New research highlights rapid growth of 4K TV sales, cord-cutting households
Park Associates, the market research and consulting company, this week released two pieces of research highlighting the continued growth of 4K TV sales and the percentage of U.S. households cutting the cord.
In Connected CE: Trends and Innovation, Parks Associates predicts that 330 million 4K UHD TVs will be sold globally by the end of 2019; compare this to two million such TVs sold by the end of 2013.
56 per cent of U.S. households that plan on purchasing a TV in 2015 think that 4K is an important feature while 44 per cent felt that the price was too high or that the picture quality was not worth the investment.
“In addition to 4K, picture technologies such as high dynamic range (HDR) and wide color gamut (WCG) are being introduced to the market,” said Barbara Kraus, Director of Research, Parks Associates. “The combination of these picture technologies will produce more saturated colors, more dynamic images, and pictures that look more lifelike.”
Park Associates also released research on cord cutting, finding that 10 per cent of U.S. broadband households have now cut the cord. 25 per cent of these cord-cutting hosueholds have become so in just the past year. At this point in time, cord never represent 3 per cent of U.S. households, which will only continue to grow.
“Although pay-TV adoption rates have held fairly steady over the past four years, the video industry is highly sensitive to these groups of consumers,” said Brett Sappington, Director of Research, Parks Associates. “Cord cutters, shavers, and nevers represent both the risk and opportunity facing the industry today. As viewing evolves, companies want to be sure that they are in a position to react to trends and adequately capture revenues. The massive influx of new OTT video services in 2015 is one example of video market players making moves to prepare for the new future of video entertainment.”