New Research Reveals Digital Streaming Services on Track to Overtake Traditional TV in Singapore
New research shows that whilst traditional television is still the current top choice for Singaporeans to watch their favourite shows, digital streaming services are set to rapidly take over.
The research conducted by dataxu, the leading global software provider for marketing professionals, also uncovers the perceptions by Singaporeans around the current and future state of TV advertising and viewing habits.
The prevalence of online streaming giants in everyday conversations seems to suggest consumers have replaced traditional TV as the go-to for their favourite shows.
In actual fact, traditional TV is still the most popular choice among Singaporean audiences, holding the largest share at 36%. In comparison, paid subscription services such as Netflix make up 31% of total viewing time.
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However, TV refuses to be left in the past, and millennials aged 18 to 24 lead the consumption of non-traditional TV. Connected TV and paid subscription services are in fact both steadily increasing in popularity among Singaporeans.
Connected TV, defined as a television set that can connect to the internet, grants audiences access to content beyond traditional TV programming. This intersectional medium has proved a boon for advertisers, as the opportunities that traditional TV offers are enhanced by the superior targeting potential powered by the internet.
The research also reveals that 62% of Singaporeans believe that their overall experience with online advertising has improved in the last year. 61% are happy to share their data in an anonymous way in order to see personalised ads and offers, whereas 65% would willingly share their data in exchange for free content.
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Alvin Wong, General Manager, Asia at dataxu, commented on the results of the research. “Traditional television still lies at the heart of viewership in Singapore, however, there is a growing trend of younger audiences forgoing traditional TV in favour of streaming their own choice of shows. These audiences have a keen awareness of the value exchange with connected TV experiences, and are more willing to share their data with advertisers in exchange for advertising that is tailored to their preferences.”
A total of 1003 consumers and 106 businesses in Singapore were invited to complete the online survey. Of the businesses surveyed, 56 were media agencies and 50 were brands.
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