Bill Livek, vice chairman and CEO, Rentrak, and Cathy Hetzel, corporate president, Rentrak, reviewed some of Rentrak’s key findings during the opening keynote presentation at Thursday’s On Demand Summit, presented by NewBay Media.
Rentrak noted there are currently 55 million video on demand-enabled households with the average consumer spending 9 hours per month with on demand content. Free on demand content represented 78% of all transactions in 2013.
The percentage of broadcast primetime content available on demand grew from 70% in the 2012-2013 season to 84% in the 2013-2014 season. Not only did content grow, but the amount of time spent viewing VOD grew 42%.
"Time and time again, the consumer has told us they are looking for convenience and that is what is driving the growth in on-demand usage," said Livek during a conversation with moderator and B&C executive editor Dade Hayes. Added Hetzel, "This is the year. People have been anticipating when on demand would really mature and now it's really here."
The On Demand Summit is to continue through the day Thursday, with speakers including Vubiquity, Viacom and Comcast.