Streaming Services Has Experienced Remarkable Growth and Transformation

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 18, 2023

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According to Streaming Services Statistics, Streaming services have transformed the entertainment landscape, revolutionizing how people consume content. The advent of high-speed internet and the proliferation of smart devices have fueled the growth of these platforms, offering a wide array of movies, TV shows, music, and more, at the viewers’ convenience. This introduction provides an overview of key statistics that shed light on the impact, trends, and challenges within the streaming industry.

Editor’s Choice

  • Global Streaming Revenue: In 2020, the global streaming industry generated over $100 billion in revenue.
  • Number of Streaming Subscribers: As of 2021, streaming platforms collectively had over 1.1 billion subscribers globally.
  • Netflix Dominance: Netflix remains a major player with 208 million subscribers worldwide in early 2021.
  • Rise of Mobile Streaming: Mobile devices account for about 25% of all streaming video plays globally.
  • Original Content Investment: Streaming giants like Netflix and Disney+ have spent billions on original content production in recent years.
  • Binge-Watching Behavior: Around 73% of subscribers admit to binge-watching, consuming multiple episodes or movies in a single session.
  • Cord-Cutting Trend: Cord-cutting in the US increased by 27.1% in 2020, with millions canceling traditional cable subscriptions.

Major Streaming Platforms

Netflix:

  • Netflix had over 200 million paid subscribers worldwide as of 2021.
  • The platform released over 500 original TV shows and movies in 2020.
  • In 2020, the average Netflix subscriber streamed around 3 hours per day.
  • “Bridgerton” became one of Netflix’s most-watched original series, reaching over 82 million households within its first 28 days.
  • Netflix’s total revenue for 2020 was around $25 billion.

Amazon Prime Video:

  • Amazon Prime Video had over 175 million Prime members worldwide as of 2021.
  • The Boys” and “The Marvelous Mrs. Maisel” were among the top-watched Amazon Original series.
  • Amazon Prime Video’s share of the U.S. subscription video market was around 20% in 2020.
  • The platform’s global digital video advertising revenue was projected to surpass $17 billion in 2021.
  • Amazon’s content budget for Prime Video was expected to reach $9 billion in 2020.

Disney+:

  • Disney+ gained over 100 million subscribers within its first 16 months of launch.
  • The Mandalorian” was a flagship show for Disney+, driving its popularity and attracting a significant audience.
  • Disney+ accounted for around 14% of all over-the-top (OTT) subscriptions in the U.S. in 2020.
  • The service’s global revenue was projected to reach $6.9 billion in 2021.
  • Disney+ expanded its presence to numerous international markets within its first year, contributing to its rapid growth.
Streaming Services

Average Time Spent on Streaming

  • Music Streaming Market size is expected to be worth around USD 125.70 Billion by 2032
  • On average, global consumers spent over 4.2 hours per day watching streaming content in 2020.
  • The pandemic led to a 16% increase in streaming time during 2020.
  • In the U.S., adults spent an average of 3 hours and 46 minutes per day on digital media consumption, including streaming, in 2020.
  • Streaming accounted for 27% of total TV time among U.S. adults in 2020.
  • In 2021, streaming services saw a 30% increase in global streaming hours compared to the previous year.
  • The average time spent watching streaming video on mobile devices increased by 20% in 2020.
  • Streaming contributed to 82% of total music industry revenues in the U.S. in 2020.
  • Among younger audiences (ages 18-34), 60% regularly binge-watch streaming content.
  • The global streaming audience is projected to grow to over 1.2 billion viewers by 2024.
  • In 2020, Netflix users spent an average of 3 hours and 18 minutes per day on the platform.

Global Streaming Trends

  • Shift to Digital Entertainment: The global streaming market is projected to reach $223.98 billion by 2028, driven by the increasing preference for digital content consumption.
  • Rise of Mobile Streaming: Mobile devices account for approximately 35% of global streaming, with mobile video streaming traffic growing by around 27% annually.
  • Content Consumption: Streaming now accounts for over 80% of total music industry revenue, marking a significant shift from physical sales and downloads.
  • Cord-Cutting Acceleration: The number of cord-cutting households is expected to reach 55.1 million in the US by 2022, reflecting a 27% increase over five years.
  • Global Subscribers Growth: Netflix reached 208 million subscribers worldwide in Q2 2021, showcasing the continued global expansion of streaming services.
  • Original Content Investments: Netflix and Amazon Prime Video have collectively invested over $38 billion in original content, highlighting the industry’s emphasis on unique offerings.
  • Streaming on Smart TVs: Smart TVs are the most popular device for streaming video content, accounting for about 33% of streaming hours.
  • Competitive Landscape: The number of streaming services has nearly doubled in the past five years, with over 400 services available globally.
  • Global Streaming Habits: The average global viewer subscribes to four streaming services and spends around 3.7 hours per day watching streamed content.
  • Localization Efforts: Streaming services are increasingly investing in local and regional content to cater to diverse audiences and gain a competitive edge.

Future Predictions and Projections

  • By 2025, global streaming subscribers are projected to surpass 1.1 billion, indicating continued rapid growth in the industry.
  • The global streaming market is estimated to reach a value of over $184 billion by 2027, driven by increasing demand for on-demand content.
  • Live streaming is predicted to gain significant momentum, with the live video streaming market expected to grow at a CAGR of around 21.3% from 2021 to 2028.
  • Personalized content recommendations and AI-driven curation will become even more crucial in retaining and engaging subscribers, as the number of available titles continues to increase.
  • Mobile streaming is anticipated to continue its rise, with mobile devices accounting for over 60% of global streaming consumption by 2025.
  • Hybrid monetization models, combining subscription and advertising, will likely become more common as streaming services aim to diversify revenue streams.
  • Virtual reality (VR) and augmented reality (AR) integration into streaming platforms are projected to offer immersive content experiences, potentially gaining significant traction by 2025.

Challenges and Opportunities

Challenges:

  • High Content Production Costs: Streaming platforms spend an average of $15 billion per year on content production.
  • Content Discovery Challenge: 75% of viewers struggle to find something to watch due to content oversaturation.
  • Competition and Fragmentation: The average viewer subscribes to 4 streaming services, leading to increased competition.

Opportunities:

  • Global Market Potential: The global streaming market was projected to reach $184.27 billion by 2027, with a CAGR of 20.4%.
  • Original Content Investment: Streaming platforms were expected to spend over $40 billion on original content by 2022.
  • Personalized Advertising: Streaming services can leverage user data for targeted ads, with digital ad spending projected to exceed $455 billion globally by 2023.
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Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.