In the thick of the pandemic, consumers subscribed to various streaming services while spending more time at home. It was unclear what would happen to streaming services after the world returned to “normal”, however. Though lockdowns have ended and people have been going to concerts, sporting events, and movie theaters in-person again, they aren’t canceling their streaming subscriptions. Streaming subscription numbers are holding strong post-pandemic and they are predicted to continue growing over the next five years.
A new report from Digital TV Research predicts a 33% increase in SVOD (streaming video-on-demand) [for movies, linear channels, and TV episodes - excluding other platforms such as sports] subscriptions from 338 million at the end of 2021 to 450 million in 2026.
From 2021 to 2026, the percentage of TV households subscribed to one or more SVOD platforms is predicted to jump from 82% (99 million) to 87% (106 million).
The number of subscriptions each household has is predicted to grow as well. At the end of 2021, SVOD subscribers will pay for 3.42 platforms. By 2026, the average SVOD household will pay for 4.26 platforms, adding almost one paid subscription in the next five years.
Simon Murray, Principal Analyst at Digital TV Research, said in a statement, “We have substantially revised our forecasts to reflect recent market developments. For instance, we have markedly increased our subscriber numbers for Amazon Prime Video, HBO Max and the ‘others’ category.”
Another recent study found that 78% of all households are currently subscribed to one of the top SVOD services, including Netflix, Amazon Prime Video, and/or Hulu. As more consumers choose to cut the cord, SVOD numbers continue to rise, showing that streaming could certainly be the future of at-home entertainment.