The number of households worldwide which pay for streaming video services such as Netflix and Amazon Video has now broken through the 250 million mark, according to the latest research from Strategy Analytics, which predicts that the number of homes paying for subscriptions to streaming video services will reach nearly 300 million by the end of 2018 and more than 450 million by 2022.
Other key findings from the research include:
- Average monthly household spending on streaming video services increased by 5% in 2017 to $9.46.
- The total number of streaming video subscriptions reached 345 million by the end of 2017.
- Households paying for streaming video services used on average 1.39 services.
- The US has the highest penetration of streaming video services, with 59% of households using at least one service at the end of 2017.
Strategy Analytics’ Michael Goodman, said:
“Streaming video is rapidly becoming a normal part of people’s entertainment options. Usage is already at around half of households in the most mature markets and is likely to reach those levels in many other countries in the near future.
Clearly market leaders like Netflix and Amazon will benefit from this trend, but there are also major opportunities for media companies which currently focus on more traditional pay TV and content development business models”.