Video and music streaming services have continued to grow, and there is no clear end to their growth in sight. After Covid-19 hit, streaming services experienced a huge spike in usage as people were stuck at home with nothing better to do. Even as the pandemic begins to slow down and people can go out again, streaming services are still hugely popular.
It is unlikely streaming services will ever stop being popular, and within the next decade, they are projected to grow by 21% annually between 2021 and 2029.
Streaming Services: Fast Facts
- 72% of American streaming service subscribers are satisfied with their services, with an outstanding 80% of Netflix users being satisfied.
- Netflix has over 3,700 movies and 3,500 shows available in its content library.
- 15% of people between 18 and 29 use a free trial to check out the service’s library before getting a subscription. 8% of this age group use the free trial to binge-watch a show.
- Only 2 out of 5 people get a paid streaming service subscription after the free trial.
- 12.5% of households now use streaming services with a live tv option.
- 55% of people who subscribe to video streaming services use plans that come with ads. While 28% of consumers prefer ad-free streaming, 53% are fine with ads if it means a cheaper service.
The Global Video Streaming Market is Worth Billions
The global video streaming market brings in billions of dollars each year, making $50.1 billion in 2020 and $60.1 billion in 2021. By 2030, it is projected to be worth $330 billion, making it one of the largest markets on the internet. And as new services are introduced, and the giants continue to grow, the streaming market will likely never stop growing larger and larger.
Americans Stream Tens of Thousands of Years Every Month
Have you ever wondered what it would look like if all the time spent streaming content was totaled up? Well, in 2021 alone, Americans streamed the equivalent of 15 million years of content, and it does not seem likely to decrease. In February 2021, Americans streamed 143.2 billion minutes of content, which increased to 169.4 billion minutes in February 2022.
How Much Do People Spend on Streaming Services?
When it comes to the amount of money people are spending on streaming services, it is not a small amount. 15% of people pay over $50 a month for their streaming services, while the average person spends between $20 – $30 a month. If you thought that was a bit much, it turns out 93% of Americans are planning on increasing the amount they spend each month on streaming services soon.
Percentages of People Who Have Subscriptions
In the US alone, 85% of households have at least one subscription, but the average is around four subscriptions. This includes subscriptions to Netflix, HBO Max, Hulu, and Prime Video. 7% of Americans though have at least six streaming service subscriptions, and as more services are offered, it is likely that number will grow somewhat.
Most Attractive Features Of a Streaming Service
When it comes to streaming services, there are six features that are especially attractive to potential subscribers. These are: Has desired shows, binge-watching, On-demand access, No ads, Keeps entertained, and original content. Of these six features, the most important to subscribers is “Has desired shows,” with 35% of consumers stating this as their #1 looked for feature.
Binge watching came in second at 34%, then on-demand at 31%, no ads at 23%, keep entertained at 21%, and finally original content at 19%. Original content does not seem to matter when it comes to streaming services as long as they have the material people want to watch, and they can binge-watch shows without having to stop for ads.
Most Likely Reasons for Subscription Cancellation
There are several reasons for subscribers to cancel a subscription, with the most common being if the price increased at 49% of consumers. Coming in behind that at 31% was if certain content like a movie they loved was removed from the service and they could no longer watch. A smaller percentage of people stated they would cancel their subscription after watching a specific show or movie they had gotten the subscription to see.