The growth rate of the premium subscription-video-on-demand category decreased from 21.6% in 2022 to 10.1% in the previous year. However, in the last four years, its overall growth has more than doubled, indicating a consistent pattern of re-subscription.
When streaming first took off, businesses concentrated on investing heavily in producing vast amounts of material in an effort to entice and keep users. During the epidemic, when theaters were closed and customers were confined to their homes, they also enrolled in services.
However, since then, and especially after the two strikes in Hollywood last year, businesses have been trying to maximize revenue from their ad services while also keeping content cost low.
The massive streaming service Netflix (NFLX.O) and Comcast-owned company CMCSA.O both open new tabs. A new tab is opened by Peacock and Paramount Global (PARA.O). The largest growth was driven by Paramount+, which at the end of 2023 had 242.9 million total subscribers.
A change in streaming platform market share was also mentioned in the report. Netflix now has just more than 25% of the market, while accounting for nearly half of all subscribers in 2019.
Paramount+ has more subscribers overall than Disney+. While Discovery+, Disney+, and Hulu suffered modest reductions in market share, Peacock and Paramount saw slight increases.
Antenna announced that streaming was moving into a new sober phase.
During the preceding phase, attracting a large audience was the primary focus on acquisition. However, it stated that now that the major firms have that scale, they need to concentrate on managing their subscribers.
Re-subscribers, or individuals who had previously subscribed but had canceled the same service during the preceding 12 months, accounted for almost 30% of gross additions in 2023. According to the data, over 40% of the cancellations were “won-back” within a year and nearly 25% within three months.
