Think the golden age of streaming has reached its peak? Think again, because the numbers tell a story of a global entertainment revolution that is only accelerating, as evidenced by a market that is barreling toward $221 billion and a world where streaming has already dethroned cable television.
Key Takeaways
- Global streaming media market revenue reached $94.1 billion in 2023, projected to grow to $221.1 billion by 2028 at a CAGR of 18.6%
- Video-on-demand (VOD) subscription revenue in the US hit $41.3 billion in 2023, up 9.2% from 2022
- OTT video market in Asia-Pacific is expected to reach $65 billion by 2025, driven by mobile penetration
- US SVOD penetration reached 86% of broadband households in 2023
- Global average streaming services per household rose to 5.5 in 2023 from 4.8 in 2022
- 68% of US adults subscribe to Netflix in 2023, highest penetration rate
- US adults spend average 2.5 hours/day on streaming video in 2023
- 41% of global viewing time on streaming in 2023, up from 36% in 2022
- Binge-watching accounts for 68% of US streaming sessions over 1 hour
- US SVOD advertising revenue reached $5.2 billion in 2023, up 40% YoY
- Global SVOD revenue $50 billion in 2023, 55% from subscriptions
- Netflix revenue $33.7 billion in 2023, 90% from subscriptions
- Netflix holds 21% global SVOD market share by subscribers in 2023
- Disney+ commands 15% of US streaming hours in 2023
- YouTube #1 in global video views, 20% of all internet traffic in 2023
The streaming media industry is growing globally, driven by strong subscriber and revenue increases.
Competitive Landscape
- Netflix holds 21% global SVOD market share by subscribers in 2023
- Disney+ commands 15% of US streaming hours in 2023
- YouTube #1 in global video views, 20% of all internet traffic in 2023
- Amazon Prime Video 2nd in US SVOD subs at 110 million domestic
- Max (HBO) 8% share of US streaming originals viewing in 2023
- Hulu 12% US market share by revenue in 2023
- Peacock grew market share to 4% US viewing in Q4 2023
- Crunchyroll 70% share of anime streaming market in 2023
- Paramount+ 5% global SVOD share, strong in sports/live
- Apple TV+ niche 2% share but high engagement per sub
- Discovery+ merged into Max, combined 11% US docu share
- Twitch holds 60% live gaming stream share, 1.7B hours/month
- iQIYI leads China with 110 million subs, 25% market share
- Tencent Video 30% China revenue share in 2023
- Youku 15% China streaming share, Alibaba-backed
- Netflix 40% Latin America SVOD share in 2023
- JioCinema dominates India IPL streaming, 32M peak concurrent
- Hotstar (Disney) 35% India market share pre-merger
- Canal+ leads France pay-TV/streaming hybrid
- Joyn (ProSieben) top FAST in Germany 2023
- Netflix 50% Australia SVOD share by hours viewed
- Viaplay strong in Nordics sports streaming, 10% share
- Samsung TV Plus FAST channels #1 US device share 2023
Competitive Landscape Interpretation
Even as Netflix plays king of the subscription castle globally, Disney+ carves its kingdom in the living room, YouTube utterly dominates the open internet like digital air, and a fragmented but fiercely competitive world of specialists—from anime to sports to live gaming—proves that while everyone is watching the screen, no single company owns the show.
Content Consumption
- US adults spend average 2.5 hours/day on streaming video in 2023
- 41% of global viewing time on streaming in 2023, up from 36% in 2022
- Binge-watching accounts for 68% of US streaming sessions over 1 hour
- Sports streaming viewership grew 25% YoY to 12 billion hours globally in 2023
- 75% of Gen Z discover new content via social media recommendations in 2023
- Average US streaming session length 45 minutes in 2023, up 10% YoY
- Live streaming e-commerce generated $500 billion in China alone in 2023
- 82% of US viewers watch TV shows out of release order on streaming
- Global anime streaming demand up 50% YoY in 2023, led by Crunchyroll
- US households watch 16 hours/week of streaming originals, 40% of total TV
- 60% of streaming time on mobile devices in emerging markets 2023
- Peak streaming hours in US (8-11pm) account for 35% daily consumption
- International content demand rose 30% globally in 2023, Korean dramas top
- 47% of viewers abandon shows after 1 episode if not hooked
- Gaming streaming (Twitch, YouTube) averaged 1.4 billion hours/month in 2023
- US ad-supported streaming viewing share hit 38% in Q4 2023
- Women 25-54 spend 28% more time on streaming than men
- 65% of streaming views are on-demand vs live in 2023 globally
- Kids 2-11 US streaming time up 20% to 2.8 hours/day in 2023
- Netflix original content hours viewed: 200 billion in 2023
Content Consumption Interpretation
The global streaming industry has us all firmly in its clutches, forging a new era where we voraciously consume personalized, on-demand worlds—from anime binges to live sports and TikTok-inspired shows—all while advertisers, algorithms, and our own short attention spans eagerly compete for every minute of our increasingly fragmented viewing time.
Market Size and Growth
- Global streaming media market revenue reached $94.1 billion in 2023, projected to grow to $221.1 billion by 2028 at a CAGR of 18.6%
- Video-on-demand (VOD) subscription revenue in the US hit $41.3 billion in 2023, up 9.2% from 2022
- OTT video market in Asia-Pacific is expected to reach $65 billion by 2025, driven by mobile penetration
- Worldwide SVOD subscribers grew to 1.8 billion in 2023, a 7.5% increase YoY
- Streaming accounted for 38.7% of total US TV consumption in Q4 2023, surpassing cable's 29.4%
- Global streaming market capex projected at $20 billion in 2024 for content and infrastructure
- SVOD ARPU worldwide averaged $6.50 per month in 2023, varying by region from $11 in North America to $3 in Asia
- FAST (Free Ad-Supported Streaming TV) channels reached 1,500 globally by end of 2023
- European streaming market revenue grew 12% to €28 billion in 2023, led by Netflix and Disney+
- India's OTT market valued at $2.8 billion in 2023, expected to hit $5.1 billion by 2027
- Latin America SVOD subscribers surpassed 100 million in 2023, with 15% YoY growth
- China's streaming market revenue exceeded $15 billion in 2023, dominated by iQiyi and Tencent Video
- Global AVOD revenue projected to reach $25 billion by 2027, growing at 15% CAGR
- US streaming households reached 146 million in 2023, 84% of TV homes
- Worldwide live streaming market size was $70.3 billion in 2023, CAGR 23.1% to 2030
- Netflix added 13.1 million paid subscribers in Q4 2023, total reaching 260.3 million
- Disney+ global subscribers hit 150 million in 2023, up 10% YoY
- Amazon Prime Video estimated 200 million global subscribers in 2023
- Hulu US subscribers reached 48.1 million in 2023
- Paramount+ grew to 60 million global subscribers by end 2023
- HBO Max (Max) US subscribers at 97.6 million in Q4 2023
- Peacock added 3 million subscribers in Q4 2023, total 31 million paid
Market Size and Growth Interpretation
The global streaming gold rush is now a full-blown siege, where viewers are drowning in subscriptions, platforms are spending billions to dig the moat deeper, and the only thing growing faster than the content library is our collective bill.
Revenue and Monetization
- US SVOD advertising revenue reached $5.2 billion in 2023, up 40% YoY
- Global SVOD revenue $50 billion in 2023, 55% from subscriptions
- Netflix revenue $33.7 billion in 2023, 90% from subscriptions
- Disney streaming revenue $21.4 billion in FY2023, including ads $4.7B
- Ad revenue for US FAST services $2.3 billion in 2023
- Amazon Prime Video ad tier generated $1.5 billion run-rate in 2023 Q4
- Global TVOD revenue $25 billion in 2023, led by iTunes and PVOD
- YouTube ad revenue $31.5 billion in 2023, 10% from streaming video
- Warner Bros Discovery streaming revenue $10.3 billion in 2023
- Paramount Global streaming revenue up 22% to $7.9 billion in 2023
- Comcast Peacock revenue $1.3 billion in 2023, projected $2.6B 2024
- Spotify video podcast revenue share 5% of total $13 billion in 2023
- Global streaming transaction revenue (TVOD/AVOD) $18 billion in 2023
- US pay-TV revenue declined 8% to $95 billion, offset by streaming growth
- Netflix password sharing crackdown added $1 billion revenue in 2023
- Ad-supported tier uptake drove 15% ARPU lift for Disney+ in 2023
- TikTok live gifts revenue $10 billion globally in 2023
- Roku platform revenue $3.6 billion in 2023, 45% from ads
- Global esports streaming sponsorships $1.2 billion in 2023
- Netflix merchandise tie-in revenue estimated $500 million in 2023
Revenue and Monetization Interpretation
The old adage that “content is king” is being dethroned by a court jester in a billboard costume, as this avalanche of numbers proves the streaming world is now frantically pivoting from just your credit card to also mining your attention span for gold.
Subscriber Numbers and Penetration
- US SVOD penetration reached 86% of broadband households in 2023
- Global average streaming services per household rose to 5.5 in 2023 from 4.8 in 2022
- 68% of US adults subscribe to Netflix in 2023, highest penetration rate
- Churn rate for SVOD services averaged 8% quarterly in 2023 globally
- 45% of Gen Z (18-24) use 6+ streaming services, vs 22% of Boomers
- UK SVOD households at 18.5 million in 2023, 63% penetration
- Brazil SVOD subscribers grew 20% to 45 million in 2023
- Australia streaming penetration hit 87% of households in 2023
- France SVOD subscribers reached 25 million in 2023, 40% of population
- Germany 22 million SVOD users in 2023, led by Netflix at 13 million
- Japan Netflix subscribers at 7.9 million in 2023, penetration 6.3%
- South Korea SVOD market penetration 55% in 2023, 28 million users
- Mexico 35 million SVOD subscribers in 2023, 27% household penetration
- Canada 92% of households subscribe to at least one SVOD in 2023
- 55% of US households have ad-supported tiers in 2023, up from 25% in 2022
- Global SVOD bundling households increased 25% to 120 million in 2023
- US average monthly SVOD spend per household $61 in 2023, up 5%
- Worldwide 1.3 billion mobile streaming users in 2023, 72% of total
- Netflix churn rate dropped to 2.2% in Q4 2023 from 3.5% prior
Subscriber Numbers and Penetration Interpretation
In 2023, the world decided it's cheaper to just have a "subscriptions" line-item in the family budget, with nearly everyone now subscribing to a dizzying array of streamers—because apparently owning five and a half services each is the new normal, even though we still all just end up watching Netflix.
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