One in four people have cut or shaved their traditional TV service in the past year, according to Ericsson’s annual look into the TV and media space.
The Sweden-based vendor, which surveyed 22,500 people in 20 markets around the world, said cost was the main reason people were choosing to stream content.
Linear TV still dominates viewing thanks to premium content and ease of access, but streamed content continues to catch up.
The number of people watching services such as Netflix at least once a week equals the number who said they watched linear TV in the same timeframe, for example.
Almost eight out of 10 teenagers said they watched on-demand TV and video on a daily basis.
At the same time, there has been a 71 percent increase in the number of consumers who watch TV and video on smartphones in the last three years.
While this figure was across all age groups, it is the youngest who continue to drive the shift away from traditional viewing habits.
When tablets and laptops are added to smartphones, almost two-thirds of the time teenagers spend watching TV and video is on some form of mobile device, the report found.
For the most part, they are watching user-generated content.
But the popularity of UGC is not confined to the youngest; almost a third of all respondents said it was “very important” to be able to watch it, an increase of nine percent year-on-year.
Interestingly, educational/instruction videos are an important emerging content category, with respondents claiming to watch 73 minutes per week on average.
TV series and movies dominate, however, accounting for roughly half of consumers’ total viewing time.
The amount of streamed TV series and movies that people watch every week has more than doubled since 2011, meanwhile. It stands at six hours.
The report also threw up some other interesting stats.
Almost a third of respondents said they were open to providing personal data in order to get a better service experience, such as improved recommendations.
“The consumers’ appetite for an inspiring content discovery process is not yet met,” Ericsson said.
Meanwhile, 46 percent of consumers showed a “high interest” in an offering that included linear channels, on-demand selections and cross-device access all in one monthly bill.