US Streaming Video Market Report 2023

Covering the US video streaming market, this report provides the foundations for a robust insight strategy. Utilize this data-backed review and get a headstart in your industry research. Below, we’ve summarized the key topics covered and offer select findings from the report.

Key Topics Covered

• An overview of the video streaming market and growth trajectory.
• Key players across various streaming video on-demand categories.
• Use of streaming services by type (eg SVOD/FAST).
• Content perceptions by subscription video on-demand (SVOD) service.
• Attitudes and behaviors toward streaming video, including the use of a second screen.

US Video Streaming Market Size 2023-2028

US consumers are expected to spend $139.4 billion on video entertainment in 2023, a slowdown from the pandemic years. However, Mintel’s forecast shows that spending on streaming video services is set to grow notably from 2023 to 2028. This increase is due to the emergence of more services and subscription tiers, among other factors.

Video Streaming Consumer Statistics

• Confounded by choice: Over half of US consumers use multiple sources for video entertainment, making content selection as important as actually watching a program.
• Social video is easier for many: 41% of consumers think it’s easier to watch social video than to find something to watch on a streaming service.
• Use outweighs perceptions: Americans generally have a low perception of content on SVOD services, but time on these platforms is still only outspent by music streaming services.

Video Streaming Market Opportunity

Given the current challenge for consumers in content selection, there is room for services to make the process easier. Reduce choice fatigue and lost viewership by leveraging Generative AI. Services can aim to allow for more user input here, such as through a chatbot, which is a few steps ahead of the current voice-activated functionality.

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Brands Discussed

This report analyzes the competitive landscape among key players such as Netflix, Amazon, Disney, WBD, and Alphabet.

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Expert Analysis

Leading media and entertainment analyst Jenni Nelson delivers expert insights with this report.

Streaming services rethink business models to generate more revenue. Consumers remain overwhelmed by choice, instead opting for old favorites or social video.

 

Jenni Nelson
Consumer Insights Analyst, Tech, Media & Entertainment