The pandemic has encouraged 65 to 75 year olds to start using video streaming sites such as Netflix and Amazon Prime.
Almost three fifths of consumers in this age bracket, some 57 per cent, have access to a video streaming service as of 2021. The figure marks an increase of 19 percentage points compared to 2020 when just 36 per cent of consumers aged 65 to 75 had access to a video subscription service.
Data from Deloitte’s Digital Consumer Trends Survey also revealed that older customers show more brand loyalty than their younger counterparts and were half as likely to cancel subscriptions. This makes older viewers a desirable market for video streaming services which struggle to retain customers.
Helen Rees, a director in Deloitte’s technology, media and telecommunications practice said: “This should be a clear focus for streaming platforms in the year ahead as they look to set themselves apart in a crowded market. Platforms that invest in quality content and stories that strike a chord with older audiences will reap the rewards.”
The survey also found that device ownership amongst the over 65s is surging. Two thirds of consumers aged between 65 and 75 now have access to a smart TV, up from 51 per cent in 2020. Laptop access among this age group has risen to 75 per cent, while access to portable games players and smart watches has doubled.
Paul Lee, global head of technology, media and telecommunications research at Deloitte put the success of video streaming sites and an uptake in technology down to repeated lockdowns resulting from the Covid-19 pandemic.
He said: “Devices have moved from a frivolity to a necessity by keeping individuals entertained, informed and connected over a year that has been bleak and lonely for many.”