25 percent consumers changed their streaming platform, TV still has the largest base: Report

Axis My India presents compelling findings from the latest India Consumer Sentiment Index (CSI) that underscore the dynamic shifts in media consumption patterns across Indian households. The data reveals a nuanced change in media engagement, with a slight increase in families consuming various media forms like TV, Internet, and Radio. In the rapidly evolving digital era, marked by the widespread use of smartphones and affordable internet, there is a noticeable shift towards streaming platforms. 25 percent of respondents are moving away from traditional cable or satellite subscriptions, embracing the flexibility of digital streaming services. However, traditional media retains its relevance, with 40 percent of respondents still preferring cable subscriptions, illustrating the coexistence of traditional and digital media formats. The survey further delves into diverse content preferences across different platforms and age groups, highlighting varied interests in serials, movies, sports, and both long and short-form videos.

The December net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +10.3, which is an increase of +0.3 from the last month.

The sentiment analysis delves into five relevant sub-indices – Overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits, entertainment & tourism trends.   The survey used Computer-Aided Telephonic Interviews and included 4603 participants from 35 states and UTs. Among them, 70 percent were from rural areas and 30 percent from urban areas. In terms of regions, 25 percent were from the North, 27 percent from the East, 31 percent from the West, and 17 percent from the South of India. Among the participants, 59 percent were male and 41 percent were female. Looking at the largest groups, 28 percent were aged between 36 and 50 years old, while 27 percent were aged between 26 and 35 years old   Pradeep Gupta, Chairman & MD, Axis My India, said, "It is clear we're at the dawn of a new era in how content is consumed. The rise of smartphones and accessible internet has ushered in a shift towards streaming platforms, with a significant portion of audiences embracing this new mode of engagement. Yet, importantly, traditional cable remains a steadfast choice for many, suggesting a diverse and multifaceted media landscape. This blend of new and old, from serials to movies, and sports to varied video formats, reveals a rich tapestry of consumer preferences that transcend age groups and traditional norms. Looking ahead, these insights point to a future where media consumption is not about choosing between digital and traditional, but rather about how these mediums can coexist and complement each other.”

Key Findings:

Overall household spending has increased for 58 percent of the families. Consumption remains the same for 35 percent of families. The net score is +50 which is the same as last month.

Spends on essentials like personal care & household items have increased for 48 percent of families. Consumption remains the same for 39 percent of families. The net score is at +34 this month.

Spends on non-essential & discretionary products like AC, Car, and Refrigerators have increased for 13 percent of families. Consumption remains the same for 81 percent of families. The net score, which was +9 last month, is at +6 this month.

Expenses towards health-related items such as vitamins, tests, and healthy food have surged for 40 percent of the families. Consumption remains the same for 46 percent of families. The health score which has a negative connotation i.e., the lesser the spends on health items the better the sentiments, has a net score value of -26 this month.

Consumption of media (TV, Internet, Radio, etc.) has increased for 22 percent of families which is an decrease by 1 percent from last month. The net score, which was +2 last month, is at +3 this month.

Mobility has increased for 7 percent of the families. The net score, which was -5 last month, is at -6 this month. Mobility remains the same for 80 percent of the families.

On the topics of current national interest:

The landscape of media consumption has significantly shifted in the wake of widespread smartphone use and affordable internet access. As streaming platforms gain momentum, fuelled by the digital revolution, 25 percent of respondents have pivoted away from traditional cable or satellite subscriptions, opting instead for the on-demand convenience of digital streaming services. Despite this trend, a notable 40 percent of the respondents continue to engage with media through the conventional route of cable subscriptions. This persistence of traditional media consumption alongside the rise of streaming highlights the coexistence of old and new media paradigms, reflecting a diverse consumer base with varied preferences and habits in the digital age.

The survey explored the intricate landscape of content consumption across TV and Video Streaming Platforms/OTT, revealing diverse viewer preferences:

Serials on TV are favoured by 19 percent of the respondent

Movies are watched on TV by 20 percent of respondents, with another 20 percent of the respondents enjoying them on both TV and video streaming platforms/OTT

Sports content is equally popular on both mediums, with 22 percent of respondents tuning into both TV and video streaming platforms/OTT

Long-form videos or content on video streaming platforms are the choice for 16 percent of respondents

Short-form videos or content on video streaming platforms attract 22 percent of respondents.

This diverse breakdown underscores a significant shift in media consumption habits, with digital platforms gaining prominence.

In examining TV viewership data, distinct patterns in content consumption become evident across various age groups:

For TV serials, 19 percent of respondents aged 36-50, and 51-60 engage in watching, while a slightly higher 21 percent of the respondents of those above 60 years tune into these show.

When it comes to watching movies on TV, 21 percent of the respondents of 18-25 age group are viewers, closely followed by 20 percent in both the 26-35 and 36-50 age brackets. The 51-60 age group is not far behind, with 19 percent indulging in movies on TV.

As for sports viewing on TV, 18 percent of the respondents of 18-25 age group are keen watchers, while the interest slightly increases to 19 percent among the 26-35 age group, and notably, 21 percent of respondents above 60 years also actively tune in to watch sports

The findings of Video Streaming Platform/OTT viewership data reveals varied content preferences across different age groups:

In the comedy genre, 16 percent of respondents aged 51-56 show a preference for video streaming platforms/OTT

For long-form videos/content, there is a consistent interest among multiple age groups: 17 percent of respondents aged 18-25, 36-50, and above 60 years lean towards video streaming platforms/OTT. Similarly, 16 percent of those aged 36-50 also prefer these platforms for such content

When it comes to short-form videos/content, the highest preference is seen in the 36-50 age group with 24 percent favouring video streaming platforms/OTT. Close behind are respondents above 60 years at 23 percent, followed by 22 percent each in the 18-25 and 26-35 age brackets, and 20 percent in the 51-60 age group.

As the festive lights of Christmas and New Year's Eve illuminate the consumer landscape, a notable trend emerges from the background of retail. Amidst the season's sparkle and temptation for lavish goods, 18 percent of the respondents plan to splurge on luxury items such as high-end electronics and fashion. 79 percent of the respondents intend to observe the festivities more economically, opting for budget-friendly choices as the year concludes. This contrast in spending habits offers a glimpse into the diverse financial strategies of households, navigating between festive indulgence and financial prudence.

The advent of the New Year traditionally inspires a flurry of resolutions, with financial goals often topping the list for many. The latest survey data presents an intriguing narrative with 14 percent of respondents set to ring in the New Year with financial resolutions, pointing to a select group focused on reshaping their fiscal habits. 83 percent of the respondents will step into the New Year without financial resolutions, suggesting a satisfaction with their existing financial strategies. This divergence in financial forward-planning underscores the varied approaches to personal finance as a new calendar year unfolds.

The New Year often serves as a catalyst for financial introspection, a time when many choose to focus on tax planning and investment reviews. In the spirit of fresh starts, a dedicated 14 percent of the respondents are proactive in their approach and engage in specific financial planning activities such as tax planning and investment reviews. 84 percent of the respondents do not indulge to participate in these financial planning activities implying a confidence in their ongoing financial strategies or a preference for a less seasonal approach to financial management. This landscape of financial activity highlights a population that values both planned financial recalibration and steadfast financial continuity.

In the last ten years, the Modi government has made significant strides in prioritising the development and quality of India's road infrastructure, aiming to transform connectivity across the nation. Reflective of these efforts, a substantial 65 percent of respondents acknowledge noticeable improvements in road conditions since 2014, suggesting that the investments and initiatives in this area have resonated positively with the public.

Over the last decade, there has been a notable focus on improving public transportation systems in India. This focus on improving accessibility and efficiency is reflected in recent survey findings, where a substantial 72 percent of respondents have perceived an improvement in public transport. This significant majority suggests that the initiatives to overhaul and update public transportation facilities and services have positively influenced the general public.

Following the implementation of the Jal Jeevan Mission, a significant initiative aiming to provide 55 liters of water per day to every rural Indian household, there has been a notable impact on water accessibility. According to the survey data, 65 percent of respondents now have access to clean drinking water in their localities, illustrating the positive effect of this ambitious scheme.

The launch of Pradhan Mantri Sahaj Bijli Har Ghar Yojana – SAUBHAGYA in 2017 marked a pivotal step towards electrification in India, with 8 states achieving 100 percent saturation in household electrification. According to the survey findings, 77 percent of respondents acknowledge significant progress in rural electrification.

The Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (PMJAY), targeting healthcare insurance provision to the poor and lower middle-income groups, has been a significant initiative in India. According to the survey findings, 70 percent of respondents have observed an improvement in healthcare facilities in their area. This points towards a progressive shift in healthcare accessibility and quality, marking a promising step forward in the nation's healthcare journey.