In the first six months of 2023, Amazon Prime Video was the most popular subscription video-on-demand (SVOD) service in the United States with a market share of 21 percent, based on the users' interest by adding content to their watchlists of certain streaming platforms. Netflix and relaunched service Max followed with market shares of 20 and 15 percent, respectively.
Subscription streaming market – a money-losing business?
While subscription streaming platforms increased their subscriber bases in the years 2020 and 2021 due to the measures taken during the COVID-19 pandemic, 2022 and 2023 saw services such as Netflix and Disney+ lose a substantial number of customers. Furthermore, the direct-to-consumer (DTC) businesses of large media companies are struggling to turn a profit. Disney for example reported a loss of 4.5 billion U.S. dollars for its streaming services in 2022.
Streaming companies take action
In order to compensate subscriber and income losses, streaming companies implemented several strategies, such as launching more profitable ad-supported tiers, cracking down on credential sharing, laying off thousands of employees, and spending less on content. The Walt Disney Company was already able to increase DTC profits in the second and third fiscal quarter of 2023 and predicted to achieve profitability by 2024. Its cost-cutting measures include layoffs and savings in content spending by reducing content produced and removing TV shows and movies from its streaming services.
Market shares of selected subscription video-on-demand (SVOD) services in the United States in 2nd quarter 2023
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Media Play News. (July 6, 2023). Market shares of selected subscription video-on-demand (SVOD) services in the United States in 2nd quarter 2023 [Graph]. In Statista. Retrieved June 18, 2024, from https://www.statista.com/statistics/496011/usa-svod-to-tv-streaming-usage/
Media Play News. "Market shares of selected subscription video-on-demand (SVOD) services in the United States in 2nd quarter 2023." Chart. July 6, 2023. Statista. Accessed June 18, 2024. https://www.statista.com/statistics/496011/usa-svod-to-tv-streaming-usage/
Media Play News. (2023). Market shares of selected subscription video-on-demand (SVOD) services in the United States in 2nd quarter 2023. Statista. Statista Inc.. Accessed: June 18, 2024. https://www.statista.com/statistics/496011/usa-svod-to-tv-streaming-usage/
Media Play News. "Market Shares of Selected Subscription Video-on-demand (Svod) Services in The United States in 2nd Quarter 2023." Statista, Statista Inc., 6 Jul 2023, https://www.statista.com/statistics/496011/usa-svod-to-tv-streaming-usage/
Media Play News, Market shares of selected subscription video-on-demand (SVOD) services in the United States in 2nd quarter 2023 Statista, https://www.statista.com/statistics/496011/usa-svod-to-tv-streaming-usage/ (last visited June 18, 2024)
Market shares of selected subscription video-on-demand (SVOD) services in the United States in 2nd quarter 2023 [Graph], Media Play News, July 6, 2023. [Online]. Available: https://www.statista.com/statistics/496011/usa-svod-to-tv-streaming-usage/