In 2024, an average of 3.5 million new subscribers entered the Premium SVOD market each quarter, a decline from 4.3 million in 2023 and 4.8 million in 2022, according to Antenna’s 2024 Top Subscription Insights. Netflix maintained its dominance as the most popular entry point, accounting for 23% of new subscriber gross adds through Q3 2024, an increase from 19% in 2023. However, Netflix’s share of total gross adds was 13%, reflecting its broader challenge to capture existing subscribers switching platforms.
Ad-supported streaming continues to surge in popularity, with 43% of subscriptions now linked to ad-supported plans across services offering both tiers. Year-over-year, ad-supported subscriptions grew by 50%, while ad-free subscriptions declined by 5%. Peacock has emerged as a leader in this segment, with over 75% of its gross adds in Q3 2024 coming from ad-supported plans. This trend highlights a significant consumer shift towards cost-effective streaming options.
Churn remains a pressing issue for streaming platforms, especially among "serial churners" — users who cancel three or more subscriptions within two years. In 2024, this group grew to 29.5 million, representing 23% of the total subscriber base. Despite their smaller share, serial churners accounted for 41% of gross adds and 42% of cancellations, underscoring their substantial influence on the industry. Alarmingly, 87% of super-heavy churners (those with seven or more cancellations) unsubscribed within a year, presenting a critical challenge for retention strategies.
Promotions emerged as a major driver of subscriptions in 2024, with Black Friday standing out as a particularly lucrative period. Hulu’s 2023 Black Friday deal generated 215,000 daily sign-ups, resulting in 1.7 million new subscribers over a single week. Peacock and Paramount+ also capitalized on this trend, each surpassing 1 million sign-ups during their respective promotions. These numbers emphasize the importance of well-timed promotional campaigns in attracting new users.
Live sports have proven to be a powerful acquisition tool for streaming platforms. In 2024, events such as Super Bowl LVIII on Paramount+ generated 3.2 million sign-ups in just three days. Peacock leveraged its exclusive NFL games to add 4.21 million sign-ups, while Netflix made a splash with its first live sports event — a boxing match between Jake Paul and Mike Tyson — which brought in 1.43 million sign-ups. These successes demonstrate the unparalleled ability of live sports to drive subscriber growth.
Understanding churn dynamics has become increasingly important for streaming platforms. The gross churn rate for Premium SVOD services stood at 5.3% in September 2024, compared to a net churn rate of 3.1%, highlighting the critical role of resubscription efforts in mitigating losses. Netflix continued to lead the industry with the lowest churn rates, reporting a 1.8% gross churn rate and a 1.0% net churn rate.
Finally, Spanish-speaking audiences have emerged as a significant growth segment. Platforms like ViX Premium have excelled in catering to this demographic, with Spanish speakers 4.4 times more likely to subscribe to ViX than the general population. This highlights the potential for targeted strategies to capture niche audiences in an increasingly competitive market.
As the streaming landscape evolves, these findings underscore the importance of innovation in acquisition, retention, and audience engagement. Platforms that adapt to these trends are better positioned to thrive in the competitive SVOD space.
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