The trend of streaming services is here to stay and why should it not? Streaming not only provides us with excellent on-demand and live content but also offers complete control of choice and flexibility to the users.
In the recent past, many cable media networks have started introducing their own streaming platforms to join the ongoing streaming war. Both audio and video streaming platforms have become a multimillion industry over the last few years and that is because of the convenience and ease they bring forth to the customers.
However, one of the main contributors to the immense success of streaming services is the unexpected emergence of the coronavirus pandemic. The year 2023 has seen such an amazing upward trend of streaming subscriptions that it solidified the now unshakeable marks of streaming.
Furthermore, streaming allows users to save good amounts of money annually, as well. With a good internet connection, an internet-connected display device, and a streaming subscription, you can enjoy unlimited licensed and original content while having full control of your entertainment quotient.
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More than 200 streaming services are working in the United States at this point, however, the major platforms are just a handful. Out of these handful major streaming platforms, which one is the most popular streaming service? We will be following the said question, in this article.
WHO IS RULING OVER STREAMING?
Streaming started with Netflix and unlike companies that lose their vision in the way, Netflix has been curating new ways and strategies to engage its client base and therefore, has been capitalizing on its position as the primary and first brand in online video streaming. The company has reached more than 190 countries and subsequently has a far more subscription base than any of its competitors.
Amazon Prime Video is the second most popular streaming platform with almost 150 million subscribers. Its huge growth trend is also dependent on the popularity of Amazon Prime which offers complimentary access to Prime Video.
The same goes for audio streaming services – Spotify has gained immense popularity over the years and is twice as big as its closest competitor i.e. Apple Music. This might be on account of the fact that Spotify is supported by both iOS and Android.
The following table will allow you to understand the popularity statistics in a better way:
(as of fourth quarter of 2023)
|2||Amazon Prime Video||Video||150.0 million|
|4||Tencent Video||Video||120.0 million|
|6||Disney Plus||Video||94.9 million|
|8||Apple Music||Audio||68.0 million|
|9||Amazon Prime Music||Audio||55.0 million|
|10||Tencent Music (Group)||Audio||51.7 million|
|12||Alt Balaji||Video||40 million|
|14||Eros Now||Video||36.2 million|
|15||Sirius XM||Video||34.4 million|
|16||YouTube Premium||Audio/Video||30 million|
|17||Disney Plus Hotstar||Video||18.5 million|
|18||Paramount Plus||Video||17.9 million|
|19||HBO Max||Video||17.2 million|
An amazing sight here is that a huge computed number of subscriptions are for streaming platforms based in Asia. Baidu’s iQIYI and China’s Tencent Video have both surpassed the benchmark of 100 million paid subscriptions and even Alibaba’s Youku stands high at 90 million.
WHICH STREAMING SERVICE IS SHOWING THE MOST GROWTH?
The one streaming service that has been showing massive levels of growth since its launch is Disney Plus. Despite the fact that it was launched just in the last quarter of 2019, Disney Plus has acquired more than 94 million subscriptions due to its high-quality content. This level of appreciation in terms of client base was not expected till 2024 even.
Here are the growth percentages of major streaming services:
|Sr #||Platform||Format||Growth %age as of 2019|
|1||Disney Plus||Video||No data|
|2||Apple TV Plus||Video||No data|
|3||Eros Now||Video||92.6 percent|
|5||Amazon Prime Music||Audio||71.9 percent|
|6||Tencent Music (Group)||Audio||66.8 percent|
|7||New York Times||Video||60.5 percent|
|8||Disney Plus Hotstar||Video||516.7 percent|
|9||ESPN Plus||Video||475.0 percent|
|14||Tencent Video||Video||27.7 percent|
|17||Sirius XM||Audio||17.4 percent|
|18||Apple Music||Audio||13.3 percent|
|19||Paramount Plus||Video||123.8 percent|
|20||HBO Max||Video||115.0 percent|
The above tables show the immense growth and success rates of streaming platforms which make us believe even more firmly that streaming is the future of entertainment. Furthermore, international growth also shows that the entire world is coming together in this upward trend.
While your reason to turn to streaming services can range from saving money to succumbing to peer pressure, it is important to recognize that streaming companies are going over and above to offer the best content in the most convenient manner to the customers.
The coronavirus pandemic and the subsequent global quarantine, no doubt, has accelerated the growth of streaming platforms but it does not mean that the growth was not expected or out of ordinary.
The ease, user flexibility, and quality content offered by streaming services is the reason that it has shaped the entire course of entertainment for users and producers. Netflix, crowned as the pioneer of video streaming, has been leading the streaming industry since ever and due to its unique set of policies, it will be the industry leader for the foreseeable future.
As far as music streaming is concerned, Spotify has introduced new realms of audio entertainment for users with its lowest rates and high-quality audio content.