Video streaming platforms have become ‘the thing’ during the pandemic.
Suddenly, ‘Netflix and chill’ did not sound like a bad idea at any time of the week.
On the other hand, with the never-ending list of video streaming services available today, it is undeniably a competitive sport to select the right one for your needs.
In this article, we will explore the biggest streaming services by subscribers count, the global video streaming market size, and other interesting video streaming industry statistics.
- Netflix is still the biggest streaming service by subscribers with over 247 million people subscribed to the platform’s services.
- The global video streaming market is now worth over $500 billion.
- Streaming has become the most popular way to consume TV content, accounting for over 38% of all TV usage.
- Stranger Things was the most streamed show in 2022, with viewers racking up 52 billion minutes of viewing time.
- People spend 3 hours and 6 minutes of their daily screen time streaming video contents.
- At $15.49 per month, Netflix is the priciest of the most popular streaming services.
- Four out of five users consider the cost of a streaming service when deciding which one to subscribe to.
What Are the Biggest Streaming Services by Subscribers?
1. As Of November 2023, Netflix Still Tops the Biggest Streaming Services by Number of Subscribers
Here are the world’s most subscribed streaming service providers:
- Netflix continues to dominate the streaming market, with over 247 million subscribers.
- Amazon Prime comes next with over 200 million subscribers.
- Disney+ has 146 million subscribers, which places it in third rank.
- Tencent Video has over 124 million subscribers in 2023.
- iQIYI with 106 million subscribers comes fifth in rank.
- HBO Max has 82 million subscribers in 2023.
- In 7th place comes Paramount+ with 61 million subscribers.
- Hulu has a little over 48 million subscribers.
- Apple TV has occupied the 9th place with 40 million subscribers.
- Lastly, in 10th place, Eros Now, with over 39 million subscribers.
2. YouTube Remains as The Top Streaming Service Platform with Over 2.5 Billion Users.
YouTube’s free service model has been a driving force behind its remarkable success, with over 2.5 billion users in 2023, making it the most widely used streaming platform globally, a testament to its commitment to user accessibility and innovation.
YouTube offers a wide variety of content.
Users can find everything on the platform, from music videos to movies to TV shows to documentaries to educational videos to gaming videos.
Its diverse content library is a reflection of its parent company, Alphabet’s, vision to serve a wide range of users, with different interests and preferences.
3. The Video Streaming Industry Is Booming, with Its Global Value Now Exceeding $500 Billion.
The majority of consumers on the planet have at one point said they can never stand a day without streaming a video or two.
The booming popularity of subscription video streaming services has contributed to the growth of the global video streaming market.
This year, the industry is estimated to be worth over $500 billion.
With a subscription to these services, viewers can access a vast library of movies, TV shows, and documentaries at a fraction of the cost of traditional entertainment options.
The video streaming market is expected to remain on a strong growth trajectory in the coming years, it is on track to surpass $1.9 trillion in value by 2030, growing at a CAGR of 19.3%.
(Fortune Business Insights)
4. Among Popular Streaming Services, Netflix Is the Most Expensive, with A Monthly Cost of $15.49.
While Netflix is the most popular streaming platform, it is also the most expensive streaming service in 2023.
Out of all major streaming services, Netflix has the highest monthly subscription fee at $15.49.
On the upside, the platform has one of the largest and most diverse content libraries of any streaming service.
This includes a wide variety of movies, TV shows, documentaries, and original programming.
According to a Fox Business survey in 2020, the platform has a total of 3,178 movies, and this includes a good number of popular titles.
Bet you streamed Mr. and Mrs. Smith more times you ever did since getting a Netflix subscription.
5. Cost Is a Major Factor for 84% of Users when Choosing a Streaming Service
Consumers are becoming more price-conscious because the rising cost of living is putting a strain on household budgets, and consumers are looking for ways to save money.
In fact, 84% of subscribers are considering cost as the biggest factor in choosing a streaming service.
The average monthly cost of a streaming service has increased by over 50% in the past five years.
6. Consumers Are Getting Pickier when Choosing Service Providers
In addition to cost, there are a number of other factors that subscribers consider when choosing a streaming service subscription.
- According to 81% of the people surveyed, ease of use is an important attribute in a video streaming platform.
- 79% of people consider the variety and availability of content in a streaming platform before paying for subscription.
- Around 77% of video streaming subscribers consider the streaming quality offered in a video streaming platform.
- Speed, both in terms of menu selection and content loading, is a major consideration for 74% of users when choosing a video streaming platform.
- When choosing a streaming platform, more than half or 58% of users take into account whether or not the platform is available on all of their devices.
7. Streaming Accounts for Over One-Third of All Tv Usage
In 2023, 38% of TV usage is used for streaming.
Streaming has become the most popular way to consume TV content for a number of reasons.
It is the perfect way to enjoy a wide variety of content, without breaking the bank or having to leave the comfort of your own home.
Streaming services give you the freedom to watch what you want, whenever you want, and on any device you want.
8. Over 1.8 Billion People Worldwide Have Subscribed to Video Streaming Services
The global video streaming market has grown rapidly in recent years, with over 1.8 billion subscribers now tuning in to their favorite shows and movies on demand.
This growth is being driven by the convenience, affordability, and wide variety of content offered by streaming services.
9. Binge-Watching Is a Common Habit Among Viewers, with 26% of Viewers Admitting to Doing It at Least Once a Week.
According to recent surveys, over 26% of viewers revealed that they binge-watch a show at least once a week.
Binge-watching is the practice of watching multiple episodes of a television series or movies in one sitting.
It is a relatively new but common trend, made possible by the rise of streaming services such as Netflix and Hulu.
With these streaming services, you’re never more than a few clicks away from the next episode of your favorite show.
10. Stranger Things Was the Undeniable Binge-Watch King of 2022, with Viewers Clocking in A Record-Breaking 52 Billion Minutes of Streaming Time.
In 2022, Stranger Things was the binge-watch show of the year, with viewers spending a total of 52 billion minutes watching the show.
This time is equivalent to over 90 million days spent on watching a 4-season TV show.
Here are the most subscribed shows across different streaming platforms last year:
- Stranger things – the platform generated 52 billion minutes worth of views in 2022
- NCIS – the platform generated 38.1 billion minutes worth of views in 2022
- Cocomelon – the platform generated 37.8 billion minutes worth of views in 2022
- Ozark – the platform generated 31.3 billion minutes worth of views in 2022
- Grey’s Anatomy – the platform generated 27.4 billion minutes worth of views in 2022
- Criminal Minds – the platform generated 26.8 billion minutes worth of views in 2022
- Bluey – the platform generated 24.9 billion minutes worth of views in 2022
- Gilmore Girls – the platform generated 21.1 billion minutes worth of views in 2022
- Seinfeld – the platform generated 19.3 billion minutes worth of views in 2022
11. 85% U.S. Households Subscribe to At Least One Video Streaming Service
The vast majority or 85% of households in the United States are subscribed to at least one video streaming service.
In a more detailed look, here are the most popular streaming services in the United States and their respective number of respondents.
- Netflix – the platform has 69 million subscribers from the United States in 2023
- Prime Video – the platform has 67 million subscribers from the United States in 2023
- Disney+ – the platform has 53 million subscribers from the United States in 2023
- Hulu – the platform has 53 million subscribers from the United States in 2023
- HBO – the platform has 40 million subscribers from the United States in 2023
- Paramount+ – the platform has 32 million subscribers from the United States in 2023
- Apple TV – the platform has 30 million subscribers from the United States in 2023
- Peacock – the platform has 30 million subscribers from the United States in 2023
12. Video Streaming Takes up 3 Hours and 6 Minutes of The Average Person’s Daily Media Consumption.
Streaming video contents has become a staple of people’s daily media consumption, with the average person spending over 3 hours per day watching.
Streaming services are making TV content more affordable and accessible than ever before.
In addition, streaming services are offering a wider variety of content to choose from, which gives viewers more choice and allows them to find content that they are interested in.
13. 62% of Millennials Are More Likely to Cancel Their Subscription on Video Streaming Platforms.
The video streaming industry faces a challenge in retaining Millennial subscribers, with 62% of them more likely to cancel their subscriptions than other generations.
Among all other generations, Millennials are more price-sensitive and are more likely to be on a tight budget than other generations.
Video streaming services have become incredibly popular in recent years, and for good reason.
They are convenient, affordable, and offer a wide variety of content to choose from.
The biggest streaming services by subscribers are playing a major role in shaping the future of the TV industry by offering consumers more choice and control, disrupting the traditional TV business model, investing in original content, and making TV more global.
It will surely be exciting to witness how these services continue to redefine the TV medium in the years to come.