TL;DR
- FAST is still an emerging industry, but all signs point to it being one that will remain part of the entertainment diet for the future.
- The number of FAST channels in the US has skyrocketed to nearly 2,000 with no signs of slowing down, finds a new report from researcher CRG Global.
- Forty percent of US adults regularly watch FAST and that figure is rising, making it an important part of the country’s media mix.
- Gavin Bridge, VP of Media Research at CRG Global, will reveal the latest research and all you need to know about planning a FAST future at NAB Show 2024. Register here with the code AMP05 to attend.
- The CRG Global research is available for download here.
Media execs know that Free Ad-Supported Streaming TV is a revenue generator — until they don’t. There’s a lot going on under the hood of linearly-scheduled, advertising-funded streamed channels. If you want to understand how to make the most of the opportunity, then a new report from CRG Global, in partnership with NAB Amplify, is your ticket to the inside track.
This comprehensive report, “A Beginner’s Guide to FAST,” will be presented at the 2024 NAB Show by Gavin Bridge, CRG’s VP of Media Research, during his panel, “The Opportunities and Challenges of Free Ad-Supported Streaming TV (FAST),” held Tuesday, April 16 at 10:45 a.m. at the Capitalize Zone Theater (W2149). (You can register here to attend for free.)
The session will explore the current state and future trends of free ad-supported streaming TV (FAST), a rapidly growing segment of the OTT market, and joining Bridge will be: Bethany Atchison, Vice President of Distribution Partnerships at VEVO; Michael Hyon Johnson, Director of Operations for ElectricNOW; and Michael Senzon, President of Digital for Allen Media Group (AMG).
The speakers will examine how, In a rapidly evolving media landscape, traditional television is being overshadowed by innovative streaming solutions.
FAST is one of these innovations, and has surprised many with its rapid growth in the last few years. This session with leading executives from the FAST space will examine the opportunities and challenges of running a FAST channel, such as content curation, personalization, discovery, loyalty, optimization, localization, and monetization.
The panel will also discuss the role and responsibility of platforms and publishers in delivering value to viewers and advertisers, and in fostering a healthy and diverse FAST ecosystem.
By the Numbers
The end result for attendees will be a greater understanding of what FAST is and, if not yet a participant, provide insights as to why FAST could be part of your media strategy.
CRG’s research peels back the layers on FAST, revealing not just its current state but also its trajectory in the Media & Entertainment industry.
For a start, about 40% of US adults regularly watch FAST and that figure is rising, making FAST a very important part of the country’s media mix, the report finds.
Researcher CRG Global also reports that just under half of FAST viewers (48%) watch daily, with a further 39% watching a couple of times a week.
It’s for that reason that many non-traditional video operators include a FAST service within their portfolio. That includes the Disney, Fox and NBCU, as well as Dish, Charter and Comcast, Amazon and even Google TV and TV set manufacturers like Samsung. FAST is the reason Walmart acquired Vizio.
Taking a deep dive into FASTonomics, the report outlines what FAST both is and isn’t. There are competing predictions for growth in 2024, it finds. Omdia suggests the FAST market in the US will hit $7.4 billion this year, and S&P Global’s Kagan estimates it to be $6.2 billion, while CRG Global reckons it to be nearer to $5.1 billion due to the weaker ad market.
Yet FAST remains shrouded in secrecy, the report notes. Not one service publishes domestic users anymore — Paramount used to do so for Pluto TV, but ceased during the pandemic.
Instead the industry has to rely on external analysts to assess the market and put a value on it, which can be confusing given the blurred definition of the FAST business model.
What is not in doubt is that the number of FAST channels has grown considerably since 2020 from 489 distinct channels available across major services to nearly 2,000 at February 2024.
When NBCU announced last June that it would be making close to 50 FAST channels available for licensing, it marked a new point in FAST history. The scale of the launch was unprecedented and yet is just the tip of the content iceberg that many media firms have at their disposal.
What’s Seen on the Screens
The report also details the type of audience that watched FAST, showing that while pay TV still provides utility to many, FAST is filling a need for many that cable is not.
“If a time-traveling FAST executive from the start of 2020 suddenly found themselves in 2024, one of the chief elements that would shock them — aside from the total number of available channels — would be how news has embraced FAST,” says Bridges. “It is the explosion of local news that would attract the most attention.”
Four years ago, there were three local news stations available on key FAST services. That figure is now 231, with Scripps, Cox Media Group and Hearst embracing distribution across a number of major services.
“The extensive local offering helping cord-cutters stay in touch with their communities and allow for local stations to reach the greatest possible audience,” the report finds.
FAST is still an emerging industry. But all signs point to it being one that will remain part of the entertainment diet for the future.
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