Subscription and rental growth has slowed significantly in the streaming video space, as consumers who are uncertain about the economy moderate their spending – and, particularly when it comes to younger users, adopt free alternatives like social video. Advertising revenues are growing more robustly, but gaps in measurement and infrastructure have made it more difficult for brands to leverage. The result has been poor financial performance for many streaming players outside of Netflix, although streamers like Disney+, and Peacock have been cutting costs and heading towards profitability.
Regardless of these challenges, consumers are still spending hours watching video every day, creating a ripe asset for monetization. The only question is who will crack the code. Short social videos are resonating well with young mobile consumers, and if TikTok is truly sidelined there will be billions in new opportunities. As compelling new content is a key choice driver, economies of scale will be essential to delivering the waves of new programming that keep consumers – and thus advertisers – engaged. Netflix, Amazon, and Disney/Hulu all have enough funding and users to be viable, and YouTube and AppleTV are also backed by billions. However, any smaller players remain at risk and significant consolidation likely lies ahead.
This report looks at the following areas:
- Streaming video market size and growth trends
- Impact of advertising as a revenue source
- Most used video sources and streaming services
- Viewing behaviors, including time spent watching
- Attitudes and behaviors toward streaming video, including cancellation drivers
- Corporate strategies and potential growth opportunities for streaming video
Subscription growth in streaming has slowed as economic uncertainty leads consumers to choose free alternatives like social video.
Jason Praw, Head of Canadian Research
Market Definitions
The streaming video market includes streaming video and rental services, whether on-demand, subscription, or ad-supported.
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EXECUTIVE SUMMARY
- What you need to know
- An established market reaches stasis
- Market predictions
- What consumers want & why
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MARKET DYNAMICS
- Market context
- The economy improves. . .
- Graph 1: CPI change from previous period, 2007-24
- But do consumers feel it?
- Graph 2: consumer sentiment index, 2020-24
- Cable revenue continues to diminish
- Market drivers
- Consumer choices settle in
- Graph 3: video entertainment sources used, 2021-24
- Ad growth a major revenue stream going forward
- Graph 4: digital video advertising spend, 2020-24
- Content investment requirements moderate
- Graph 5: estimated global content investment, by provider, 2020-2024
- Market size and forecast
- Growth flattens for a maturing segment
- Consumer spend on streaming video predicted to grow by a moderate $21.2bn from 2023-2024
- In current dollars, spend will only increase by 8% by 2028
- After inflation, the market will shrink by 4%
- Market share
- Leaders continue to grow global subscribership
- Profit remains elusive in a costly sector
- Is consolidation the inevitable answer?
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CONSUMER INSIGHTS
- Consumer fast facts
- Consumer fast facts cont.
- Devices used to view video and time spent
- Phones replace TVs for the young
- Graph 6: devices used to watch video, by age, 2024
- Middle-income consumers are multi-screen
- Graph 7: devices used to watch video, by household income, 2024
- Video a major pastime for seniors
- Graph 8: weekly time spent watching video, by age, 2024
- Unmet needs for Asians, Hispanics?
- Graph 9: weekly time spent watching video, by race, 2024
- Video entertainment sources
- Consumers shift usage within platforms
- Graph 10: video entertainment sources used, 2021-24
- Will young viewers stick with social video?
- Sports drive traditional TV viewership for younger men
- Graph 11: video entertainment sources used, by gender, 2024
- Free social video subs in for paid for low-income viewers?
- Graph 12: video entertainment sources used, by household income, 2024
- Streaming topples traditional TV
- Subscription SVOD service usage
- Some shifts seen in major streaming player usage
- Netflix, Amazon Prime remain in the lead
- Graph 13: SVOD services used, 2021-24
- Want to reach men? Try ESPN+
- Prime Video, Apple TV+ most popular with the affluent
- Graph 14: SVOD services used, by household income, 2024
- Netflix dominates in viewership
- Graph 15: preferred subscription SVOD service, 2023 and 2024
- Women major Netflix fans
- Graph 16: Netflix as preferred subscription SVOD service, by age and gender, 2024
- Asian viewers also love Netflix
- Graph 17: Netflix as preferred subscription SVOD service, by race, 2024
- AVOD and live streaming usage
- Tubi rules amongst AVOD players
- Graph 18: free AVOD services used, 2023 and 2024
- Younger women prefer Tubi, Freevee appeals to older audiences
- Graph 19: free AVOD services used (select), by age and gender, 2024
- Soccer may help ViX resonate with men
- Several live streamers see growth
- Graph 20: paid live TV services used, 2023 and 2024
- Sports likely fueling live streaming usage by men
- Graph 21: paid live TV services used, by age and gender, 2024
- Parents particularly likely to use multiple services
- Graph 22: paid live TV services used, by parents vs overall, 2024
- Tiered subscription behavior and attitudes
- Consumers still willing to pay to skip ads – sometimes
- Graph 23: ad-supported service usage, by age, 2024
- Older consumers don’t mind ads
- Graph 24: attitudes on streaming and ads (% agree), by age, 2024
- Lower-income viewers live with ads
- Graph 25: attitudes on streaming and ads (% agree), by household income, 2024
- Subscription service attitudes and behaviors
- Clear price sensitivity – especially amongst older consumers
- Graph 26: motives for cancelling subscription services, by age, 2024
- Demonstrate value for higher-earners
- Graph 27: motives for cancelling subscription services, by household income, 2024
- Dads care about content, moms about cost
- Graph 28: motives for cancelling subscription services, moms vs dads, 2024
- Most engaged users most likely to use portal approach
- Graph 29: “I have subscribed to streaming services through other platforms” (% agree), by key demographics, 2024
- Majority of men see the value of add-on sports streaming
- Graph 30: add-on sports streaming packages are worth the money (% agree), by age and gender, 2024
- Viewing behaviors and content choice
- Viewing is more social for younger generations
- Graph 31: general video viewing behaviors, by age, 2024
- Black audiences enjoy sharing
- Graph 32: general video viewing behaviors, by race, 2024
- Watching is a family affair?
- Graph 33: general video viewing behaviors, moms vs dads, 2024
- Surfing content can be a chore
- Graph 34: content choice attitudes and behaviors (% agree), by age, 2024
- Affluent consumers seem comfortable with choices
- Graph 35: content choice attitudes and behaviors (% agree), by household income, 2024
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COMPETITIVE STRATEGIES
- Marketing and advertising
- Back to the cable bundle?
- Caring about password sharing
- Help viewers navigate the streaming swamp
- Celebrating content
- Sharing the fun
- Opportunities
- A world (or at least a country) without TikTok?
- Making sense of measurement
- Cracking the sports conundrum?
- Appeal to Asians with targeted content
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APPENDIX
- Market definition
- Consumer research questions
- Consumer research methodology
- Generations
- Abbreviations
- Forecast methodology
- Forecast fan chart methodology
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