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
1Netflix holds 21% global SVOD market share by subscribers in 2023
Verified2Disney+ commands 15% of US streaming hours in 2023
Verified3YouTube #1 in global video views, 20% of all internet traffic in 2023
Verified4Amazon Prime Video 2nd in US SVOD subs at 110 million domestic
Directional5Max (HBO) 8% share of US streaming originals viewing in 2023
Single source6Hulu 12% US market share by revenue in 2023
Verified7Peacock grew market share to 4% US viewing in Q4 2023
Verified8Crunchyroll 70% share of anime streaming market in 2023
Verified9Paramount+ 5% global SVOD share, strong in sports/live
Directional10Apple TV+ niche 2% share but high engagement per sub
Single source11Discovery+ merged into Max, combined 11% US docu share
Verified12Twitch holds 60% live gaming stream share, 1.7B hours/month
Verified13iQIYI leads China with 110 million subs, 25% market share
Verified14Tencent Video 30% China revenue share in 2023
Directional15Youku 15% China streaming share, Alibaba-backed
Single source16Netflix 40% Latin America SVOD share in 2023
Verified17JioCinema dominates India IPL streaming, 32M peak concurrent
Verified18Hotstar (Disney) 35% India market share pre-merger
Verified19Canal+ leads France pay-TV/streaming hybrid
Directional20Joyn (ProSieben) top FAST in Germany 2023
Single source21Netflix 50% Australia SVOD share by hours viewed
Verified22Viaplay strong in Nordics sports streaming, 10% share
Verified23Samsung TV Plus FAST channels #1 US device share 2023
VerifiedCompetitive 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
1US adults spend average 2.5 hours/day on streaming video in 2023
Verified241% of global viewing time on streaming in 2023, up from 36% in 2022
Verified3Binge-watching accounts for 68% of US streaming sessions over 1 hour
Verified4Sports streaming viewership grew 25% YoY to 12 billion hours globally in 2023
Directional575% of Gen Z discover new content via social media recommendations in 2023
Single source6Average US streaming session length 45 minutes in 2023, up 10% YoY
Verified7Live streaming e-commerce generated $500 billion in China alone in 2023
Verified882% of US viewers watch TV shows out of release order on streaming
Verified9Global anime streaming demand up 50% YoY in 2023, led by Crunchyroll
Directional10US households watch 16 hours/week of streaming originals, 40% of total TV
Single source1160% of streaming time on mobile devices in emerging markets 2023
Verified12Peak streaming hours in US (8-11pm) account for 35% daily consumption
Verified13International content demand rose 30% globally in 2023, Korean dramas top
Verified1447% of viewers abandon shows after 1 episode if not hooked
Directional15Gaming streaming (Twitch, YouTube) averaged 1.4 billion hours/month in 2023
Single source16US ad-supported streaming viewing share hit 38% in Q4 2023
Verified17Women 25-54 spend 28% more time on streaming than men
Verified1865% of streaming views are on-demand vs live in 2023 globally
Verified19Kids 2-11 US streaming time up 20% to 2.8 hours/day in 2023
Directional20Netflix original content hours viewed: 200 billion in 2023
Single sourceContent 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
1Global 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%
Verified2Video-on-demand (VOD) subscription revenue in the US hit $41.3 billion in 2023, up 9.2% from 2022
Verified3OTT video market in Asia-Pacific is expected to reach $65 billion by 2025, driven by mobile penetration
Verified4Worldwide SVOD subscribers grew to 1.8 billion in 2023, a 7.5% increase YoY
Directional5Streaming accounted for 38.7% of total US TV consumption in Q4 2023, surpassing cable's 29.4%
Single source6Global streaming market capex projected at $20 billion in 2024 for content and infrastructure
Verified7SVOD ARPU worldwide averaged $6.50 per month in 2023, varying by region from $11 in North America to $3 in Asia
Verified8FAST (Free Ad-Supported Streaming TV) channels reached 1,500 globally by end of 2023
Verified9European streaming market revenue grew 12% to €28 billion in 2023, led by Netflix and Disney+
Directional10India's OTT market valued at $2.8 billion in 2023, expected to hit $5.1 billion by 2027
Single source11Latin America SVOD subscribers surpassed 100 million in 2023, with 15% YoY growth
Verified12China's streaming market revenue exceeded $15 billion in 2023, dominated by iQiyi and Tencent Video
Verified13Global AVOD revenue projected to reach $25 billion by 2027, growing at 15% CAGR
Verified14US streaming households reached 146 million in 2023, 84% of TV homes
Directional15Worldwide live streaming market size was $70.3 billion in 2023, CAGR 23.1% to 2030
Single source16Netflix added 13.1 million paid subscribers in Q4 2023, total reaching 260.3 million
Verified17Disney+ global subscribers hit 150 million in 2023, up 10% YoY
Verified18Amazon Prime Video estimated 200 million global subscribers in 2023
Verified19Hulu US subscribers reached 48.1 million in 2023
Directional20Paramount+ grew to 60 million global subscribers by end 2023
Single source21HBO Max (Max) US subscribers at 97.6 million in Q4 2023
Verified22Peacock added 3 million subscribers in Q4 2023, total 31 million paid
VerifiedMarket 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
1US SVOD advertising revenue reached $5.2 billion in 2023, up 40% YoY
Verified2Global SVOD revenue $50 billion in 2023, 55% from subscriptions
Verified3Netflix revenue $33.7 billion in 2023, 90% from subscriptions
Verified4Disney streaming revenue $21.4 billion in FY2023, including ads $4.7B
Directional5Ad revenue for US FAST services $2.3 billion in 2023
Single source6Amazon Prime Video ad tier generated $1.5 billion run-rate in 2023 Q4
Verified7Global TVOD revenue $25 billion in 2023, led by iTunes and PVOD
Verified8YouTube ad revenue $31.5 billion in 2023, 10% from streaming video
Verified9Warner Bros Discovery streaming revenue $10.3 billion in 2023
Directional10Paramount Global streaming revenue up 22% to $7.9 billion in 2023
Single source11Comcast Peacock revenue $1.3 billion in 2023, projected $2.6B 2024
Verified12Spotify video podcast revenue share 5% of total $13 billion in 2023
Verified13Global streaming transaction revenue (TVOD/AVOD) $18 billion in 2023
Verified14US pay-TV revenue declined 8% to $95 billion, offset by streaming growth
Directional15Netflix password sharing crackdown added $1 billion revenue in 2023
Single source16Ad-supported tier uptake drove 15% ARPU lift for Disney+ in 2023
Verified17TikTok live gifts revenue $10 billion globally in 2023
Verified18Roku platform revenue $3.6 billion in 2023, 45% from ads
Verified19Global esports streaming sponsorships $1.2 billion in 2023
Directional20Netflix merchandise tie-in revenue estimated $500 million in 2023
Single sourceRevenue 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
1US SVOD penetration reached 86% of broadband households in 2023
Verified2Global average streaming services per household rose to 5.5 in 2023 from 4.8 in 2022
Verified368% of US adults subscribe to Netflix in 2023, highest penetration rate
Verified4Churn rate for SVOD services averaged 8% quarterly in 2023 globally
Directional545% of Gen Z (18-24) use 6+ streaming services, vs 22% of Boomers
Single source6UK SVOD households at 18.5 million in 2023, 63% penetration
Verified7Brazil SVOD subscribers grew 20% to 45 million in 2023
Verified8Australia streaming penetration hit 87% of households in 2023
Verified9France SVOD subscribers reached 25 million in 2023, 40% of population
Directional10Germany 22 million SVOD users in 2023, led by Netflix at 13 million
Single source11Japan Netflix subscribers at 7.9 million in 2023, penetration 6.3%
Verified12South Korea SVOD market penetration 55% in 2023, 28 million users
Verified13Mexico 35 million SVOD subscribers in 2023, 27% household penetration
Verified14Canada 92% of households subscribe to at least one SVOD in 2023
Directional1555% of US households have ad-supported tiers in 2023, up from 25% in 2022
Single source16Global SVOD bundling households increased 25% to 120 million in 2023
Verified17US average monthly SVOD spend per household $61 in 2023, up 5%
Verified18Worldwide 1.3 billion mobile streaming users in 2023, 72% of total
Verified19Netflix churn rate dropped to 2.2% in Q4 2023 from 3.5% prior
DirectionalSubscriber 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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