Sunday, Oct 02, 2022

Streaming services booming with over-65s, Deloitte study finds

Streaming services booming with over-65s, Deloitte study finds

The pandemic and its resulting lockdowns have meant we all spent more time on the sofa than planned.
Video streaming services such as Netflix and Amazon Prime have benefited, signing up millions of new customers.

And a new survey from Big Four firm Deloitte, released on Tuesday, revealed that 57% of Britons aged 65-75 now have a login to a video streaming subscription, up from 36% of those in the age bracket in 2020.

The Deloitte’s Digital Consumer Trends, which the firm has been carrying out for over a decade, found that the over-60s are half as likely on average to have cancelled a subscription - indicating they are a valuable consumer group to have on board.

Younger consumers are more likely to flit between platforms and change allegiances, reports have suggested.

Deloitte's Helen Rees said: "Streaming subscription growth is slowing among every age group other than those aged over 65, offering a new and loyal audience for platforms to target.

"This should be a clear focus for streaming platforms in the year ahead as they look to set themselves apart in a crowded market. Platforms that invest in quality content and stories that strike a chord with older audiences will reap the rewards.”

Across the age groups, a total of 76% of those surveyed said they have access to a video-on-demand service today, up from 65% in 2020.

Around two-thirds of subscribers said they have access to more than one service, with the average subscriber having access to 2.24 platforms.

The survey also found a record 19.2 million devices were bought by Britons in the year to July – more than double the number bought in the year to May 2020 - with wearable tech seeing the sharpest rise.

Around 40% of people surveyed said they now have access to a smartwatch or fitness band, up from 31% in the prior year. Nearly a quarter said they now have a smart watch.

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