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Canadian SVOD Market Projected to Reach 28 Million Subs in 2022, Driven by Netflix

Following months of home confinement due to the pandemic, the number of Canadian consumers accessing subscription VOD will top 28 million subscribers in 2022, according to new data from eMarketer. The tally had previously been projected for 2024. In 2021, there will be 1 million more digital video viewers in Canada than previously forecast.

While YouTube tops the list for overall video viewership, subscription VOD services, led by Netflix, account for most of the growth in video viewership. Domestic video services, like Crave and Club Illico, have gained committed audiences but don’t rival the numbers from international services, which include Disney+ and Amazon Prime Video.

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Netflix and other SVODs have fewer viewers than YouTube because they focus solely on entertainment. Additionally, there’s greater competition for eyeballs among these platforms. There will be 23.8 million subscription OTT viewers in Canada this year, which is up 4.1% year-over-year, and on top of a 14.9% growth rate in 2020.

“We predict that nearly two-thirds of Canadians will be subscription OTT users by 2025,” analyst Paul Briggs wrote in a blog post. “As the market grows, subscription OTT viewers will take a larger share of digital video viewership. They will account for 86.3% of digital video viewers in 2025.”

Netflix is still the most popular OTT service by far, with 18.6 million viewers, up 2.9% over last year. We expect viewership will grow at a slower rate in the coming years. By 2025, Netflix will garner viewership from half of the population in Canada.

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