Worldwide demand for subscription streaming video shows no sign of slowing. New data from Strategy Analytics found global growth in SVOD subscriptions reached a record 217.6 million in the third quarter, ended Sept. 30. The previous record stood at 211.7 million new subs in Q4 2018. Total SVOD subs approached 770 million, up 39.4% from 551.1 million subs in the previous-year period.
Major drivers included Netflix and Disney, with the two services combining for more than 250 million subs.
“Until early 2020, it looked like the SVOD growth curve was heading toward a plateau, but the annual growth rate has actually been accelerating during the past twelve months,” Michael Goodman, director of TV and media strategies, said in a statement.
The report found that while Netflix remains the clear market leader, its share of SVOD subscriptions continues to fall as new entrants arrive. The explosive growth of Disney+ has helped the platform reach the No. 2 position worldwide.
“This evidence confirms that the transformation of TV is well under way,” added David Mercer, VP and principal analyst. “SVOD services are playing a key role in changing the way people watch TV, and we expect hundreds of millions of homes worldwide to move away from traditional broadcast and pay-TV over the coming decade.”