Can cable marketers and PR pros keep young subscribers from canceling their pay TV service? A study of Gen Y-ers by consultancy Ideas & Solutions finds that 60% of respondents are seriously considering “cutting the cord” to their pay TV subscriptions (see related Edelman chart). Other study findings include:
• Segmented into “Loyalists,” “Leaners” and “At-Risk” categories, 69% of the At-Risk responders and 61% of the Leaners cite the expense as the main reason they would consider discontinuing their pay TV service. That reason is cited far more than “Other ways I can watch entertainment content,” which is given by 36% and 35% of the At-Risk and Leaner respondents, respectively.
• Of those deemed most at risk of cord-cutting, nearly 50% use Netflix and Hulu, while only 29% of Loyalists use Netflix and 25% watch TV via Hulu. Among Leaners, 42% use Netflix and Hulu.
• Convenience factors rank as a major reason for many subscribers to keep their service. Viewers prefer paying their bills in a single lump sum and enjoy the “communal” aspects of pay TV, as well as the “stumble upon” experience of browsing the channels.
• Fans of sports programming are much more likely to be loyal customers.
• In qualitative interviews, many of those who have already moved away from pay TV said they may, in fact, return if their lifestyle situations changed and providers were more attuned to their preferences. PRN
Source: Ideas & Solutions