The results of the latest semi-annual survey of consumer media usage trends from the Raymond James equity research team indicate that streaming video appears to be losing its pricing power punch. While there has been no halt in the steady march to streaming from linear TV – broadcast, cable, direct and satellite programming – none of those providers is disappearing anytime soon. Cable cancellations, in fact, remain gradual.
This moderate plateauing in viewership trends is due to several factors.
For one, consumer perceptions and preferences regarding each delivery system are longstanding, entrenched and not swiftly malleable. Broadly, consumers view traditional TV as best for sports, news and broadcast programming, while streaming has a perceived advantage in cost, original programming, convenience and being mostly commercial-free.
Second, there are only so many hours in the day for media watching. While consumer demand for video content remains healthy across all platforms, daily viewing habits were largely unchanged among the 1,104 US consumers surveyed this past June by the Raymond James technology, media and telecommunications (TMT) equity research team.
“With the total cost of streaming creeping higher, it appears that demand for an increasing number of services at similar prices has a limit,” said Ric Prentiss, head of the TMT equity research team, noting that as most respondents remain largely content with their current video packages and their current internet plan, cord shaving remains significantly more common than outright cord cutting.
“While linear TV’s decline will remain a major headwind for content providers including Disney, Paramount Skydance, Fox, Warner Bros. and NBC, the cash cow will not go away overnight,” Prentiss said. “Cash flows can support investments in streaming, as well as de-levering and, in some cases, shareholder returns for years to come.”
Below, some other notable survey findings and observations:
Netflix remains #1. While its viewer penetration rate fell slightly to 55% in June from 57% in December 2025, Netflix (NFLX) remains the leading choice among respondents of a service they would keep if forced to cut back on subscriptions — selected by 52% of those surveyed versus 33% for Amazon Prime and 19% for Hulu.
Streaming services: less is more. Compared to 88% of survey respondents in December 2025, only 76% of respondents in June said they would subscribe to more than one service. The survey found a slide in the number of users subscribing to four or five-plus services, as users tend to find that managing many subscriptions can be cumbersome.
Younger viewers drive streaming. Older consumers are more prone to inertia and are generally more financially secure, making them less likely to change their TV package in response to rising video costs or other factors. Millennials appear less likely to move to a less expensive package, as they are adopting streaming-only video entertainment at a greater rate and bypassing packages altogether.
Broadcast continues to trend strongly. Among respondents, 33% say that the strength of broadcast programming (mostly sports) has kept them from disconnecting video. This compares to percentages in the mid-to-high 20s before 2023.
Don’t discount cable. The data supports the research team’s ongoing thesis that basic cable can still provide very good value, all things considered. For many consumers, keeping cable is more convenient, less of a bother and not dramatically more expensive than the all-in cost of canceling cable, losing a discount for an internet/phone package, and paying for eight or more streaming packages that collectively cost as much as the cable bundle.
This is not a recommendation to purchase or sell the stocks of the companies mentioned.
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