The Subscription Video On-Demand (SVOD) industry is considered one of the most mature markets in the world and yet the industry is still showing impressive growth. Netflix is at the top of the food chain already, but the SVOD giants have shown little signs of slowing down. According to data presented by Trading Platforms, Netflix is projected to have 182.2 million viewers in the United States alone by 2024.
Netflix is one of the pioneers of the SVOD industry and has been in business since 1997. Originally a DVD rental service, the company is a household name in recent times for its video streaming platform. Off the back of the success of its SVOD service, the company has also expanded to produce its own top quality content.
As of January 2021, Netflix boasts over 200 million subscribers worldwide with 66 million from the United States alone. Their viewership numbers are also impressed with the number of people in the United States who watch the service at least once a month projected at 168.9 million in 2020. That number is expected to grow to 182.2 by 2024, an 8% increase.
On the other hand, Disney+, which started operations in November of 2019 making 2020 its first full year of operations, has become a legitimate competitor. It was an impressive debut considering the SVOD industry is already very saturated with names like Hulu and Amazon already a few years old. In 2020, 72.4 million people tuned in to Disney+ at least once a month, making it the fourth biggest SVOD provider in the United States in 2020. This is the biggest debut year by an SVOD provider in the industry’s history.
Amazon Video was the second-largest SVOD provider in 2020 with 106.6 million monthly viewers, with Hulu third on the list with 94.5 million.
Regarding the future, Disney+ is projected to increase its number of subscribers in the United States in 2025 by a staggering 118%, to 49.8 million subscribers from 2019’s 22.8 million. Hulu is also projected to experience significant growth with an increase of 81% in its US subscribers in 2025, which is expected to be just under 50 million. Netflix is expected to grow a further 16%, cementing their number one spot for years to come with a projected 71 million subscribers in 2025. Amazon will see a 12% growth in their US subscribers, expected to total just under 60 million.