Lisa Braund, Director, Fashion on Screen
Technology is changing the shape of the ways in which we all consume entertainment, with the latest research from YouGov demonstrating that four in ﬁve of us subscribe to at least one streaming service.
More than 40 per cent of the 14 million adults in Britain who subscribe to Netflix and Amazon video say that they now rarely watch “normal” broadcast television any more.
Britons spend more than a tenth of their disposable income on subscriptions each year, according to research from YouGov. That works out at around £178 a month.
Among the wider population, the average spend on video streaming alone is £17.53 per month, indicating that many users are signed up to multiple services simultaneously. While this figure is growing rapidly, it is still dwarfed by the average monthly spend of £60.83 on cable or satellite, suggesting huge potential for growth.
Revenue from music, TV shows, films and video games hit an all-time high of £6.1 billion last year, according to the Entertainment Retailers Association, which expects that figure to grow by 8 per cent to $6.6 billion this year.
All these remarkable statistics demonstrate beyond any doubt both that the future of entertainment will continue to change at breakneck speed, and that the opportunities for companies who are attuned to that pace of progress are huge.