That’s according to the Deloitte’s 2018 Digital Media Trends Survey, which found found that 55% of U.S. households now subscribe to at least one video-streaming service (up from 10% in 2009).
The average streaming-video subscriber pays for three different services — amounting to $2.1 billion per month in revenue, according to the study. Deloitte calculated the figure based on the Census Bureau’s estimate of 126 million U.S. households for 2017.
At the same time, Deloitte’s survey found a drop in pay-TV subscriptions: 63% of U.S. households subscribe to a traditional cable, satellite or telco service, down from 74% in 2016. Pay TV’s decline is especially pronounced among Gen Z (ages 14-20), millennials (ages 21-34) and Generation X (ages 35-51). Indeed, 22% of millennials say they have never subscribed to a pay-TV service.
The survey found, on average, that Americans watch 38 hours per week of video content, of which 39% is streamed and 61% is on live TV. For younger audiences, streaming is bulk of their video diet: Gen Zers watch 22 hours of streaming video weekly vs. 16 hours of TV, and Millennials watch 19 hours of streaming video vs. 15 hours of live TV.
Overall, about 48% of all U.S. consumers stream TV content at least weekly, versus 37% in 2016.
“Consumers now enjoy unparalleled freedom in selecting media and entertainment options and their expectations are at an all-time high,” said Kevin Westcott, vice chairman and U.S. media and entertainment leader for Deloitte. “The rapid growth of streaming services and high-quality original content has created a significant opportunity to monetize the on-demand environment in 2018.”