Top 5 Video Streaming Stats in 2023

Dec 13, 2023

The current worth of the video streaming industry exceeds $500 billion. Thus, the media landscape is in constant flux. Are you staying ahead of the constantly changing media environment? Here are the Top 5 video streaming statistics your business should know!

38.1% of all TV usage is dedicated to streaming- The usage of video streaming services has seen substantial growth in the past few years. According to Forbes’ 2020 estimate, global subscriptions to online video streaming services reached 1.1 billion. By 2023, this number has risen to approximately 1.8 billion, with a user penetration rate of about 17%. Projections indicate that by 2027, the user penetration is anticipated to reach 20.7%. Remarkably, 83% of households in the United States now have at least one streaming service subscription, reflecting a significant surge from the 52% reported in 2015.
There are approximately 1.8 billion subscriptions to video streaming services- The average daily digital media usage for Americans is 13 hours and 11 minutes. Forbes reports that 3 hours and 6 minutes of this time is dedicated to streaming video, and this is expected to rise due to growing consumer demand. A recent survey indicates that 72% of Americans highly appreciate their user experience with video streaming services, and an overwhelming 93% plan to either maintain or expand their streaming choices.
Generational Differences in Video streaming- Younger age groups, including Gen Z (57%) and Millennials (62%), exhibit a higher likelihood of canceling video streaming subscriptions compared to older generations such as Gen X (43%) and Boomers and older (24%). Conversely, when it comes to reconsidering and renewing recently cancelled subscriptions, younger generations, specifically Gen Z (38%) and Millennials (43%), are more inclined to do so than their older counterparts, with Gen X at 20% and Boomers and older at 7%. As for binge watching habits? The variations between generations is minimal. The age group most prone to binge-watching is individuals aged 30 to 44, with a rate of 70%, closely trailed by 18 to 29-year-olds at 69%.
Netflix has well over 200 million subscribers worldwide- As of May 2023, Disney+ boasts 157 million subscribers, surpassing 117 million subscribers for Amazon Prime Video. HBO Max has reached approximately 97 million subscribers, and Paramount+ closed out 2022 with around 60 million subscribers. Amazon Prime Video stands as one of Netflix’s primary rivals in terms of user competition. Netflix is recognized as one of the pricier options among video streaming services.
The Night Agent emerged as the top title on Netflix during the initial six months of 2023, accumulating an impressive 812.1 million hours of viewership. Following closely was the second season of Ginny & Georgia with 665.1 million hours, and the Korean drama The Glory secured the third spot with 622.8 million hours. Despite its release in November 2022, Wednesday claimed the fourth position with 507.7 million hours of viewing. Video streaming has experienced significant growth in recent years, and there are no indications of this momentum slowing down in the foreseeable future.

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