2024年优质SVOD订阅报告_32页_750kb

Antenna’s State of Subscriptions Premium SVOD - 2024 Year in Review

Core Content Summary

2024 marked a significant milestone for the Premium SVOD (Subscription Video on Demand) category, with the industry moving toward a more mature and sustainable growth model. The year saw double-digit growth in subscriptions, with a reported 10.4% year-over-year (YoY) increase, surpassing 250M total subscribers in the U.S. market. Despite increased volatility in net adds due to higher cancellations, churn rates appear to be stabilizing, signaling a turning point in the industry's lifecycle.

Key Trends and Insights

Subscriber Growth and Churn Stabilization

• Total Gross Adds in 2024 reached 174.3M, an 18.2M increase YoY.
• Net Adds were 26.5M, a -7.1% drop from 2023, due to a 15.8% increase in cancellations.
• Churn rate for the category ended 2024 at 5.0% (Gross) and 2.8% (Net), with Net Churn consistently 1.5–2.7 points lower than Gross Churn since 2022.
• Resubscribe rates improved significantly, with 22% of 2023 cancellers returning within 3 months, and 32% of 2024 Gross Adds being resubscribers, indicating stronger customer loyalty.

Pricing Trends

• Ad-free plans saw a 23% YoY price increase, averaging $13.88 per month.
• Ad-supported plans experienced a 25% YoY price increase, averaging $7.57 per month.
• Ad-supported subscriptions now make up 45% of total Premium SVOD subscriptions, showing a growing consumer preference for these plans.

Ad Plans Gaining Traction

• 57% of 2024 Gross Adds were for ad-supported plans, up 12 points YoY.
• Consumers are increasingly comfortable with ad-supported models, with 45% of subscriptions in the category being ad-supported by the end of 2024.

Third-Party Distribution Expansion

• Apple TV+ saw a 39% MoM increase in sign-ups via Amazon Channels, reaching 700k in December 2024.
• 73% of Apple TV+ sign-ups via Amazon Channels were from new users, highlighting the effectiveness of distribution partnerships in acquiring untapped audiences.

Bundling as a Growth Strategy

• The Disney & Max bundle was a standout success, accounting for over 1 in 5 Max sign-ups in the first two quarters of 2024.
• 80% of subscribers to the bundle remained after 3 months, 7 points higher than the Disney bundle and 25% higher than individual services.
• Total bundle subscriptions reached 2.2M by year-end, demonstrating strong cross-service loyalty.

Live Events Driving Unusual Acquisition

• Netflix saw 1.4M sign-ups from the Paul vs. Tyson event and 0.7M from the NFL Christmas games, indicating that live events can drive sharp spikes in acquisition.
• The 1-Month Survival Rate for the Paul vs. Tyson cohort was 21%, slightly below Netflix's benchmark but better than the category average of 26%.

Market Potential

• The U.S. has 131M unique Premium SVOD consumers, with 6 of 9 services having over 20M former subscribers who could be reacquired.
• There is still significant growth potential, particularly in winning back former subscribers and converting the remaining un-subscribed SVOD audience.

Key Metrics Overview

Conclusion

The Premium SVOD category is evolving into a more stable and profitable model, with churn stabilization, price increases, and strong consumer adoption of ad-supported plans. Bundling and third-party distribution are playing a critical role in driving growth, while live events continue to be a powerful tool for acquisition. The industry is now positioned for continued expansion, with opportunities to reacquire former subscribers and reach new audiences.