Recent Antenna data showed that growth across SVOD in the U.S. continued to moderate in the second quarter of 2024. Overall, there were 45.3M gross additions and 43.3M cancels to SVOD services in Q2 '24, resulting in 1.9M net additions. Previously, the company had reported that, as of March 2024, the SVOD sector saw a 10.2% year-over-year (YoY) increase in total subscriptions, marking a slowdown from the 18.8% YoY growth recorded in 2023.
Looking specifically at the Premium SVOD category, in Q2 '24, Antenna observed Paramount+ had 17% of Premium SVOD gross additions for the quarter, its sixth consecutive quarter with the highest share in the category. Peacock had 13% of gross additions, a decrease of -5pts compared to the previous quarter. While both services saw declines in share compared to the prior quarter, Paramount and Peacock combined accounted for nearly 40% of gross additions in Q1 ‘24, when both services had significant NFL-based acquisition moments.
Hulu, Max, Netflix, Disney, and Starz all saw increases in share of gross additions over the previous quarter. In Q2’24, Disney+ and Hulu saw their share of gross additions increase +2pts to 10% and +1pt to 14%, respectively. Max’s share for the quarter increased +3pts to 14%. Both Netflix and Starz increased +1pt to 14% and 7%, respectively. AppleTV+ and Discovery+ saw modest declines in market share of QoQ gross additions.
The trends observed in Q2 2024 highlight a shifting landscape in the U.S. SVOD market, with Paramount+ and Peacock leading the way despite some declines, and other services like Hulu, Max, and Disney+ making notable gains. As the market continues to evolve, the competition among streaming platforms remains fierce, with each service vying for subscriber growth and market share in an increasingly saturated environment. This ongoing battle for dominance will likely shape the strategies and content offerings of these platforms in the coming quarters.