Netflix remains the most used video streaming service in the U.S., however, its dominance has been challenged in an overcrowded market. A few years ago, half of its competitors, such as Disney+, Apple TV+, and Peaco*ck, did not exist. A survey from September 2022 found that over three in four U.S. households had a Netflix account, closely followed by Amazon Prime Video, with 72 percent of respondents stating to subscribe to the service. In comparison, Discovery+ was only used by nine percent of households.
Shift to ad-supported content
The subscription video-on-demand (SVOD) market has recently been struggling in order to retain customers. Not only Netflix lost a substantial number of subscribers, but also Disney+ and Hulu, especially in the saturated U.S. market. As streaming viewers look to cut costs, they canceled several expensive SVOD services and signed up for cheaper options. From 2019 to 2022, the share of subscriber additions to lower-cost ad-supported subscription services jumped to 32 percent. Meanwhile, ad-free subscription tiers were falling out of favor.
Subscription cycling
With increasing subscription fees and so many SVOD platforms and content to choose from, many consumers have found another way to save money but also keep up with all the new TV shows and movies – subscription cycling. According to a survey from 2023, 41 percent of respondents in the U.S. have signed up for a service to watch a specific TV series, up from a share of 36 percent in the previous year. Streaming services with a small content catalog, like Apple TV+ and Paramount+, were most likely to be watched for only one program.
FAQs
Over 100 million subscribers
| Service | Parent |
|---|
| Netflix | Netflix, Inc. |
| Disney+, Hulu & ESPN+ | The Walt Disney Company Hearst Communications, Inc. (20% ESPN+) |
| Amazon Prime Video & MGM+ | Amazon.com, Inc. |
| iQIYI | Baidu, Inc. |
2 more rowsStreaming Services with the Most Subscribers
| Streaming Platform | Users (in millions) |
|---|
| 1 | Netflix | 247.2 |
| 2 | Amazon Prime Video | 200.0 |
| 3 | Disney+ | 150.2 |
| 4 | Max | 95.1 |
6 more rowsFeb 2, 2024
The global SVoD market size was valued at USD 29927.99 million in 2022 and is expected to expand at a CAGR of 4.98% during the forecast period, reaching USD 40055.9 million by 2028.
Which SVOD has the most subscribers? ›
Launched in 2007, Netflix is the world's largest and most successful SVOD streaming service. The platform reached an industry-leading 220 million subscribers in 2021 while generating more than $30 billion in gross revenue.
Who is the leader in streaming services? ›
Netflix is the biggest streaming service in the world. The company reported 269.6 million global paid memberships as of March 31, 2024. That number was up 3.6% from the previous quarter, and up 16% year-over-year.
Is Amazon Prime SVOD or AVOD? ›
Prime Video is playing with ads now, making it the latest entrant to the AVOD streaming wars. There is skepticism out of the gate. Consumers are protesting the default to ads, with some threatening to cancel their subscriptions rather than pay an additional $3 per month to avoid ads.
What is the #1 streaming device? ›
Roku is our favorite streaming system, with the most streaming app options, the simplest streaming platform interface and the best search. It also has a content-agnostic platform that doesn't push any one media streaming service provider, like Amazon Prime Video or Apple, over another.
Is there anything better than Netflix? ›
A great place to start when looking for an alternative to Netflix, Hulu continuously produces quality, original content comparable to Netflix. Chock full of award-winning, original shows and well-known cinema, much of their original content is well worth talking about.
Why is SVOD so popular? ›
Top reasons consumers watch favorite SVOD service in the U.S. 2022. A 2022 survey conducted in the U.S. found that the top reason to keep watching subscription video-on-demand services was a low subscription cost, according to 73 percent of respondents.
What is the outlook for SVOD industry? ›
Video Streaming (SVoD) - United States
The projected revenue in the Video Streaming (SVoD) market) market in the United States is set to reach US$43.97bn by 2024. It is expected to experience an annual growth rate (CAGR 2024-2027) of 7.52%, resulting in a projected market volume of US$54.66bn by 2027.
Who is the largest manufacturers of SVoD Market worldwide?
- Crackle.
- iQiyi.
- Apple Music.
- Stan.
- Lightbox.
- Amazon Prime Video.
- Globo Play.
- YouToube Premium.
Netflix has long been the SVOD market leader both in the United States and worldwide, despite rising competition.
What is the biggest streaming service in the US? ›
Netflix remains the biggest player in the video streaming space with over 260 million subscribers as of 2024. Nonetheless, the media giant is losing ground. Disney+ has accumulated 157 million subscribers as of May 2023. And Amazon Prime Video has over 117 million subscribers.
What is the most watched SVOD series? ›
The most-watched Hindi show and SVOD show of all time was Raj & DK's Farzi, starring Shahid Kapoor, Vijay Sethupathi, Kay Kay Menon and Raashii Khanna with an estimated viewership of 37.1 million, followed by The Night Manager starring Aditya Roy Kapur and Anil Kapoor at 28.6 million views and Bhuvan Bam's.
Which OTT platform is best in USA? ›
The best streaming OTT platforms in the USA in 2023
- NETFLIX. We all know Netflix without a description. ...
- Amazon Prime Video. Another must-have US OTT app is Amazon Prime Video. ...
- Hulu. Hulu is a popular streaming service that offers some of the most recent and exciting shows and movies in the industry. ...
- Disney+ ...
- HBO Max.
There are 2,286 Video Streaming Services businesses in the US as of 2023, an increase of 8.4% from 2022.
