Julia Stoll
Research expert covering TV and video media
Streaming in the United States - statistics & facts
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Streaming services of all kinds have been seeing increasing usage all over the world in the past decade and have become part of everyday life for many consumers. From online music services like Spotify to video-on-demand (VOD) market leader Netflix, accessing and enjoying content via streaming is now the norm for media lovers of all ages. In the United States, the number of digital media users has overall increased and this growing demand has led to consistent annual revenue growth. VOD revenue amounted to nearly 70 billion U.S. dollars in 2023, while music streaming revenue surpassed 14.3 billion U.S. dollars that year.
Another branch of the digital audio industry which is gaining popularity is podcasting. In the U.S., more than half of respondents to an early 2024 survey listened to podcasts at least once a month. Thanks to the mobility provided by smartphones and the aforementioned streaming platforms, consumers are streaming more often, and in more places via various devices than ever before. This applies not just to audio and music content but also to video, which has taken the home video business by storm and changed viewing habits forever.
Consumer spending on digital home entertainment in the U.S. is high, and has given rise to an increase in binge-watching and on-the-go viewing. As with physical music, sales of traditional TV and video formats are on the decline, and it is clear now more than ever that streaming is and will continue to be the future of media consumption.
Which are the most popular music streaming services?
Spotify dominates the music streaming business and generally outrank other smaller services in terms of reach, subscriber share, and consumer preference. At the end of 2023, the streaming platform reported over 600 million monthly active users worldwide. Other major players include YouTube Music, Pandora, and Apple Music. Smaller services like Deezer, SoundCloud, and Tidal have yet to achieve any real influence over the market, with just a handful of consumers using each service. However, in a market which still remains substantially less crowded than the video streaming scene, there is still room for less established music companies to gain a larger following.Another branch of the digital audio industry which is gaining popularity is podcasting. In the U.S., more than half of respondents to an early 2024 survey listened to podcasts at least once a month. Thanks to the mobility provided by smartphones and the aforementioned streaming platforms, consumers are streaming more often, and in more places via various devices than ever before. This applies not just to audio and music content but also to video, which has taken the home video business by storm and changed viewing habits forever.
SVOD in the U.S.
A variety of different video streaming platforms have experienced massive growth over the past few years. Video streaming platforms such as Netflix, Disney+, and Amazon Prime Video have accumulated millions of subscriptions and provide access to a variety of movies, TV shows, and documentaries at the click of a button. These services have become such a crucial part of the entertainment industry that they have even begun to influence pop culture itself. Notable examples include Netflix’s original shows such as “Stranger Things,” which have earned numerous awards and are in high demand among audiences.Consumer spending on digital home entertainment in the U.S. is high, and has given rise to an increase in binge-watching and on-the-go viewing. As with physical music, sales of traditional TV and video formats are on the decline, and it is clear now more than ever that streaming is and will continue to be the future of media consumption.
Julia Stoll
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Aug 2, 2024
Julia Stoll
Research expert covering TV and video media
