Video Streaming

15 Video Streaming Services Statistics You Need for 2024

Published on: December 3, 2023
Last Updated: December 3, 2023

15 Video Streaming Services Statistics You Need for 2024

Published on: December 3, 2023
Last Updated: December 3, 2023

It’s expected that by 2030, the video streaming industry will be worth roughly $330 billion.

It’s an entertainment monster that can’t be stopped.

While the industry comes with its fair share of pros and cons, there are plenty of benefits that stem from it as well.

While there are several companies that dominate the video streaming market, you might be surprised at the number of unique services across the world.

For this resource, we’re going to take a look at video streaming services statistics to get a scope of the past, present, and future state of the industry.

Key Statistics

  • 85% of households in the U.S. pay for at least one streaming service
  • Americans watched 15 million years worth of video content in 2021
  • Netflix is the most used video streaming platform, boasting over 220 million subscribers
  • There are over 200 streaming services available throughout the world
  • The current value of the global video streaming market is $89.03 billion
  • Between 2023 and 2030, the video streaming market is expected to grow at a CAGR of 21.5%
  • The revenue projection for the market by the end of 2023 should be around $95.88 billion
  • 38.1% of all usage on TV is dedicated to streaming video content
  • 26% of respondents admit to binge-watching video content at least once every week

Video Streaming Services Statistics in 2024: A Conglomerate in Entertainment

Most anyone you know has access to at least one video streaming service.

History has proven on numerous occasions that many people will happily pay for convenience.

While movie theaters still see plenty of dedicated patrons, data shows that a majority of viewers would rather stay home.

This is for a long list of reasons, but the reality is that most consumers will choose convenience and comfort over anything else.

Having all of the TV shows and movies you want in one place is fantastic, and there’s plenty of data to support that statement.

1. Video Streaming in U.S. Households

Video Streaming

In regard to entertainment in the U.S. market, video streaming is one of the most popular.

As with any new growing trend, video streaming services took a little while to take off across the country.

Nevertheless, a few years down the road, video streaming services can be found in nearly every home in America.

The most recent available data highlights that 85% of households in the United States have at least one video streaming service.

Netflix leads the way in the video streaming market, but nowadays, there’s also Hulu, Amazon Prime, and many others.

When you also consider the affordability of streaming services compared to going to the movies, the investment only makes sense.

People haven’t stopped going to the movies entirely, but this particular business model has significantly affected the movie theatre business.

(Cloudwards)

2. Movies, TV, and the Pandemic

Even if the world is on the outskirts of the pandemic, we’re still seeing many of the effects that stemmed from the unexpected global event.

As most populations were given orders to stay at home for an extended period of time, this led to a lot of changes in how people live their lives.

Consumption in home entertainment as a whole skyrocketed during 2021 throughout the U.S. and across the world.

Based on data focusing on the American population, people streamed nearly 15 million years’ worth of video content in 2021.

If you take a second to think about that at scale, it’s beyond staggering.

With over 300 million people living in the United States, this figure isn’t so outlandish.

Regardless of whether it’s achievable or not, that’s an immense amount of time spent watching movies and TV shows.

(Cloudwards)

3. Netflix Reins Supreme for a Reason

In the current state of the video streaming market, you’ll find a healthy amount of competition among competing service providers.

Although this is true, and plenty of other services have found success, Netflix has been sitting at the top since the beginning.

Not only does the streaming service have over 220 million subscribers across the globe, but it has expanded far beyond its original concept.

From brand deals to original movies and more, Netflix has solidified itself as the leading force in the industry.

The company is also a pioneer in the services and products that video streaming has to offer.

Some might argue that Netflix lacks content compared to others, but the company has become so large that it’ll remain a prominent force for the foreseeable future.

(Cloudwards)

4. Number of Video Streaming Services 

Most people are aware of the top streaming services in the market, but you might be surprised at how many there are on a global scale.

At this time, there are over 200 video streaming services available.

Of course, there are many nuances to consider, as many of these services deliver niche content to specific demographics.

The conglomerates are the ones that generally cater to a much broader audience.

For example, Netflix is a service that you can use essentially anywhere: on your phone, TV, and even integrations in other applications or technology. 

On the other hand, you might come across a streaming service that offers free movies and shows, but the service may only be available with a specific brand of TV.

The streaming market is a lot more diverse than it was a few years ago, and there are plenty of paid and free options to choose from.

(Cloudwards)

5. Video Streaming Market Value (Global)

Video Streaming

Partly why market predictions look so healthy for video streaming is due to its years of ongoing success.

It’s safe to say that the industry isn’t hurting on sales, and leading services have big plans for the future.

Taking a look at data for 2022, the global video streaming market was worth $89.03 billion by the end of that year.

For 2023, it’s estimated that this figure will soar to $95.88 billion.

Down the road, this number will be much higher, and this aligns with CAGR predictions, as many experts believe it’ll be 21.5% from 2023 to 2030.

These may simply be predictions, but historical data can help you make some pretty accurate guesses.

Even if these numbers are off, they shouldn’t be off by much.

Video streaming services are more popular than they’ve ever been, no matter where you are in the world.

People like having privacy and ease of access to their favorite movies and TV shows, and this sentiment acts as a never-ending fuel source for the industry.

(GrandViewResearch)

Engagement Data with Video Streaming Services

Aside from the streaming services themselves, it’s interesting to look at the minute details behind how consumers interact with these services.

Personal preferences are a significant deciding factor for people when choosing one video streaming service over another.’

There’s a reason why an individual may open Netflix before Hulu every time they sit down at home.

The user experience considers many different facets of home entertainment and how people prefer to consume video content.

In the following sections below, you’ll get a look at more niche statistics regarding the consumers’ relationship with video streaming.

6. The Features Viewers Want

Although there are more than enough streaming services to choose from, it comes down to what makes them different.

People are going to choose a video streaming service that provides the experience and content they’re looking for. 

Sounds pretty easy, but considering the many unique preferences of each viewer, this is harder to accomplish than you might think.

The chart below highlights the features that people value most in a video streaming service.

image

As some people prefer some features over others, this is what poses challenges for streaming services to meet demands.

Nevertheless, video streaming services do their best to cater to a broad demographic of users.

(Cloudwards)

7. Average Revenue Per User

Most video streaming services utilize multiple revenue strategies to meet the demands of different types of users.

When you combine this with the vast number of users across the world, you can eventually get down to the average revenue per user.

Data tells us that this figure is expected to be $73.51 for 2023.

Not only is this affordable for most people, but it’s pretty profitable for video streaming companies.

This figure is more than just subscription fees, as some video streaming services offer a variety of other services for an added cost.

By 2027, the video streaming market should have 1.6 billion users.

The market is beyond any kind of return to its early days.

Although the market is bound to evolve over time, the prominence of video streaming services will only become stronger.

(Statista)

8. How People Consume Video Content at Home

Data on this particular topic goes back decades, but we’re going to focus on the last few years for a more relevant look.

With the rise of video streaming services, traditional providers like cable or broadcast are on the decline.

People are shifting how they view movies and TV at home for a number of reasons.

Cable is seen as an overly expensive option with underwhelming results.

While traditional providers for movies and TV aren’t entirely irrelevant, it won’t be much longer before they’re an afterthought.

Take a look at the table below to see how consumer preferences changed regarding movies and TV at home.

TimeframeStreamingCableBroadcast
March 202229.7%36.9%24.9%
April 202230.4%36.8%24.7%
May 202231.9%36.5%24.4%
June 202233.7%35.1%22.4%
July 202234.8%34.4%21.6%
August 202235%34.5%22.1%
September 202236.9%33.8%24.2%
October 202237.3%32.9%26%
November 202238.2%31.8%25.7%
December 202238.1%30.9%24.7%

As you can see, video streaming is on the rise, while traditional service providers are on the decline.

You can assume that once enough time passes, interest in cable and broadcast will be near zero.

Times change, entertainment is going through rapid change, and video streaming is just one of many conveniences of our modern world.

Considering you can get almost 100% of the same content on cable and broadcast through streaming services, most people don’t see the need to invest in anything else.

(ExplodingTopics)

9. Video Streamings’ Affect on Different Generations

Everyone likes movies and TV shows, no matter how old you are.

This makes for a pretty large demographic of potential customers for video streaming services. 

Although there are plenty of people interested in such a service, statistics highlight that different generations engage with video streaming in unique ways.

The same goes for the preferences around the video content they like.

  • 57% of Gen Z and 62% of Millenials are more likely to cancel subscriptions to video streaming services
  • With older generations, these numbers are 43% for Gen X and 24% for Boomers
  • 21% of Gen Z viewers dropped a paid subscription to switch to a free ad-supported service
  • 70% of 30 to 44-year-olds are most likely to binge-watch
  • Older generations are more prone to binge-watching than younger groups

These stats are essentially never-ending, as the behavior of each user can be entirely unique from the next.

Overall, every generation participates in video streaming services, but it’s evident that some habits between different age groups are relatively consistent. 

(ExplodingTopics)

10. Cancellations of Video Streaming Subscriptions

Video Streaming

Whether it’s due to finances or the available content, it’s pretty common for users to come and go, bouncing between different video streaming services.

It’s something that each service has to deal with on a daily basis, as customers tend to lean toward one service over another.

The chart below offers a full scope of cancellation data among different generations of consumers.

image 1

With each passing year, this data is bound to fluctuate.

It’s clear that everyone sees the benefits of video streaming services, but many of them come and go based on a variety of factors.

Cancellations are something streaming services have to constantly combat, which is why you seem these companies pivot from time to time.

It’s impossible to keep everyone happy, but some streaming services have made choices in the past that negatively affected their user base.

Although video streaming services are a modern comfort we’re all accustomed to, service providers struggle to meet the demands of every demographic.

(ExplodingTopics)

A Breakdown of the Content

Between the branding, marketing, UI of applications, and the movie and TV content itself, all of these play a role in someone’s decision on whether to subscribe or not.

Some video streaming services offer more than others, but each one seems to bring a bit of unique content to the table.

The content that’s available on different streaming services changes all the time.

With plenty of data available on how consumers react to these changes, many streaming services make their next move based on this data alone.

Keep reading to learn more about how content is handled between video streaming services and their subscribers.

11. People Subscribe to Content

People talk about being subscribed to a video streaming service, but it’s important to remember that consumers only subscribe for the content.

If the content streaming services provide starts to lack or do not offer what a viewer wants, they won’t hesitate to look elsewhere.

Here are a few stats on why people subscribe to a new streaming service:

  • Broad content = 35%
  • Content they’re interested in: 33%
  • New and original content = 32%
  • Exclusive titles = 24%

Many consumers don’t have a lot of patience when it comes to this topic.

People will stick around if they have access to the content they want.

Once a streaming service stops doing this, they risk losing a customer.

This is a constant cycle video streaming services face, which keeps them in a constant war for new users.

(Cloudwards)

12. Are Americans Satisfied with Their Video Streaming Service?

Even with streaming services dealing with a lot of backlash day in and day out, most users in the U.S. are pretty happy with their subscriptions.

These sentiments are bound to vary over time, as video streaming services have trouble satisfying every one of their viewers.

For a better visual, take a look at the pie chart down below on the satisfaction rate for American viewers.

image 2

While satisfaction rates are high for the most part, video streaming services are hard at work to ensure it remains that way.

It isn’t easy to do as consumers can be rather demanding, but most people seem to be happy with what most video streaming companies have to offer.

(Cloudwards)

13. Market and Content Segmentation

Video streaming services are more than just a website and a homepage.

Nowadays, with all of the application integrations across different technologies, video streaming services can be accessed in many different ways.

Whether it’s a computer, smartphone, or even a gaming console, it’s easier than ever to stream movies and TV when and where you want to.

Below are a few notable insights on market segmentation for video streaming.

Keep in mind that this information focuses on the market from 2017 to 2030.

  • Accessibility
    • Gaming consoles
    • Smart TVs
    • Smartphones
    • Tablets
    • Desktops and laptops
  • Sub-Services
    • Training and support
    • Consulting
    • Managed services
  • Userbase
    • Consumer
      • Web browsing & advertising
      • Social networking
      • Gaming
      • e-Learning
      • Real-time entertainment
    • Enterprise
      • Training and development
      • Corporate communications
      • Marketing and client engagement
      • Knowledge sharing and collaborations
  • Primary regions
    • United States
    • Canada
    • Germany
    • U.K.
    • China
    • Japan
    • Brazil
    • UAE
    • And more

This shows just how vast the video streaming market is, as it’s more than just a few movies and TV shows.

Expanding beyond the initial concept of streaming TV shows and movies, companies like Netflix, Hulu, Disney+, and others will continue to grow.

(GrandViewResearch)

14. Top Movies and TV Programs of 2022

Every year, you can find a list of movies and TV shows that ended up being the most popular.

This can stem from great marketing, word of mouth, or due to the fact that it’s a standout piece of work.

Regardless of the reason, there are some movies and TV shows that have made history in the video streaming market.

Here are the top 10 TV shows for 2022:

  • Stranger Things (Netflix)
  • NCIS (Various)
  • Cocomelon (Netflix)
  • Ozark (Netflix)
  • Encanto (Disney+)
  • Grey’s Anatomy (Netflix)
  • Criminal Minds (Various)
  • Bluey (Disney+)
  • Gilmore Girls (Netflix)
  • Seinfeld (Netflix)

Here are the top 10 movies for 2022:

  • Encanto (Disney+)
  • Turning Red (Disney+)
  • Sing 2 (Netflix)
  • Moana (Disney+)
  • The Adam Project (Netflix)
  • Hocus Pocus 2 (Disney+)
  • Don’t Look Up (Netflix/2021)
  • Frozen (Disney+)
  • Luca (Disney+/2021)
  • The Gray Man (Netflix)

You might be surprised by these lists, but the numbers don’t lie.

It’s important to remember that these lists are compiled based on viewing data that considers every type of viewer.

Even if you never once saw Encanto from Disney, millions upon millions of other users definitely did.

(Nielsen)

15. Recent Developments in the Market

Video Streaming

As we look forward, the video streaming market is expected to rapidly expand with new developments.

Most of these new developments will be well accepted by a majority of users.

Regardless of where you get your favorite TV shows and movies, the various developments below are bound to improve the user experience for most viewers.

  • Netflix added the “add an extra member” feature for users in Costa Rica, Chile, and Peru
  • Apple is integrating new services with their software updates for the Apple TV 4K
  • Akamai Technologies announced cloud computing capabilities for streaming video 
  • Wowza joined AMD to promote eco-friendly streaming practices
  • Kaltura announced ample improvements to its Cloud TV and Streaming platform

As you can see, streaming services are hard at work to deliver innovative ideas to their users.

One could argue whether a company is innovative or not, but the reality is that everyone wants the industry to grow and move forward.

Final Thoughts

Most people don’t consider the influence video streaming services have had on modern entertainment.

It’s quickly becoming the preference for many people, as it’s hard to beat your favorite movies and TV shows in the comfort of your own home.

The market will continue to change and adapt as needed, while consumers will continue to watch, only to be concerned with what they like and don’t like.

In this article, we gave a raw look at the current and future state of video streaming services statistics and their business endeavors.

Sources

​​​​​​​CloudwardsGrandview ResearchStatista
Exploding TopicsNielsen

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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.