Number of Global SVOD Subscriptions to Near 1B by 2024: Report
The number of streaming video on-demand (SVOD) subscriptions around the world is growing at a brisk rate and will near 1 billion by 2024, reports Digital TV Research. The total number of subscriptions will grow by 439 million from 2018 to 2024—an 86% increase—reaching 947 million. In 2019 alone, the number will increase by 119 million.
The biggest player will continue to be Netflix, Digital TV Research forecasts, which will claim 21% of all subscriptions (203 million accounts) by 2024. Next up will be Amazon Prime Video with 13% (125 million accounts) and Disney+ with 75 million accounts.
The country with the most SVOD accounts is China, which took the lead from the U.S. in 2018. By 2024, China will comprise 31% of the market with 289 million subscriptions. None of those will be with Netflix or Amazon Prime Video, which don't stream in China. The U.S. and China together will make up 59% of the total SVOD market in 2024. That's a decline from 63% in 2018, showing that the demand for new accounts in other countries is outpacing demand in the U.S. and China.
In 2018, the average household had 1.4 SVOD subscriptions. That will rise to 1.8 by 2024.
This data comes from Digital TV Research's Global SVOD Forecasts report, available for purchase.
With high-profile OTT services launching in the near future, how will households cope with the growing demand on their wallet? By dropping subscriptions.
Three services are enough, say many households. With so many choices, consumers wonder which are essential and which they need to drop.
Entertainment and gaming services are increasingly suffering from credential stuffing attacks, in which hackers attempt to gain access using stolen IDs.
Netflix will remain the market leader in the near future, but Rethink Technology Research sees the SVOD leader's market share diminishing.