As many users embrace the internet, the subscription-based streaming industry has recorded tremendous growth in recent years, completely changing how people consume media. In just five years, the number of people using these services has nearly hit 1.3 billion, helping the market to gross over $95 billion in revenue, which is the highest figure so far, but with SVoD viewership still surging, the entire market is set to reach a new milestone this year.
According to data presented by OnlyAccounts.io, subscription-based streaming is set to become a $100-billion industry in 2024. Streaming has taken the home video market by storm and has thus reached more users and generated more revenue than all other market segments.
The Statista Market Insights shows how big the growth was. Since 2018, the global revenue from subscription-based streaming has more than doubled; topping over $95 billion this year. Moreover, this figure is cumulated from six years of consecutive double-digit growth rates, which actually dropped to 18% in 2023.
However, Statista Market Insights expects a continuous decline of the compound annual growth rate in the SVoD market. Although the market will reach a new milestone, and more than $100 billion in revenue in 2024, the annual growth rate is expected to drop to 13,2%. The downsizing trend will continue in the following years, with CAGR falling to 6,5% by 2028.
Despite having millions of users worldwide, most of the industry revenue comes from only three countries and Statista predicts that nearly 65% of total SvoD revenue in 2024 will come from the US, China, and the UK.
The US, being the largest SVoD market globally, is expected to generate $43,9-billion, making almost 40% of the total industry revenue. China with $22 billion in SvoD revenues, making 20% of the industry total revenue, and the UK follows, with $4.4 billion in revenue in 2024, and a 4% market share.
With more and more streaming services available to consumers, the number of users will surely continue to surge in the following years.
As consumers continue to switch from traditional pay-TV consumption to more flexible, affordable, and expansive video formats, Statista expects more than 100 million new users to flood the SVoD market in 2024, pushing the total user count to 1.4 billion, and majority of the number will come from developed markets like the US, China, and the UK.
