Netflix will soon reach 10 million subscribers in the United Kingdom at the culmination of 2018.
This was confirmed by information released by strategy consultancy firm, MTM, ScreenThink, a market think-tank, and a survey of over 3,000 British online users, 16 years old and above.
Almost 25 percent of British Internet users overall and 39 percent of 16 to 24-year-olds claimed they tune in to Netflix for TV and video content.
The research also mentioned about YouTube as another main option for video services. In addition, the budget-friendliness of the subscription video-on-demand (SVoD) giant has helped attract British customers.
Netflix comes in together with rival Amazon Prime Video as credited for bringing good value for the consumer’s money.
Their increasing availability has modified the views of the modern audience in the UK. 54 percent of British pay-TV customers now think that their cable TV service is expensive.
In addition, one in four customers are thinking of canceling their cable TV subscription. The report also cited that 1.1 million British consumers have the plan of subscribing to Netflix before the new year arrives.
This statistical figure, once realized, would make Netflix’s British subscriber numbers crossing the 10-million level. Apparently, the over-ten-million subscriber population is achievable for Netflix.
This is considering the auspicious 88 percent satisfaction rating given to the SVoD service provider by its subscribers. These customers are reckoned as among the “most satisfied” audiences in the UK.
Furthermore, the latest integration of the major SVoD service to Sky Q’s offering could further bolster growth for it.
The research pointed out that the 200,000 existing customers of Sky Q are eyeing Netflix subscriptions as this year draws to a close.
Jon Watts, managing partner at MTM, affirmed that British traditional media entities like the pay-TV firms and TV broadcasters stay in a strong post.
These organizations have developed respected over-the-top products such as All4, the BBC iPlayer, Now TV, the iTV Hub, and My5.
However, the modifications in consumer perspectives and viewpoints of quality when it comes to value for money, ingenuity, and content, have affected traditional media.
As the research mentioned about the increasing disenchantment with traditional TV broadcasting and pay-TV companies, these firms should find ways to be friendly to people’s budgets.
In addition, they should strive to be relevant in order to survive in the rapidly changing times.