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Globalconsumersurvey2024:

Mediaandentertainment

InsightsfromkeyEuropeanmarkets

November2024

AbusinessofMarshMcLennan

QUALIFICATIONS,ASSUMPTIONS,ANDLIMITINGCONDITIONS

ThisreportisfortheexclusiveuseoftheOliverWymanclientnamedherein.Thisreportisnotintendedforgeneralcirculationorpublication,norisittobereproduced,quoted,ordistributedforanypurposewithoutthepriorwrittenpermissionofOliverWyman.Therearenothird-partybeneficiarieswithrespecttothisreport,andOliverWymandoesnotacceptanyliabilitytoanythirdparty.

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currentdataandhistoricaltrends.Anysuchpredictionsaresubjecttoinherentrisksanduncertainties.OliverWymanacceptsnoresponsibilityforactualresultsorfutureevents.

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SAMPLE

DETAILS

Sexdistribution

Male

Female

Other/donotwant

todisclose

Agedistribution(%)

18-24

25-34

35-44

65+55-64

45-54

©OliverWyman

Italy

1,001

Total

Spain

1,000

Total

Europe

7,002

Total

UK

France

Germany

1,000

Total

2,000

Total

2,001

Total

3,746

1,027

541

580

517

969

3,247

918

418

459

483

1,081

4

9

2

1

2

30%

20%

10%

0

1865+1865+1865+1865+1865+1865+

3

1

Mediaandentertainmentsubscriptionoverview

123Overview

EXECUTIVE

SUMMARY

Mediaandentertainment:Overview

•AcrossEurope,Videoisthemostpopularservicecountingonaverage1.5subscriptionspercapita;nonetheless,c.30%ofconsumerswithoutanyactivesubscriptionsleavesroomforfurthergrowth

•Audiosubscriptionsfollowwithconsumerstendingtofocusonjust1servicesubscription:45%ofthepopulationhavingatleast1subscription,representingmorethan70%oftheaudioconsumers

•GamingandPublishinglagbehindintermsofpenetration,withonly0.5-0.4subscriptionspercapita;suchservicesadoptionareconcentrated,havingasmallerportionofthepopulationwithmultiple

subscriptionsbutthemajority(i.e.7outof10and8outof10respectively)havingnone

•Numberofsubscriptionspercapitadecreasebyageoneachservicecategory:

–Youngadults(<35years),withtheir5.0totalsubscriptionsaverage,holdthe43%ofsubscriptions(c.2.1)onVideovs.theremaining57%distributedacrossAudio,GamingandPublishing

–Adults(35-55years)have3.3totalsubscriptionsaverage,ofwhichhalf(c.1.6)onVideoandtherestdistributedacrossAudio,GamingandlessonPublishing

–Silverage(>55years)show1.7averagesubscriptions,ofwhich52%(c.0.9)onVideo,andasignificantlylowercontributionofGamingvs.youngergenerations

•LeveragingonhighermaturityoftheVideomarket,bundlingwouldrepresentanopportunityforotherservices(e.g.,Audio)toincreasepenetration

5

123Overview

ACROSSEUROPE,VIDEOISTHEMOSTPOPULARSERVICEWITH1.5SUBSCRIPTIONPERCAPITA;AUDIOFOLLOWS,WHILEGAMINGANDPUBLISHINGAREMORECONCENTRATEDWITHAMINORITYOFUSERS

Video

Audio

Gaming

Howmanyonline

subscriptionsdoyou

currentlyhaveforeachservicecategory?

%ofrespondentsfornumberofsubscriptions,byservice;

averagenumberof

subscriptions,byservice

Publishing

Averagescale

01

Source:OliverWymanMediaConsumerSurvey2024.1.Calculatedastheratiobetweenstandarddeviationandweightedaverage

©OliverWyman

Dispersionaroundtheaverage1

30%

28%

20%

13%

6%

3%

1.5

3%

55%

33%

6%

2%1%

0.7

71%

18%

5%

3%

2%1%

0.5

80%

10%

4%

3%2%1%

0.4

00.511.52

2345+

Averagesubscriptions

Dispersionaroundtheaverage(biggersizeforbiggerdispersion)

6

123Overview

YOUNGERGENERATIONSHAVETHEHIGHESTNUMBEROFSUBSCRIPTIONSINTOTALANDACROSS

ALLSERVICECATEGORY-CROSS-AGEDISTRIBUTIONMOSTLYCHANGESFORGAMING

Howmanyonline

subscriptionsdoyou

currentlyhaveforeachservicecategory?

Averagenumberof

subscriptionsbyservice,byagecluster

Source:OliverWymanMediaConsumerSurvey2024.

Video

Audio

Gaming

Publishing

XXAverage#oftotalsubscriptionperperson

5.0

2.1

3.3

1.7

1.6

1.1

1.1

0.7

0.9

0.6

0.4

0.7

0.4

0.2

0.2

YoungAdultsAdultsSilverage

<3535-65>65

©OliverWyman7

2

Video

123Video

EXECUTIVE

SUMMARY(1/2)

Mediaandentertainment:Video

•FocusingonVideo,Europecanbeseenasasinglemarket,withlimiteddifferencesacrosscountries:

–Thepenetration,i.e.theshareofconsumerswithatleast1Videosubscription,isapproximatelyaround70%,rangingbetween65-67%(FranceandGermany)and73%(Italy,Spain,UK)

–TheUKmarketshowsahigherpresenceof“Super”users(i.e.,holding3+subscriptions),whiletheshareofconsumerswith1or2subscriptionsisoverallhomogeneousacrossotherEUcountries;weexpectrestofEurope,esp.FranceandGermany,tocatch-upwithUKintermsofsubscriptionspercapita,movingfromcurrent1.3to1.7(i.e.;+20%-30%)

–Youngadultsleadthevideoservicemarketwithc.90%beingsubscribedtoatleastoneserviceproviderinallcountriesvs.lowerpenetrationinolderagegroups

•Inthenext12months,weexpectamarketstabilization(vs.Videosubscriptions)and,thus,areductionofrotationalchurnphenomena:

–“Super”usersarealsotheonesdeterminingthehighestrotation:interestingly,thehigherthe

numberofsubscriptionsthehigherthelikelihoodtoaddnewones(+8pp)butalsotochurn(+10pp)

–Comparedto2023,itdecreasedboththeshareofconsumerslikelytoreducesubscriptions(from14%to8%)andofthoselikelytoaddthem(from30%in‘23to27%in‘24)

•Intermsofaspectsinfluencingconsumers’decisionstobuy/unsubscribefromaservice:

–Contentappearsasakeydifferentiatingfactorforconsumerswithatleast1subscription,e.g.,55%ofconsumerslikelytochurninthenext12monthsreportcontentlimitationasthetopreason

–Ontheotherhand,competitivepricerepresentsthekeylevertoexploittheuntappedpotentialofconsumerswithoutsubscriptions(i.e.,rankedastopreasonfor56%ofconsumerswithoutsubscrip.)

–Bundle2ofVideoplatformsisconsideredby1/3ofconsumersasthemostimportantfeature

9

123Video

EXECUTIVE

SUMMARY

(2/2)

1.Morethan50%ofthetimespendwatchingvideocontent;2.IncludingpreferencesforCombined

contentofferingandCentrallymanagedandpaidsubscriptions

Mediaandentertainment:Video

•ContentpreferencesaremostlypolarizedtowardsMovies,followedbySeriesandSports:

–Assuch,weobserveastrongerpreferencefor>60minutesformatcontent(watchedformostofthetime1bythe28%consumers)vs.shorterones(watchedmostofthetimebythe12%consumers)

–Youngadultsonaveragespendmoretimeon0-15mincontentvs.oldergenerations;indeed,AdultsandSilveragewatchmore60+mincontent

•Intermsofacquisitionchannels:

–Thedirectisthemostused(65%ofsubs)

–TofurthergrowtheCB,videoplatformscanpartnerwithtelcooperators(19%ofsubs)andelectronicproviders(with7%ofusagerate)

•Intermsofadd-ons,musicservicesaretheeasiesttosellinbundlewithvideoservices,with1/3ofEuropeansubscriberswillingtopayanadditionalfeetohaveaone-stop-shop

10

123Video

VIDEO|70%OFEUROPEANRESPONDENTSHOLDAVIDEOSUBSCRIPTION:ITALY,SPAINANDTHEUK

SHOWTHEHIGHESTPENETRATION(73%),FOLLOWEDBYGERMANYANDFRANCEWITH67%AND65%Percentageofrespondentswithatleastonevideosubscription

France

Germany

Italy

Spain

UK

Europe

Average

65%

67%73%73%73%70%

Yes

Source:OliverWymanMediaConsumerSurvey2024.

©OliverWyman11

123Video

VIDEO|UKMARKETSHOWSMORE“SUPER”USERS(I.E.,3+SUBSCRIPTIONS),WHILETHESHAREOF

PEOPLEWITH1OR2SUBSCRIPTIONSISOVERALLHOMOGENEOUSACROSSOTHEREUCOUNTRIES

UK

Spain

Italy

Germany

France

Europe

Average

1.31.31.51.51.71.5

30%

3%

6%

13%

20%

28%

35%

27%

4%

6%

12%

23%

29%

33%

27%

27%

None

5+subscriptions

3%

4%

6%

8%

2%

2%

4%

13%

4%

17%

13%

4subscriptions

3subscriptions

2subscriptions

1subscription

11%

19%

19%

21%

20%

29%

27%

24%

Howmanyvideo

subscriptionsdoyoucurrentlyhave?

%ofrespondentsbynumberofsubscriptions,bycountry

32%

UKisleadingintermsofaveragenumberofsubscriptions;therestofEuropeisexpectedtoclosethisgap

Source:OliverWymanMediaConsumerSurvey2024.XXAverage#oftotalsubscriptionperpersonbycountry

©OliverWyman12

123Video

VIDEO|YOUNGADULTSLEADTHEVIDEOSERVICEMARKETWITHC.90%BEINGSUBSCRIBEDTOAT

LEASTONESERVICEPROVIDERINALLCOUNTRIESVS.LOWERPENETRATIONINOLDERAGEGROUPS

Howmanyonline

subscriptionsdoyou

currentlyhaveforeachservicecategory?

%ofrespondentswithvideoservicesubscriptionsby

country,byagecluster

Source:OliverWymanMediaConsumerSurvey2024.

Video

Services

None

5+subscriptions

4subscriptions

3subscriptions

2subscriptions

1subscription

France

2.01.40.7

<3535-55>55

Germany

2.11.60.8

<3535-55>55

Italy

2.01.61.1

<3535-55>55

Spain

2.21.70.9

<3535-55>55

UK

2.32.00.9

<3535-55>55

Europe

Average

2.11.60.9

<3535-55>55

AgeCluster

Youngadults(<35)Adults(35-55)Silverage(>55)XXAverage#oftotalsubscriptionperpersonbyagecluster

©OliverWyman13

123Video

VIDEO|ONGOINGSTABILIZATIONOFTHEVIDEOSUBSCRIPTIONNUMBER:-3P.P.YOYOFTHESHARE

28%

Increase

23%

27%

21%

39%31%

32%33%

24%

UK

28%

30%

27%

Definitelyincrease

Maybeincrease

Maybedecrease

14%6%

21%

12%

14%

8%

Definitelydecrease

Decrease

7%

12%

9%

10%8%

OFCONSUMERSLIKELYTOINCREASEAND-6P.P.OFTHOSELIKELYTODECREASE

Areyoulikelyto

increaseordecreaseyournumberofvideoservicesinthenext

12months?

%ofrespondentslikelyto

increaseordecreasenumberofsubscriptions,byyear,by

country1

Source:OliverWymanMediaConsumerSurvey2024.1.Notexhaustive,missing%respondentsreporting“No”.

Spain

Italy

France

Germany

23%

Europe

Average

28%

11%

7%

27%

6%6%

23%

18%

10%

8%

23%

5%

4%

4%

5%

21%

20%

15%

16%

6%

3%

7%

6%

24%

26%

13%

10%

5%

5%

10%

18%

6%

9%

1%

2%

4%

12%

2%

2%

1%

2%

2%

3%

2%

202320242023202420232024202320242023202420232024

9%

12%

2%

6%

©OliverWyman14

123Video

VIDEO|INPARTICULAR,“SUPER”USERSARETHEMORELIKELYTOADDNEWVIDEOSERVICESUBSCRIPTIONS(EXCEPTFORITALY)AND/ORCHURN

Areyoulikelyto

increaseordecreaseyournumberofvideoservicesinthenext

12months?

%ofrespondentslikelyto

increaseordecreasenumberofsubscriptions,bynumber

ofactivesubscription,bycountry1

Source:OliverWymanMediaConsumerSurvey2024.1.Notexhaustive,missing%respondentsreporting“No”.

Italy

Spain

France

Germany

Europe

Average

40%

35%

35%

33%

31%

31%

30%

25%

l

24%

20%

25%

19%

6%

16%

6%

10%

6%

17%

5%

10%

8%

20%

6%

20%

Increase

UK

Decrease

<33+<33+<33+<33+<33+<33+

#ofactivesubscriptions

©OliverWyman15

123Video

VIDEO|CONTENTLIMITATIONISBYFARTHETOPREASONTOCHURN,FOLLOWEDBYINCREASING

PRICES;ITALYSTANDSOUTFORMORESENSITIVITYTOPRICEVS.CONTENTLIBRARYRELEVANCE

Whatarethemain

reasonswhyyoucouldthinkofunsubscribingfromavideoservice?

%ofwillingtounsubscribe

respondentsrankingas1steach

reasontounsubscribe,bycountry

Source:OliverWymanMediaConsumerSurvey2024.

France

Germany

Italy

Spain

Europe

Average

UK

61%

56%

50%

53%

54%

55%

Contentlimitation

(i.e.,removalofdesired

content,scarceselection,havingjoinedforaspecifictitle,limitedrefreshment)

31%

35%

39%

32%

39%

35%

Increasingprices

6%

5%

6%

8%

5%

6%

Toomanysubscriptions

1%

4%

5%

7%

3%

4%

Difficultuserexperience

%ofrespondentrankingthereasonasfirstmotivetounsubscribe

©OliverWyman16

123Video

VIDEO|HAVINGACOMPETITIVEPRICEISTHEKEYLEVERTOEXPLOITTHEUNTAPPEDPOTENTIALOF

CONSUMERSWITHOUTANYVIDEOSUBSCRIPTION-GERMANYISLESSPRICESENSITIVE

Whatdrivesyouto

subscribetoavideo

streamingservice

and/orchoosethemostsuitablevideostreamingserviceforyou?

%ofrespondentswithoutavideosubscriptionrankingas1steach

driverforchoosingaprovider,bycountry

Compellinguserexperience

Varietyofcontentlibrary

(e.g.,breadth,

originals,exclusivegenre)

Competitiveprice

France

4%

34%

61%

Germany

6%

55%

39%

Italy

2%

29%

69%

Spain

1%

41%

58%

UK

3%

44%

53%

Europe

Average

3%

40%

56%

Source:OliverWymanMediaConsumerSurvey2024.

©OliverWyman17

123Video

VIDEO|BUNDLINGISTHEMOSTIMPORTANTFEATURECONSUMERSARELOOKINGFOR:ITINCREASES

ASTHENUMBEROFACTIVESUBSCRIPTIONSRISES,CONTRARYTOFLEXIBLEPRICINGOPTIONS

Europe

Average

No-subscription

1-2subscriptions

3+subscriptions

6%

10%

11%

10%

12%

13%

25%

25%

23%

29%

21%

18%

34%

31%

32%

Intelligentcontentrecommendations

Userprofilesandparentalcontrol

Userfriendlysearchesacrosssubscriptionsandcontent

Whichofthe“add-ons”featuresbelowaremostimportanttoyou?

%ofrespondentsrankingas1st

eachfeature,bynumberofactivesubscriptions

Flexiblepricingoptions

Bundling1

Source:OliverWymanMediaConsumerSurvey2024.1.Includescentrallymanagedandpaidsubscriptions&combinedcontentoffering

©OliverWyman18

123Video

VIDEO|MOVIESARETHEMOSTWATCHEDVIDEOCONTENT,FOLLOWEDBYSERIESANDSPORT,

ACROSSALLCOUNTRIES

UK

Movies

Series

Sport

News

Livechannels

Realityshows

France

Germany

Italy

Spain

Europe

Average

1

2

3

4

Whattypeofcontent

doyouusuallywatchthroughvideo

streamingservices?

Averagerankingby

respondentsconsideringto

switch(1=mostimportant),by

country

5

6

Source:OliverWymanMediaConsumerSurvey2024.

©OliverWyman19

123Video

VIDEO|ACROSSCOUNTRIES,ALARGERSHAREOFCONSUMERSSPENTMOSTOFTHEIRTIMEON

LONGERFORMATS(60+MINUTES)VERSUSSHORTERONES(<60MINUTES)

France

Italy

Germany

34%

32%

27%

13%

12%

10%

<60minutescontent

60+minutescontent

<60minutescontent

60+minutescontent

<60minutescontent

60+minutescontent

Europe

Average

28%

<60minutescontent

60+minutescontent

Spain

UK

Howmuchofyourtimedoyouspendonthe

followingformats,

categorizedbylengthofcontent?

%respondentsspendingmorethen50%oftheirtimeonwatching

shorter(<60minutes)andlongerformats(60+minutes),bycountry

12%

23%

15%

12%

25%

<60minutescontent

<60minutescontent

60+minutescontent

60+minutescontent

20

Source:OliverWymanMediaConsumerSurvey2024.©OliverWyman

123Video

VIDEO|0-15MINCONTENTAREMOREWATCHEDBYYOUNGADULTSVS.ADULTSANDSILVERAGE

WATCHINGMORE>60MINCONTENT

Howmuchofyourtimedoyouspendonthe

followingformats,

categorizedbylengthofcontent?

%respondentsbyrangeoftimespentoneachcontentlength,byagecluster

Source:OliverWymanMediaConsumerSurvey2024.

Europe

Average

Morethan75%

ofthetime

50-75%

ofthetime

25-50%

ofthetime

0-25%ofthetime

1%

1%

1%

1%

7%

5%

5%

29%

27%

34%

67%

65%

58%

0-15minutes15-30minutes

4%

4%

5%

16%

11%

27%

23%

27%

67%

62%

54%

<3535-55>55<3535-55>55

4%

8%

11%

15%

23%

25%

34%

34%

32%

47%

35%

32%

30-60minutes>60minutes

3%

4%

4%

15%

18%

16%

37%

41%

41%

45%

39%

37%

<3535-55>55

<3535-55>55

AgeCluster

Youngadults(<35)Adults(35-55)Silverage(>55)

©OliverWyman21

123Video

VIDEO|THEDIRECTCHANNELISBYFARTHEMOSTUSEDFORVIDEOSUBSCRIPTIONSACROSSALL

COUNTRIES(BYC.2/3),FOLLOWEDBYTELCO(C.1/5);OTHERCHANNELSLESSPENETRATED

Howdidyoucontractyourvideoservice

subscriptions?1

%ofrespondentswithatleastonevideosubscriptionusingeachsalechannel,bycountry

Direct

Telco

SmartTVs2

Retailer3

Other4

France

65

20

9

3

4

Germany

68

18

7

3

4

Italy

Spain

17

7

3

5

69

28

7

3

4

59

UK

67

12

9

5

7

Europe

Average

66

19

7

3

5

Source:OliverWymanMediaConsumerSurvey2024.

1.Whilethequestionwasaimedattestingtheusagelevelofeachchannel,usagerateshavebeenreproportionedoutof100%torepresentrelativeweightandadoption;2.E.g.,TVmanufacturersandaggregators;3.E.g.,Pre-paidcardsavailableinsupermarkets;4.E.g.,loyaltyprograms,banks,HolidayBundle-Magicbreak:Disneylandresortbookinginbundlewith12monthsofDisney+subscription.

©OliverWyman22

123Video

VIDEO|MUSICSERVICESARETHEEASIESTTOSELLINBUNDLEWITHVIDEOSERVICES,WITH1/3OF

EUROPEANSUBSCRIBERSWILLINGTOPAYANADDITIONALFEETOHAVEAONE-STOP-SHOP

Gaming

Forwhichsolutions,

thatyourvideoservice

providermightaddtothevideoservice,wouldyoubewillingtopayan

additionalfee?1

%ofrespondentswithatleast

1videosubscriptionwillingtopayanadditionalfeeforeachservice,bycountry

Source:OliverWymanMediaConsumerSurvey2024.1.Respondentscouldselectmorethanonesolutiontopayanadditionalfeefor.

Italy

Spain

France

Germany

Europe

Average

UK

18%

17%

15%

10%

11%

20%

Thematicpodcasts

21%

20%

20%

16%

15%

Newsandarticles

21%

23%

21%

20%

15%

13%

Ebooks

28%

25%

22%

20%

20%

16%

36%

28%

33%

31%

29%

25%

Musicservices

33%

49%

43%

55%

37%

35%

Nofurthersolutions

38%

%ofrespondents

©OliverWyman23

3

Publishing

EXECUTIVE

SUMMARY

Mediaandentertainment:Publishing

•Consideringawidesetofpotentialsourcesofnews,preferencesarequitesimilaracrossEurope:

–ProgrammedTVis,byfar,thepreferre