Source: GfK TVB Purchase Funnel 2023 A18+
2023 PURCHASE FUNNEL STUDY
The 2023 Purchase Funnel Study, conducted by GFK for the TVB looked “to identify the importance of media platforms in influencing consumers during the purchase decision process”. Consumer exposure across over 20 media platforms across TV, radio, mail, OOH, print, and digital was analyzed. Key findings include that “television is the most important influencer at all stages of the purchase funnel.” And, of those who claimed TV is the most important platform for awareness, two-thirds chose broadcast TV over cable, while local broadcast TV websites or apps were cited as the most trusted digital platforms. (TVB: February 2023)
CORD CUTTING INCREASE
According to Steven Cahall, an analyst at Wells Fargo, cord-cutting is going to accelerate in 2023. In 2022, pay TV lost over 5 million subscribers and 2023 is expected to be even more. “Cahall is looking for 7% of cords to be cut in 2023, another 6.7% in 2024, and 7% again in 2025.” He suggested that linear subscription declines worsened due to more streaming options and streaming awareness, macro challenges, and “a toucher broadband outlook at cable companies”. Also noted, vMPVDs mostly grew in the fourth quarter which offset some of the linear losses. (NextTV: 2/24/23)
GLOBAL STREAMING USAGE STUDY
The 2022 Video Streaming Industry Report revealed that “although global streaming adoption continued growing overall in 2022, the myriad of content options launched in the past two years means that individual services on average captured a smaller share of users’ daily watching time.” For the second year in a row, the total number of video plays increased while daily consumption per user and service dropped. Other key takeaways include that “the time each user spent watching VoD content on each service further decreased compared with 2021,” daily linear TV playtime per user and service took a big hit, declining by 23 percent year-on-year,” while “global linear TV quality kept getting better, demonstrating how highly broadcasters and operators continue to prioritize Linear TV.” Also, to note, the Qatar World Cup 2022 provided a big boost in consumption which reaffirms the high engagement draw of sports content. (AdvancedTV: 3/1/23)
GEORGE JETSON: FUTURIST
Smithsonian magazine quotes that “the Jetsons stands as the single most important piece of 20th-century futurism.” Some researchers have claimed that the Jetsons helped define the future of American households, being that some of the innovations that are with us today which include personal computers, tablets, flatscreens, smartwatches, video conferencing, talking alarm clocks, and more. Not only did the Jetsons predict our typical household gadgets, but they also “accurately predicted the future automated processes carried out by artificial intelligence (AI).” Although flying cars are not readily available, they are in production and with the Jetsons’ set in 2062, that gives us 39 years to complete the models! (MediaPost: 2/21/23)
