Video Streaming Industry Statistics

17 Ultimate Video Streaming Industry Statistics in 2024

Published on: November 13, 2023
Last Updated: November 13, 2023

17 Ultimate Video Streaming Industry Statistics in 2024

Published on: November 13, 2023
Last Updated: November 13, 2023

Video streaming means it is always possible to see your favourite genres, movies, music videos, and series.

All available at the click of a button. 

While Netflix can be considered one of the mainstays of modern video streaming services, it’s facing increasing competition from the likes of Apple TV, HBO Max, and similar firms. 

It’s not just videos which can be streamed.

Music and even video games can now be streamed and played. 

On-demand video gives users control over their watching schedule and even encourages engagement, that’s why it has become so popular and there is no sign of this demand slowing. 

Let’s take a look at the top video streaming industry statistics and facts.

Key Statistics

  • 38.1% of TV usage is now streaming related
  • As of 2023, there were 1.8 billion people subscribed to video streaming services
  • 83% of US households have a video streaming subscription
  • The average American spends 13 hours & 11 minutes on Digital Media Daily
  • 84% of consumers look at cost first when deciding on a video streaming service
  • 43% of viewers love the shorter ad breaks
  • Millennials are the most likely to cancel video streaming subscriptions
  • Netflix has over 231 million subscribers
  • Surprisingly, Netflix is the most expensive streaming service in the US
  • In 2022, Stranger Things was the most streamed program
  • The global video streaming industry was worth $60.1 billion in 2021
  • US viewers streamed 160 billion minutes of content in March 2020
  • 15% of people pay over $50 a month on video streaming
  • 81% of US households stream video on television
  • 55% of people use AD-supported video streaming
  • Just 2 out of 5 people sign up for a subscription after using a free trial
  • There are over 3,700 movies on Netflix US

Top Video Streaming Industry Statistics in 2024

1. 38.1% Of TV Usage Is Now Streaming Related

Video Streaming Industry

Considering the convenience offered by video streaming it’s not surprising that more people are using video streaming than cable or broadcast television. 

In fact, the difference is quite remarkable and the difference is growing. 

As of 2022, 38.1% of viewers are choosing to watch videos and other media via streaming.

Just 30.9% now access media via cable and 24.7% use traditional broadcast channels. 

The remaining 6.3% of respondents stated they had other means of watching videos. 

These figures don’t just show the popularity of video streaming services.

They also confirm that traditional viewing methods are dying and it’s highly likely that they will disappear completely in the next 5-10 years. 

(Nielsen)

2. As Of 2023, There Were 1.8 Billion People Subscribed To Video Streaming Services

Halfway through 2023 Forbes conducted a survey to see how many people globally are subscribed to a video streaming service. 

According to their survey, 1.8 billion people are currently subscribed to one of the major video streaming services.

What is perhaps most impressive about this is that the same survey was undertaken in 2020 and showed just 1.1 billion. 

In other words, roughly 17% of the population in 2023 is using video streaming.

By 2027 it’s expected at least 20% of the population will be subscribers. 

By 2030, it’s estimated this figure could have risen to 25% of the global population.

That’s a large number of people.  

(Forbes)

3. 83% Of US Households Have A Video Streaming Subscription

Globally, there are still plenty of people not using video streaming.

In many cases, this is because it’s not a viable option yet. 

However, the opposite is true in the US where people have already embraced the latest technology. 

According to the latest research by Forbes, in 2023 83% of US households are subscribed to one or more streaming services.

This figure was 52% in 2015, illustrating just how fast the service is expanding. 

Naturally, increasing numbers of subscribers means more funds for the streaming service.

This allows them to improve their content and attract even more subscribers. 

It should be noted that subscription levels for 2022 and 2023 are the same, potentially suggesting that video streaming in the US has reached its maximum saturation rate.

That is, until broadcast and other traditional methods are turned off. 

(Forbes)

4. The Average American Spends 13 Hours & 11 Minutes On Digital Media Daily

We are living in the digital revolution.

Analogue items are being replaced by digital daily.

That’s effectively what video streaming is doing to traditional television. 

Of course, digital tech, such as social media and streaming, means that people are spending more time looking at screens than ever before. 

A lot of this time is spent on mobile devices, although televisions hooked to streaming services are still a popular option. 

According to the latest research by Statista, the average American will spend 13 hours and 11 minutes on digital media every day. 

A breakdown of this figure by Forbes found that 3 hours and 6 minutes of daily digital time is spent streaming videos. 

Considering how popular streaming is, this figure is likely to get larger.

After all, a separate survey found that 93% of video streaming subscribers intend to keep using their current streaming service or take on more streaming services. 

An impressive 72% of Americans are very happy with the streaming experience. 

(Statista)

5. 84% Of Consumers Look At Cost First When Deciding On A Video Streaming Service

Video Streaming Industry

The Forbes survey in 2023 found that Americans were generally most concerned with price when deciding on which streaming service to use. 

84% of people asked said that the cost was the most important element when choosing a streaming service. 

Second place was taken by ease of use, with 81% of respondents feeling this was important.

Variety came third with 79% and the quality of playback took 77%

At the other end of the scale, the availability of live content was only considered important by 37% of people. 

Other criteria which were considered important by respondents included:

  • Availability across devices – 58%
  • Resolution options – 56%
  • Ability to skip ads – 52%
  • Downloadable content – 40%
  • Menu recommendations – 38%

(Forbes)

6. 43% Of Viewers love The Shorter Ad Breaks

Interestingly, a recent survey found that people were most likely to stay with a specific streaming service if they offered an ad-supported version of the service.

Naturally, consumers expected having to watch ads means a reduced monthly subscription cost. 

However, while consumers accept ads in return for lower rates, an impressive 43% of respondents would like ad breaks to be shorter.

Nearly as many people, 42%, want the ability to earn rewards and 41% want individual ads to be shorter.

Just 34% of people are concerned about targeted ads and 33% would like to see a short ad from the sponsor.

One thing that the streaming services could easily do, and would keep 31% of people happy, is introduce a time countdown, letting people know how much longer the ads will last.   

(Forbes)

7. Millennials Are The Most Likely To Cancel Video Streaming Subscriptions

Historically, younger generations are more impulsive.

It’s one of the perks of being young.

That’s why it’s interesting that the youngest generation, Gen Z, is 57% likely to cancel a video streaming subscription. 

Yet, Millennials, a young generation but slightly older than Gen Z, are 62% likely to cancel their subscription. 

In contrast, Generation X are only 43% likely to cancel their subscription, and older generations, including boomers, are only 24% likely to cancel a subscription. 

However, boomers are only 7% likely to renew a canceled subscription and Gen X are only 20% likely.

In contrast, 43% of Millennials and 38% of Gen Z will renew a canceled subscription. 

In short, Millennials are most likely to change or cancel their subscription as they have lower levels of loyalty and are more inclined to seek the best deal for their money. 

Older generations tend to be loyal and stay with their chosen provider.

(Deloitte)

8. Netflix Has Over 231 Million Subscribers

Netflix is effectively the original streaming service and it shows in its subscriber numbers.

At the end of 2022, Netflix is recorded as having 231 million subscribers. 

That’s impressive but Netflix can’t afford to sit still.

In recent months it has faced a large number of people leaving its service. 

Other services are benefitting from this.

For example, Disney+ has, as of May 2023, got itself 157 million users.

At the same time, Amazon Prime has managed 117 million subscribers and Max has hit 97 million.

Even Paramount+, a relative newcomer to the scene, has 60 million. 

If that was concerning enough for Netflix, the following figures won’t help. 

Netflix’s growth is slowing.

Between 2013 and 2014 it gained 13.1 million subscribers.

Between 2022 and 2023 that number was down to 7.6. The service has been seeing a decline since 2020.

Of course, Amazon Prime is seeing a similar trend. Between 2013 and 2014 it gained 15 million users.

Between 2022 and 2023 it gained just 4.3 million. 

(Statista)

9. Surprisingly, Netflix Is The Most Expensive Streaming Service In The US

Netflix is well-established.

However, that doesn’t mean it can get away with charging whatever it wants.

At present, it’s the most expensive streaming service in the US. Fortunately, this is something it intends to change with the option of an ad-supported version of Netflix.

At present, the monthly subscription in the US for Netflix is $15.49.

HBO Max is slightly cheaper at $14.99 and Hulu charges $12.99.

All other subscription services are tinder $10, making them an attractive alternative.

For example, Paramount+ and Peacock both charge $9.99 a month. Prime Video is just $8.99, and Disney+ is $7.99.

Apple TV is a staggering $4.99, that’s a third of the price of Netflix. 

It’s impressive that, despite the price, Netflix still has the biggest market share, although YouTube shows signs of beating it. 

(Screen Daily, Small Business Blog)

10. In 2022, Stranger Things Was The Most Streamed Program

Video Streaming Industry

When looking for original content Netflix fares extremely well.

According to the latest Nielsen survey, in 2022 Stranger Things was the most viewed original video content. It was viewed 52 billion times. 

The next most popular was Ozark, also a Netflix production which was watched 31.3 billion times.

In fact, all of the top ten slots for original streaming are filled by Netflix programs.

Prime Video managed to take the number 11 spot with 10.6 million people watching  “The Boys”.

A traditional favorite, NCIS, took the award for the most minutes streamed in 2022.

It was viewed for 38.09 billion minutes!

The Simpsons made number ten on this list with 15.87 billion minutes viewed. 

What may surprise you is that Encanto, from Disney, took the number one spot for streamed videos with 27.416 billion streamed minutes.

Frozen took 8th place with 5.133 billion minutes viewed. 

That gives you an idea of just how successful Encanto was. 

(Nielsen)

11. The Global Video Streaming Industry Was Worth $60.1 Billion In 2021

The video streaming industry has increased in value dramatically in recent years.

It’s not surprising as it’s a much more convenient way to watch your favourite shows and movies. 

The revenue figures reflect this popularity. 

In 2020 the industry was valued at $50.11 billion.

By 2021 it had increased by an impressive $10 billion to $60.1 billion!

Predictions show that the industry revenue will continue to grow by approximately 21% every year.

That means, by 2030 the video streaming industry will be worth a staggering $330 billion!

It’s worth noting that the dramatic increase between 2020 and 2021 was partially fuelled by the global pandemic.

However, the prediction of 21% growth appears to be well-founded. 

(Grandview Research)

12. US Viewers Streamed 160 Billion Minutes Of Content In  March 2020

According to a survey conducted by Cloudwards in April 2020, US viewers managed to watch over 160 billion minutes of video streaming.

That was within the month of March.

Naturally, these figures are boosted by the global pandemic.

March 2020 was a period of lockdown, forcing people to find alternate things to do. 

Interestingly, in December 2021, as the pandemic was passing, US viewers managed to beat this figure and watched 183 billion minutes.

That’s the same as one person watching the video for 348,173 years!

February is also a popular streaming time, regularly reaching 143 billion minutes of viewing.

In February 2022 this increased to 169.4 billion minutes, confirming that streaming is becoming even more popular. 

In total, the figures show Americans streamed, in 2021, over 15 million years of content. 

(Cloudwards)

13. 15% Of People Pay Over $50 A Month On Video Streaming

The latest reports show that 67% of US households have a paid TV subscription and 83% have a video streaming subscription. 

But, what was more surprising is the amount the average US household pays on streaming services. 

According to a recent survey, 15% of respondents paid over $50 on video streaming every month. 

Considering Netflix and Amazon Prime combined only total $25, that’s a significant sum on streaming. 

Thankfully, most people spend a little less.

The average US household spends between $20 and $29.99 a month on streaming services. 

Age matters as people aged between 35 and 49 are most likely to spend more, 24% of people in this age bracket have subscribed to more than five video services. 

(Statista)

14. 81% Of US Households Stream Video On Television

A survey conducted at the end of 2021 found that 81% of US households have at least one television connected to a streaming device/service. 

The same survey in 2019 found that 72% of households had a connected device.

In other words, it’s only a matter of time before all American households are using connected televisions. 

The same trend can be found across the planet, with the exception of Asia.

This is the only region where desktop streaming was greater than television streaming.

It shows where most people like to watch streamed content.

Despite the convenience of mobile devices, a television is a significantly larger screen. 

(Cloudwards)

15. 55% Of People Use Ad-Supported Video Streaming

Video Streaming Industry

Ad-supported video streaming subscriptions mean you have to watch adverts before, after, and even during your program/movie.

That can be a hassle but the reward is a reduction on your monthly subscription cost.

For example, the tariff on Netflix’s ad-supported version is roughly half of what it is on the standard, ad-free, version. 

Saving money is always a good idea, which is why 55% of US people use the ad-supported version of a video streaming service.

A lower percentage of those surveyed, just 28%, said they prefer an ad-free experience and a further 16% would cancel their subscription if they were forced to watch ads. 

However, 53% of US consumers are happy to save money by having a few adverts thrown into the mix.

That’s provided the monthly cost was reduced. 

(Nielsen)

16. Just 2 Out Of 5 People Sign Up For A Subscription After Using A Free Trial

Free trials are used in a wide variety of industries.

The aim is to showcase what a service can offer in the hope that the subscriber will then become a paying customer. 

Unfortunately, according to the latest research, just 40% of people, (2 out of 5), will sign up after using a free trial. 

While 15% of people aged between 18 and 29 used a free trial to see how good a service is, most people simply don’t sign up afterwards.

The reasons why are unclear, although 8% of people take a free trial just so they can binge-watch a specific series. 

Of course, from the video streaming provider’s perspective, a 40% conversion rate is worth offering the free trial. 

(Nielsen)

17. There Are Over 3,700 Movies On Netflix US

One of the reasons Netflix continues to be the number one video streaming provider is that they have a huge amount of content. 

As well as offering Hollywood movies and series, Netflix offers an array of original movies and series. 

In fact, there are over 3,700 movies on the US Netflix, an,d a further 3,500 television series. 

Netflix spends a lot of money on building its content library.

In 2020 it spent $12.5 billion.

This rose to $17.4 billion in 2021 and the figure continues to climb. 

It’s worth noting that 44% of the movies and series available on Netflix are Netflix originals.

The US has more than any other country, although Australia, with 42% originals, is a close second. 

(Netflix)

Summing Up

The video streaming industry statistics make interesting reading.

They clearly show a growing industry with plenty of potential for the future.

That makes it the perfect industry for someone to invest in.

It’s worth noting that the US, as usual, is ahead of the curve.

However, the rest of the globe is slowly catching up; ensuring that in 10 years watching anything other than video streaming is going to be a rare occurrence.

This is one industry that you can count on going from strength to strength.  

Sources

Exploding TopicsCloudwardsForbes
Fortune Business Insights

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Written by Jason Wise

Hello! I’m the editor at EarthWeb, with a particular interest in business and technology topics, including social media, privacy, and cryptocurrency. As an experienced editor and researcher, I have a passion for exploring the latest trends and innovations in these fields and sharing my insights with our readers. I also enjoy testing and reviewing products, and you’ll often find my reviews and recommendations on EarthWeb. With a focus on providing informative and engaging content, I am committed to ensuring that EarthWeb remains a leading source of news and analysis in the tech industry.