US Streaming Video Market Report 2022
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“As more consumers continue to cut the cord on traditional media, they have added more streaming services. However, as costs increase and services compete for finite time and household entertainment budgets, consumers may take a second look at the value their subscriptions deliver and opt to make cuts. Services should investigate other revenue sources and consider tiered options while ensuring that their content meets the high standards and expectations of current subscribers.”
– Fiona O’Donnell, Senior Director – US Reports
This Report looks at the following areas
- The market for streaming video and growth trajectory
- What factors impact the streaming video market, key players in SVoDs and strategies for growth
- How streaming video use compares to other video entertainment options
- Use of streaming platforms and how this has shifted from pre-pandemic
- Satisfaction with top SVoDs, key drivers of satisfaction and how pricing is perceived
- Attitudes and behaviors toward streaming video
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Overview
- What you need to know
- This Report looks at the following areas
- Definition
- Market context
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Executive Summary
- Top takeaways
- Market overview
- Figure 1: Total US spending and fanchart forecast for streaming video, at current prices, 2017-27
- Figure 2: Outlook for streaming video, 2022-27
- Opportunities
- Localized advertising will play a growing role in nationally streamed content
- Ad-supported tiers have a receptive audience
- No single “ideal” service – consumers add subscriptions for the content they want
- Figure 3: Number of SVoD services used, 2019-22
- Reliable, high-speed internet brings consistent service
- Opportunity for a more streamlined browsing experience
- Figure 4: Attitudes toward video streaming – Content selection, 2022
- Challenges
- Increasing competition for limited viewing time
- Controlling costs
- Key consumer insights
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Market Size and Forecast
- Streaming video spending forecast to more than double from 2022-27
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- Figure 5: Total US spending and fanchart forecast for streaming video, at current prices, 2017-27
- Figure 6: Total US spending and forecast of streaming video, at current prices, 2017-27
- Growing number of subscriptions leads to greater household spending
- Figure 7: Streaming video spending per US household, 2017-22
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Market Perspective
- Streaming video growth drives spending on total video entertainment
- Figure 8: Consumer spending on cable, satellite, other live TV; video streaming and rental, annual, 2012-22
- Live TV spending forecast to continue its decline
- Figure 9: Total US spending and fanchart forecast for cable, satellite and other live TV services, at current prices, 2017-27
- Streaming video growth drives spending on total video entertainment
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Market Factors
- Increasing interest rates stokes recession concerns
- Figure 10: Consumer Price Index change from previous period, 2020-22
- Figure 11: Federal Funds Effective Rate, Percent, Monthly, Not Seasonally Adjusted, 2010-22
- Reliable, high-speed connections are critical for consumer satisfaction
- Figure 12: Apple TV+ MLB tweet, 2022
- Localized advertising will play a growing role in nationally streamed content
- Digital video advertising goes from one success to the next
- Figure 13: Digital video advertising revenues and fanchart forecast, at current prices, 2017-27
- Increasing interest rates stokes recession concerns
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Key Players
- Streaming landscape increasingly competitive, handful of players dominate
- Figure 14: SVoD services used, 2022
- Netflix remains on top of on-demand streaming category
- Figure 15: Profile of Netflix viewers – Indexed to all SVoD users, 2022
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- Figure 16: Netflix paid memberships – US and Canada, March 2019-October 2022
- Amazon bolsters on-demand library with major sporting events
- Figure 17: Profile of Amazon Prime Video viewers – Indexed to all SVoD users, 2022
- Disney’s streaming package appealing to parents and lower-income households
- Figure 18: Profile of Hulu viewers – Indexed to all SVoD users, 2022
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- Figure 19: Profile of Disney+ viewers – Indexed to all SVoD users, 2022
- Figure 20: Disney streaming services paid memberships, July 2022
- HBO Max’s premium content drives growth among multicultural audiences
- Figure 21: Profile of HBO Max viewers – Indexed to all SVoD users, 2022
- Streaming landscape increasingly competitive, handful of players dominate
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Competitive Strategies and Market Opportunities
- On-demand streaming services acquire rights to live sporting events
- Figure 22: Apple TV+ Friday Night Baseball promotion, 2022
- Streaming bundles remain a key value proposition in telecom category
- ViX+ enters the market aiming at Spanish-speaking audiences
- Figure 23: T-Mobile ViX+ promotional display ad, 2022
- On-demand streaming services acquire rights to live sporting events
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The Streaming Video Consumer – Fast Facts
- Streaming the dominant delivery method for video entertainment
- Netflix and Prime Video are the leading SVoD services
- SVoD users continue to access more and more services
- Satisfaction with SVoD services is high, perceptions generally similar
- The “ideal” SVoD service has an optimal price point of $19
- Nearly half of viewers subscribe for a specific show
- Opportunity for ad-supported services to offset rising costs
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Video Entertainment Services Used
- Digital streaming the primary medium for video consumption
- Figure 24: Video entertainment services used, 2022
- Streaming service use continues to expand while traditional video declines
- Figure 25: Video entertainment services used, 2019-22
- Both men and women under 55 expanding digital video service usage
- Figure 26: Video entertainment services used, by gender and age, 2022
- Significant decline in live TV consumption among youngest adults
- Figure 27: Live TV services used, by age, 2022
- Digital streaming the primary medium for video consumption
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Streaming Services Used
- Netflix continues to lead SVoDs, gap narrows
- Figure 28: SVoD (paid subscription on-demand streaming video) services used, 2020-22
- Consumers continue to increase number of SVoD services
- Figure 29: Number of SVoD services used, 2019-22
- Netflix and Amazon Prime are the “default” SVoD services
- Figure 30: SVoD services used, by number of SVoD services used, 2022
- YouTube TV and Hulu Live TV remain at the top for vMVPD services
- Figure 31: vMVPD (Live digital TV streaming) services used, 2021-22
- FAST services on the rise
- Figure 32: FAST services used, 2022
- Netflix continues to lead SVoDs, gap narrows
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Satisfaction with SVoDs
- Streaming video services viewed similarly
- Figure 33: Key drivers of satisfaction with SVoD services, 2022
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- Figure 34: Key drivers of satisfaction with SVoD services, 2022
- Netflix’s greatest point of dissatisfaction lies with pricing
- Figure 35: Satisfaction with Netflix, 2022
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- Figure 37: Key drivers of satisfaction with Netflix, 2022
- HBO Max and Disney+ rival Netflix in terms of content satisfaction
- Figure 36: Satisfaction with HBO Max, 2022
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- Figure 37: Key drivers of satisfaction with HBO Max, 2022
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- Figure 37: Satisfaction with Disney+, 2022
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- Figure 37: Key drivers of satisfaction with Disney+, 2022
- Netflix users have been with the service the longest
- Figure 38: Length of time as a subscriber, by SVoD service, 2022
- Streaming video services viewed similarly
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Ideal SVoD Pricing
- Expectations for pricing increase along with inflation
- Figure 39: Price sensitivity averages for the ideal SVoD service – Means, 2020 vs 2022
- Ideal service pegged at $19/month, $10-25/month is reasonable
- Figure 40: Price sensitivity of ideal SVoD service – Optimal price, 2022
- Expectations for pricing increase along with inflation
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SVoD Streaming Behaviors
- Nearly half of subscription users signed up for a specific show/program
- Figure 41: Video streaming behaviors, 2021-22
- Services with smaller content libraries at higher risk of cancelation
- Figure 42: Cancelation plans and reasons to subscribe, by SVoD services used, 2022
- Nearly half of subscription users signed up for a specific show/program
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Attitudes toward Video Streaming
- Six in 10 video streaming users looking to reduce entertainment spending
- Figure 43: Attitudes toward video streaming – Spending, 2022
- More than seven in 10 say they prefer to binge-watch their favorite shows
- Figure 44: Attitudes toward video streaming – Viewing preferences, 2022
- Opportunity for a more streamlined browsing experience
- Figure 45: Attitudes toward video streaming – Content selection, 2022
- Six in 10 video streaming users looking to reduce entertainment spending
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Consumer Segments – SvoD Users
- Three segments of SVoD users
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- Figure 46: Consumer segments of SVoD users, 2022
- Ad Avoiders (27%)
- Figure 47: Willingness to watch ads, by consumer segments of SVoD users, 2022
- Home Viewers (40%)
- Figure 48: Age and household income, by consumer segments of SVoD users, 2022
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- Figure 49: Attitudes toward home vs movie theaters, by consumer segments of SVoD users, 2022
- Platform Hoppers (33%)
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- Figure 50: SVoD streaming behaviors – Subscribing and canceling, by consumer segments of SVoD users, 2022
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Appendix – Data Sources and Abbreviations
- Data sources
- Sales data
- Forecast
- Consumer survey data
- Marketing creative
- Abbreviations and terms
- Abbreviations
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Appendix – Consumer
- Price Sensitivity Analysis
- Methodology
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- Figure 51: Price sensitivity of ideal SVoD service – Threshold prices, 2022
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- Figure 52: Price sensitivity of ideal SVoD service – Price Sensitivity aggregate table, 2022
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- Figure 53: Price sensitivity of ideal SVoD service – Price summary table, 2022
- Key Driver Analysis
- Methodology
- Interpretation of results
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- Figure 54: Level of satisfaction with streaming video services – Key driver output, 2022
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- Figure 55: Level of satisfaction with Netflix – Key driver output, 2022
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- Figure 56: Level of satisfaction with HBO Max – Key driver output, 2022
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- Figure 57: Level of satisfaction with Disney+ – Key driver output, 2022
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Appendix – The Market
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- Figure 58: Total US spending and forecast for streaming video, at inflation-adjusted prices, 2017-27
- Figure 59: Total US spending and forecast for cable, satellite and other live television services, at current prices, 2017-27
- Figure 60: Total US spending and forecast for cable, satellite and other live television services, at inflation-adjusted prices, 2017-27
- Figure 61: Total US sales and fanchart forecast of video entertainment, at current prices, 2017-27
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- Figure 62: Total US sales and forecast of video entertainment, at current prices, 2017-27
- Figure 63: Total US sales and forecast of video entertainment, at inflation-adjusted prices, 2017-27
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