Q4 2020 US D2C deep dive An attention recession looms

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The 20,000 Foot View:  The US market is starting to see initial signs of fatigue as the        disruptors begin to reduce monthly user engagement among the three dominant incumbent subscription video on demand services. Netflix, Amazon Prime Video and Hulu all saw modest dips in weekly active use in        2020. The        disruptors themselves are also starting to plateau in weekly active use, with the notable exception of Peacock, which nearly doubled its weekly active users in        2020.

Key insights

• Multiple video-on-demand subscriptions remained flat at        suggesting that transitioning digital laggards are still inclined towards simplified subscriptions 
• Multiple digital subscriptions were at        up three percentage points on        2019 as cross-format media competition increases
• The three dominant SVOD services (Netflix, Amazon Prime, and Hulu) are starting to see a slight decline in weekly active users as the leading four new        entrants (HBO Max, Peacock, Disney+, and Apple TV+) establish themselves
• The TV set remains the preeminent device for viewing TV and film content; however, year-on year engagement in        2020 declined four percentage points to       
• Hulu and Disney+ had the largest        weekly active use        overlaps, with Netflix having the least overlaps, highlighting the increasing risk of subscriber churn
• The digital laggard migration is now the main disruptive trend sweeping through an increasingly saturated video market

Companies and brands mentioned in this report: Amazon Prime Video, Apple TV+ CBS All Access, Disney+, HBO Max, Hulu, Netflix, Peacock