In the third quarter of 2024, Amazon Prime Video was the most popular subscription video-on-demand (SVOD) service in the United States with a market share of 22 percent, based on the users' interest in adding content to their watch lists of certain streaming platforms. Netflix followed closely with a market share of 21 percent.
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 2.5 billion U.S. dollars for its streaming services in 2023.
Streaming companies take action
In order to compensate for 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 recently and predicted to achieve profitability by the end of 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 3rd quarter 2024
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Media Play News. (October 14, 2024). Market shares of selected subscription video-on-demand (SVOD) services in the United States in 3rd quarter 2024 [Graph]. In Statista. Retrieved December 13, 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 3rd quarter 2024." Chart. October 14, 2024. Statista. Accessed December 13, 2024. https://www.statista.com/statistics/496011/usa-svod-to-tv-streaming-usage/
Media Play News. (2024). Market shares of selected subscription video-on-demand (SVOD) services in the United States in 3rd quarter 2024. Statista. Statista Inc.. Accessed: December 13, 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 3rd Quarter 2024." Statista, Statista Inc., 14 Oct 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 3rd quarter 2024 Statista, https://www.statista.com/statistics/496011/usa-svod-to-tv-streaming-usage/ (last visited December 13, 2024)
Market shares of selected subscription video-on-demand (SVOD) services in the United States in 3rd quarter 2024 [Graph], Media Play News, October 14, 2024. [Online]. Available: https://www.statista.com/statistics/496011/usa-svod-to-tv-streaming-usage/