Published May 22, 2024
Here’s the thing:
There’s likely no greater indicator of streaming’s dominance than the rise of the smart TV. New data on the device’s presence in U.S. households puts a finer point on the matter.
According to Hub Entertainment Research, 79% of U.S. homes now own a smart TV. That’s a sharp increase from just four years ago, in 2020, when 66% of American households surveyed checked that box.
Data debrief:
With more Americans increasingly ditching cable for streaming, the friction-free perk of having a TV with built-in streaming services has grown ever more appealing, Hub’s numbers suggest.
The upward trend spiked 10 percentage points from 2020 to 2022, when ownership rose to 70% in 2021 then 76% in 2022, which coincides with the launch of streaming services such as Apple TV+, Disney+ and Peacock.
Naturally, with smart TV ownership soaring, the percentage of Americans streaming video weekly is also seeing an uptick, Hub data shows. For instance, in 2021, just 47% of U.S. viewers who were surveyed streamed video content on their smart TVs every week. In 2024, 62% of U.S. viewers surveyed say they stream video on their smart TV weekly — up 15 percentage points over three years.
Why it matters:
The streaming era appears primed for continued expansion. Consider this month’s upfronts, where Netflix and Amazon made their hosting debuts at the TV industry’s annual dog-and-pony show, with both streamers touting the premium content coming down the pipeline.
Plus, while it’s true that smart TVs have become more affordable, consumers are increasingly willing to splurge for the latest trend in home-viewing experiences: 100-inch screens.
The one thing all these findings have in common? They provide marketers with additional incentive to meet people where they are.
