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The number of people using subscription-based streaming services like Netflix, Disney+, Amazon Prime, Hulu, or HBO Max has snowballed over the past seven years, jumping from 600 million in 2017 to a whopping 1.3 billion last year.
With more services available to consumers, the global SVOD user base is expected to hit 1.4 billion in 2024. While China and Europe contribute significantly to this growth, the United States remains the frontrunner in terms of user penetration rate in the SVOD segment.
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According to data presented by OnlyAccounts.io, the United States has the highest user penetration rate in the SVOD segment, 48%, nearly twice that of China or Europe.
US SVOD Penetration Rate is 30% Higher than the Global Average
No nation is close to Americans when it comes to using the video-streaming services. Over the past decade, the United States has had more SVOD users and generated more revenue than any other country, and that hasn’t changed in 2024.
According to Statista Market Insights, the global SVOD industry is expected to gross $108.5 billion this year, and more than 40% of that value will come from the United States. The US market also has the highest user penetration rate in the SVOD segment at 48%, or 30% more than the global average. Canada stands in second place, with 47% of its population using video streaming services. Norway, Denmark, and Sweden round out the top five club, with 46.7%, 45%, and 43% shares, respectively.
Statistics also show that the US user penetration rate is much higher than that of China or Europe, the top two markets by the number of users. Statista states that more than 443 million Chinese will use SVOD services in 2024, or twice as many as Americans.
However, the Chinese user penetration rate is 31%, or 17% less than that of the US market. Europe will also see much lower figures than the United States, with 242 million users and a 28.7% penetration rate this year.
Americans are also the Biggest Spenders on SVOD Services
Besides leading the global ranking by user penetration rate in the SVOD segment, Americans are also the biggest spenders on streaming services like Netflix, HBO Max, or Disney+. According to a Statista survey, Americans will spend an average of $265 on streaming services this year, or three times the global average.
The average spending per user in the US market is also significantly higher than in China or Europe. The Chinese market is expected to gross an average of $49 per user in 2024, or five times less than in the United States, while the European market will see a slightly smaller difference with an average revenue per user of $86.
The full story and statistics can be found here: https://onlyaccounts.io/blog/the-united-states-has-the-highest-user-penetration-rate-in-the-svod-segment-of-48-nearly-twice-that-of-china-or-europe/
