditional pay-TV again.
The survey found that when younger Millennials (aged 18-24) knew that they could watch their pay-TV service from their smartphones and tablets…
… they were 23% less likely to cut the cord, or switch providers. Source: EPIX.
Being able to watch television programming on any device at any time (known as TV Everywhere) is good at convincing Millennials to sign up for cable as well.
Among people aged 18 to 24, who don't have a cable subscription, 54% were more likely to sign up if there was a TV Everywhere option. Source: EPIX.
And 47% of people aged 25 to 34 were more likely to sign up when TV Everywhere was offered. Source: EPIX.
So if this is true, then why is cord cutting still growing?
Because about two-thirds of all consumers are unaware of television providers’ TV Everywhere option. Source: EPIX.
“… providers need to do a much better job of promoting TV Everywhere and driving its usage or risk continued erosion of subscribers, especially millennials." — Jonathan Hurd, Altman Vilandrie & Co. Source: EPIX.
While TV Everywhere won’t convince all Millennials to sign up for cable or satellite subscription, it appears the option could at least help curb the cord-cutting trend.
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