Over the past decade, there has been a major shift in how we consume television, film, and music. No longer do viewers have to drive to a video shop or wait a whole week to see the next episode of their favorite show. The popularity of on-demand subscription services has grown tremendously as a gateway to instant entertainment.
Streaming services for both music and video are seeing explosive growth right now, and this trend is not going away anytime soon. To what extent does it succeed despite this? The following data about the most popular streaming services is sure to enlighten any curious reader. So, without further ado, let’s get started!
Streaming Services Facts & Figures
As internet availability and download rates increase, more and more people across the world are turning to streaming video services. Because of this, viewers in a wide variety of locations may get their chosen variety of video material, whether it be on-demand or live TV.
1- Online Video Streaming Has an Annual Growth of 21%
The market for online video streaming was worth 59.14 billion in 2021.By 2030, the market is projected to have a total value of $330 billion after seeing annual growth of 21% between 2021 and 2028. Artificial intelligence and blockchain technology are the main factors influencing rapid market expansion.
For instance, Artificial Intelligence is essential in voiceovers, cinematography, and other comparable aspects of video production. As a result, numerous video providers, including Netflix, have incorporated AI into their workflows to enhance their content and provide customers with a personalized experience.
2- Increased Subscriptions to VoD Services
At the moment, every household makes use of a video streaming service such as Netflix, Hulu, Amazon Prime Video, or HBO Max. According to a research by Deloitte Digital Media Trends, the average American subscribes to four different streaming services. In addition, seven percent of American adults have subscriptions to six or more different streaming services.
3- Streaming Services Now Cost More Money
The typical monthly cost of a video streaming subscription is between $20 and $29.99, however 15% of respondents reported spending $50 or more. Those between the ages of 35 and 49 spend the greatest money on streaming services, with 24% paying for more than five subscriptions. 93% of Americans said they planned to increase the number of streaming services they use or at least change the way they already stream.
4- On-Demand Content Has Increased Likeability of VoDs
Variety Intelligence Platform (VIP) revealed that among those aged 18 and above, having access to the shows you want is the primary benefit of subscription video on demand for 35% of respondents (SVOD). The ability to view many episodes in one sitting ranked second, garnering 34% of the vote.
5- Streaming Service Bundles Are Becoming More Common
Neilson found that even while cord-cutters first utilized streaming services to avoid package offers, many customers now want a streaming service bundle. A survey found that 46% of people felt overwhelmed by the number of streaming options, while 64% would rather have the freedom to pick and choose the services they use.
6- Netflix Has Over 200 Million Paying Customers
COVID-19 was a success for Netflix streaming. The number of Netflix subscribers grew by about 8.5 million in 2021. In addition, Netflix’s subscriber base grew by 31%, or 37 million additional users, in 2020. Obviously, Netflix Originals like “The Crown” are a main reason for this rapid growth. Astoundingly, the fourth season was seen by 100 million homes in just 28 days.
7- Netflix Dominates the Industry with a 34% Market Share
According to Nielsen research, In 2020, one-fourth of all television minutes are now being seen via streaming. The study’s conclusions then show that Netflix, with a 34% market share, is the industry leader in streaming. According to streaming statistics, YouTube is not far behind, with a share of about 20%.
Hulu and Amazon don’t fall too far behind, with 11% and 8% of the market share, respectively. The most surprising development of the last year was undoubtedly Disney Plus’ lightning-fast expansion to become the fourth-largest streaming service in the world.
8- Price Increases Have Resulted in More People Canceling Subscriptions
Although there are various reasons for canceling a subscription, the most preferred is the price increase, 49% of respondents stated that a price rise, and 31% said that discarding content would be the most likely offenders. Many customers also tend to stop utilizing their subscriptions after seeing a specific program, often opting to cancel.
9- Free Trial Sign Ups Have Skyrocketed
According to a 2021 poll, over twice as many young people—15%—in the 18 to 29 age group stated they had utilized a free trial to try out a service before signing up for a paying membership.However, 8% of people in the same age range admitted to binge-watching a single television show or film using free trials.
10- 72% of American Enjoy Access to Streaming Services
A recent survey found that 72 percent of Americans make use of various streaming services and enjoy accessing on-demand content. In addition, about 80% of Netflix users have expressed contentment with the streaming service overall.
Wrapping Up
The use of streaming services has been on the rise globally in recent years, and for many users, they have become an integral part of their daily lives.
Users of all ages are increasingly accustomed to accessing and consuming media via streaming services whether that be for music via Spotify or movies/TV shows through Netflix.
Feel free to check out Streamints if you want to learn more about this topic or anything related to a streaming service of your choice!