FAST gains ground as SVOD and MVPD falter, Horowitz survey

A growing number of television viewers are turning to free, ad-supported streaming TV (FAST) platforms, with two in three (66%) using these services in a typical month, according to Horowitz Research’s annual report, “State of Media, Entertainment, and Tech: Viewing Behaviors 2024.”

Popular FAST platforms such as Tubi, Pluto TV, Freevee, YouTube and Roku lead the charge, reshaping the television landscape.

The report highlights a significant shift in consumer behavior, showing that more than half (53%) of FAST users have reduced their paid streaming subscriptions since adopting free alternatives. However, FAST is not entirely cannibalizing paid services; 43% of users have subscribed to a pay service to continue watching a show they initially discovered on a FAST channel.

Adriana Waterston, executive vice president and insights and strategy lead at Horowitz Research, pointed out that FAST is addressing some of the frustrations viewers faced with on-demand streaming.

“As the FAST space matures, it does feel like a correction of many of the issues that on-demand streaming created for consumers and the industry,” Waterston said. She emphasized that FAST provides a more relaxed viewing experience, with 73% of users agreeing that TV is more enjoyable when they can simply tune in and watch what’s available.

This trend is particularly evident among cord-cutters—those who have given up cable or satellite subscriptions—with nearly six in 10 (58%) comparing FAST services to the traditional cable TV experience.

The “State of Media, Entertainment & Tech: Viewing Behaviors 2024” report delves into these shifts, examining the types of content viewers are consuming, the devices they use, and their platform preferences.

This year’s study, conducted in March and April among 2,008 adults, offers a deep dive into the role of FAST services in the current media landscape. The findings are presented in several editions, including total market and culturally focused segments such as Latinx, Black, and Asian viewers.

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The significance of diverse content will also be a focal point at Horowitz’s upcoming Cultural Insights Forum, set to return in fall 2024 after a six-year hiatus. This event will explore the value of inclusive programming in today’s media environment, reflecting ongoing changes in viewing behaviors and platform dynamics.