More than 1.3bn will use streaming services by 2024

Netflix, News

The rising demand for video and the growing number of people using smartphones to watch content have made video streaming technology very popular over the years.

The number of people using on-demand streaming services is expected to hit 1.2bn this year, according to data gathered by LearnBonds. The rising trend is set to continue in the future, with the number of users reaching 1.3bn by 2024.

On-demand Streaming Services to Hit $25.8bn in Revenue this Year

On-demand streaming services refer to videos provided from platforms like Amazon Prime Video or Netflix, which offer unlimited access to their content libraries for a monthly subscription fee.

In 2017, there were more than 970 million people in the world watching this sort of video content, revealed the Statista survey. In the next two years, the number of users jumped to 1.1bn globally.

The upward trend continued in the last twelve months, with the number of people watching on-demand streaming videos growing by 5.4% year-on-year. Statista’s survey revealed user penetration was 15.2% in 2020 and is expected to hit 16.9% by 2024.

The rising number of people using on-demand streaming services continues generating sizeable revenue of the unified market. In 2020 the global on-demand video streaming revenue is expected to reach $25.8bn value, growing by 6.8% year-on-year. By 2024, the entire market is forecast to reach $30.4bn worth.

The US Generates Nearly 50% of the Entire Market Revenue

Analyzed by geography, the United States represents the largest video streaming market in the world. The US on-demand video streaming industry is forecast to generate $11.9bn in revenue this year, with a remarkable 36% user penetration.

The recent Statista surveys showed more than 29% of Americans watch streaming movies several times per week, while 17% of respondents confirmed doing so every day. Another 23% of US citizens frequently uses video streaming technology to watch sporting events.

That’s no surprise considering that the largest video streaming platforms come from the United States. Amazon Video first entered the US market in 2006 as Amazon Unbox but didn’t launch worldwide until 2016.

Netflix began providing streaming content a year after. Initially created for DVD rentals and sales, this streaming giant hit over 167 million paying subscribers worldwide in 2019, and more than 4.6 million free trial customers. Nearly 60% of the subscribers, or more than 61 million, were from the United States.

The 2019 data also revealed that Netflix was the best performing stock of the decade, returning a remarkable 3,726.2% in 10 years. In 2008, NBC and Fox launched their streaming platform Hulu, and CBS followed their example a year later.

China ranked as the second-largest streaming market globally with $1.9bn profit from on-demand videos this year. Japan took third place on the list with $1.2bn profit, while Germany and the United Kingdom follow with $1.2bn and $1.1bn in revenue, respectively.

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Chris Price
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