THE IMPACT OF CORONAVIRUS on household finances, including the increasing cost of groceries and food, are causing many Canadians to scrutinize their entertainment expenditures, according to recent research by Toronto’s Solutions Research Group.
Households comprised of young couples or singles have traditionally been considered most ‘at risk’ to cut the TV cord, but new data from SRG’s upcoming Connected Home study now also suggests Family households with kids – traditionally one of the strongest TV segments – are the most likely segment to consider cutting the TV cord as they spend more on streaming and gaming subscriptions.
Empty nester households with no kids, with a median age of 60, are less than half as likely as family households to consider cutting the cord.
What can TV providers do? Even before the pandemic, consumers told SRG researchers they wanted providers to make the TV service “more affordable,” as streaming service pricing recalibrate value perceptions.
They also want things like more “freedom in customizing the channels” that are included in their packages, “better bundle pricing,” “set-top boxes at no additional cost,” and “free streaming services” to be included in the bundles.
To keep younger and family households in the fold, TV providers need to listen to the voice of their customers, says SRG.
