The Monthly: March 2024

01 Mar 2024 / Corporate research

Feature article:

Streamed content takes over…

…after the Great Correction of 2022

Streaming is a disruptive, content-led, subscription-based technology. Challenging all video distribution business models, it opens up global opportunities for a growing variety of content, including gaming and sport.

The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported slowing subscriber growth. The slowdown in growth of subscribers led investors to refocus on the fundamentals – revenue, margins, profits and cashflow – while the streamers responded by revising and broadening the business model.

Growth in streaming subscribers in the US and the UK is now a fraction of what it was, reflecting pressure on consumer incomes and intensified competition in content. Yet streamers have continued to take a steadily greater share of viewing while linear TV continues to decline.

Streaming is now a global business. Netflix identifies 700m connected TVs worldwide and compares this with its subscriber numbers of 260m. Even in the domestic US market, streaming accounts for only 10% of TV time, so plenty of growth to go for.

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