Streaming Industry to Hit $100bn Mark in 2024
The latest report by OnlyAccounts.io shows that the subscription-based streaming industry referred to as “over-the-top” media services, has blown up in recent years, completely changing how people consume media.
In just five years, the number of people using these services has almost doubled and hit 1.3-billion, helping the market to gross over $95-billion in revenue, the highest figure to date.
But with SVoD viewership still surging, the entire market is set to reach a new milestone this year.
According to data by OnlyAccounts.io, subscription-based streaming is set to become a $100-billion industry in 2024.
Streaming has taken the home video market by storm, reaching more users and generating more revenue than all other market segments.
The Statista Market Insights show just how big that growth was. Since 2018, the global revenue from subscription-based streaming has almost tripled, topping over $95-billion this year. Moreover, this figure results from six years of consecutive double-digit growth rates, which actually dropped to 18% in 2023.
However, Statista expects the compound annual growth rate in the SVoD market to continue falling. Although the market will reach a new massive milestone and more than $100-billion in revenue in 2024, the annual growth rate is expected to drop to 13,2%.
The downsizing trend will continue in the following years, with CAGR more than halving and falling to 6,5% by 2028.
Although subscription-based streaming services have millions of users worldwide, most industry revenue comes from only three countries.
According to Statista, nearly 65% of total SvoD revenue in 2024 will come from the US, China, and the UK.
The US, the largest SVoD market globally, is expected to generate $43,9-billion, or almost 40% of the total industry revenue next year.
As the second largest market, China will hit $22-billion in SvoD revenues, making 20% of the industry total. The UK follows, with $4,4-billion in revenue in 2024 and a 4% market share.
With more and more streaming services available to consumers, the number of users will undoubtedly continue surging in the following years.
Statista expects more than 100-million new users to flock to the SVoD market in 2024, pushing the total user count to 1,4-billion.
Most of that number will come from developed markets like the US, China, and the UK, where consumers continue switching away from traditional pay-TV consumption to more flexible, affordable, and expansive video formats.
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