25% consumers shift to digital streaming services: Axis My India Survey

Axis My India, a consumer data analytics company, has unveiled its findings from the latest India Consumer Sentiment Index (CSI) survey 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.

25% of respondents are moving away from traditional cable or satellite subscriptions to digital streaming platforms. However, traditional media retains its relevance, with 40% of respondents still preferring cable subscriptions. The survey 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 sentiment analysis delves into five sub-indices– Overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits, entertainment and tourism trends. The survey used computer-aided telephonic interviews and included 4603 participants from 35 states and UTs. 

Pradeep Gupta, chairman & MD, Axis My India, said, "The rise of smartphones and accessible internet has ushered in a shift towards streaming platforms, yet 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.”

Overall household spending has increased for 58% of the families and spending on essentials like personal care & household items have increased for 48% of families. Expenses on non-essential & discretionary products like AC, car and refrigerators have increased for 13% of families. and health-related items such as vitamins, tests, and healthy food have surged for 40% of the families. Consumption of media (TV, internet, radio, etc.) has increased for 22% of families which is a decrease by 1% from last month. Additionally, mobility has increased for 7% of the families. 

The survey explored the landscape of content consumption across TV and video streaming platforms/OTT, revealing diverse viewer preferences. TV serials are preferred by 19% of the respondents. Meanwhile, 20% enjoy watching movies on TV, with an additional 20% enjoying movies on both TV and video streaming platforms like OTT.

Sports content holds an equal appeal on both TV and video streaming platforms, with 22% tuning into both mediums. Long-form videos on streaming platforms are preferred by 16% of respondents, while 22% favor short-form videos or content on these platforms.

Distinct patterns in content consumption across different age groups emerge from the TV viewership data. For TV serials, 19% of those aged 36-50 and 51-60 are engaged viewers, while a slightly higher 21% of respondents above 60 years tune in. Movies on TV attract 21% of the 18-25 age group, closely followed by 20% in the 26-35 and 36-50 brackets. Sports viewing on TV ranges from 18% interest among 18-25-year-olds to 21% engagement among respondents above 60 years old.

Video streaming platform/OTT viewership data reveals varied content preferences across different age groups, with specific interests in comedy, long-form and short-form videos. In the comedy genre, 16% of respondents aged 51-56 favor these platforms.

Long-form videos/content attract a consistent interest across ages: 17% from age groups 18-25, 36-50, and above 60, while 16% of those aged 36-50 lean towards this content on these platforms. Short-form videos/content find varied favor, with the highest preference at 24% from the 36-50 age group, closely followed by 23% of respondents above 60, and 22% each in the 18-25 and 26-35 brackets, and 20% in the 51-60 age group.

During the festive season, 18% of respondents plan to splurge on luxury items while 79% opt for budget-friendly choices. For the New Year, 14% prioritise financial resolutions, contrasting with 83% content with their current strategies.

Moreover, 14% actively engage in financial planning activities like tax planning and investment reviews, while 84% maintain confidence in their ongoing financial approaches. This highlights varied spending habits, resolution preferences and attitudes towards financial planning as the year turns over.