Smart TV penetration rising rapidly in US, says Parks

New research from Parks Associates released at CES 2023 shows 63% of US internet households own a smart TV, up from 38% in 2015. With smart TV penetration also expected to hit 50% on a global basis by 2026, Parks’ data suggests plenty of room for growth in the burgeoning ad-supported FAST channel market.

Elizabeth Parks

Unveiling the date, Parks Associates president Elizabeth Parks highlighted the growing role of smart TVs as “a key element of an integrated whole-home entertainment vision. Applications and integration are bringing together the smart home and entertainment ecosystems to monetise its user base and have more control of data in the home.”

At CES, several companies including Roku, Xumo and Vestel announced new smart TVs and are seeking to leverage the operating system (OS) for future applications. According to Parks, the likes of Amazon, Apple, Google, and Samsung “are building smart home controls into the TV, transforming this device into a home control platform.”

Drilling down, Parks looked at the key factors consumer consider when making a smart TV purchase. “They value interoperability, compatibility, and ease of use within an ecosystem more than they value single-point functionality,” said Parks. “Connected device owners now have an average of 16 connected devices in the home, and the desire for a single access control point is at the top of their wants.” Parks’ research also showed 87% of US internet households have at least one streaming service.