Streaming captured 47.5% of all U.S. television viewing in December 2025 — the largest share Nielsen has ever recorded — while traditional cable fell to 20.2%. Global streaming subscription revenue crossed $157.1 billion in 2025, up 14% year over year and more than triple the $50 billion booked in 2020 (Ampere Analysis, Global Streaming Revenue 2025). The video streaming business has stopped being a land grab and turned into a margin contest.
Three shifts define 2026. Netflix and Disney both stopped publishing subscriber counts, pushing the industry toward revenue and engagement as the headline metric. Ad-supported tiers now drive most net subscriber growth, not premium plans. And pay-TV penetration in the U.S. has dropped below 35% of households, a structural decline with no floor in sight.
We compiled 52+ data points from Nielsen, Ampere Analysis, Antenna, Omdia, Digital TV Research, eMarketer, Parks Associates, and company earnings reports, cross-referencing market size figures across two or more firms where estimates diverged.
Key Takeaways
- Streaming hit 47.5% of U.S. TV viewing in December 2025, an all-time Nielsen record, versus 20.2% for cable and 21.4% for broadcast (Nielsen, The Gauge, December 2025).
- Global streaming subscription revenue reached $157.1 billion in 2025, up 14% year over year (Ampere Analysis, 2026).
- Including advertising, streaming generated $177 billion worldwide in 2025, with ad revenue near $20 billion (Ampere Analysis, 2026).
- Netflix posted $12.25 billion in Q1 2026 revenue, up 16%, with an operating margin of 32.3% — its highest quarterly margin ever (Netflix Q1 2026 earnings, 2026).
- HBO Max passed 140 million subscribers in Q1 2026, with management guiding to 150 million-plus by year-end (Warner Bros. Discovery Q1 2026 earnings, 2026).
- Netflix’s ad-supported tier reached 190 million monthly active viewers globally in Q1 2026 (Netflix Q1 2026 earnings, 2026).
- 57% of U.S. streaming subscribers now use ad-supported plans, and 71% of net new subscriptions over nine quarters came from ad tiers (eMarketer, 2026).
- YouTube alone accounts for 12.5% of U.S. TV viewing as of January 2026, up from 10.8% a year earlier (Nielsen, The Gauge, January 2026).
- Only 34.4% of U.S. households still had pay-TV in Q1 2026, down from a peak above 88% in 2010 (Cord-cutting industry data, Q1 2026).
- Premium SVOD churn stabilized at a 4.6% weighted-average monthly rate in 2025, ending years of volatility (Antenna, State of Subscriptions, 2026).
- Global TV and online video revenue is forecast to exceed $1 trillion by 2030, up from $775 billion in 2025 (Omdia, 2026).
- Ampere projects streaming subscription revenue will pass $200 billion by 2030, a further 29% gain over five years (Ampere Analysis, 2026).
1. Market Size and Growth
The streaming economy crossed two symbolic thresholds in 2025. Subscription revenue alone topped $150 billion for the first time, and total streaming revenue including advertising reached $177 billion (Ampere Analysis, Global Streaming Revenue 2025). Global streaming subscription revenue has more than tripled in five years, from $50 billion in 2020 to $157.1 billion in 2025.
Market-size estimates vary widely by scope. The narrowly defined SVOD segment is projected at $98.37 billion in 2026, while broader OTT video forecasts that fold in advertising and transactional revenue run from $221 billion to $265 billion (Statista, Video Streaming SVOD, 2026; The Business Research Company, OTT Streaming Market, 2026). The spread reflects what each firm counts as “streaming” — not disagreement about direction.
| Metric | Value | Source |
|---|---|---|
| Global streaming subscription revenue (2025) | $157.1B | Ampere Analysis, 2026 |
| Streaming subscription revenue growth (2024→2025) | +14% | Ampere Analysis, 2026 |
| Total streaming revenue incl. advertising (2025) | $177B | Ampere Analysis, 2026 |
| Streaming ad revenue (2025) | ~$20B | Ampere Analysis, 2026 |
| Global SVOD market size (2026 est.) | $98.37B | Statista, 2026 |
| OTT streaming market size (2026 est.) | $264.85B | The Business Research Company, 2026 |
| Subscription revenue 5-year change (2020→2025) | +214% | Ampere Analysis, 2026 |
| Projected subscription revenue (2030) | $200B+ | Ampere Analysis, 2026 |
Source: Ampere Analysis — Global streaming subscription revenue surpasses $150 billion
The slowdown is the real story. After tripling in five years, Ampere forecasts only a 29% gain over the next five — single-digit annual growth. Streaming is now a mature market that grows through price, advertising, and retention rather than new-subscriber land grabs. The same dynamic plays out in music streaming statistics for 2026, where saturated subscriber bases push platforms toward ARPU expansion.
2. Subscribers by Platform
Subscriber transparency collapsed in 2025. Netflix stopped reporting paid memberships after Q4 2024, and Disney followed, ending Disney+ and Hulu subscriber disclosure after Q3 fiscal 2025 — both calling the metric “less meaningful” (Variety, Disney Q1 2026 Earnings, 2026). Revenue and engagement are now the scoreboard.
HBO Max became the rare major platform still publishing subscriber growth, passing 140 million globally in Q1 2026 with guidance to exceed 150 million by year-end (Warner Bros. Discovery Q1 2026 earnings, 2026). Recent launches in the UK, Germany, Italy, and Ireland drove acquisition ahead of internal forecasts.
| Platform | Metric | Value | Source |
|---|---|---|---|
| Netflix | Q1 2026 revenue | $12.25B (+16% YoY) | Netflix Q1 2026 earnings, 2026 |
| Netflix | Q1 2026 operating margin | 32.3% (record high) | Netflix Q1 2026 earnings, 2026 |
| Netflix | Ad-tier monthly active viewers | 190M globally | Netflix Q1 2026 earnings, 2026 |
| HBO Max | Global subscribers (Q1 2026) | 140M+ | WBD Q1 2026 earnings, 2026 |
| HBO Max | Year-end 2026 guidance | 150M+ | WBD Q1 2026 earnings, 2026 |
| HBO Max | Q1 2026 streaming revenue | $2.89B (+7% FX-neutral) | WBD Q1 2026 earnings, 2026 |
| Disney+ / Hulu | Q1 FY2026 combined revenue | $5.35B (+11%) | Disney Q1 FY2026 earnings, 2026 |
| Disney+ / Hulu | Q1 FY2026 operating income | $450M (+72%) | Disney Q1 FY2026 earnings, 2026 |
| Amazon Prime Video | Estimated active users (2026) | 230M+ | Evoca / industry estimates, 2026 |
Source: Warner Bros. Discovery Q1 2026 earnings — HBO Max tops 140M
Amazon Prime Video remains the hardest platform to measure. Amazon never separates Prime Video from the bundled Prime membership, so the 230 million-plus figure is a third-party estimate, not a reported number. Treat any single-platform subscriber count from 2026 as an approximation — the era of audited subscriber tables is over.
3. Viewership and Time Spent: Streaming vs Cable
The crossover is complete. Streaming reached 47.5% of all U.S. TV viewing in December 2025, the highest share in Nielsen’s measurement history, while cable fell to 20.2% and broadcast held 21.4% (Nielsen, The Gauge, December 2025). In January 2026, streaming held 47.0% as cold weather and live sports lifted cable temporarily.
YouTube is the single largest force in living-room viewing. It captured 12.5% of all U.S. TV use in January 2026, up from 10.8% a year earlier, and held the top spot in Nielsen’s distributor ranking for 11 straight months (Nielsen, The Gauge, January 2026). Disney streaming followed at 4.9%, Tubi at 2.1%, and Peacock at 1.8%.
| Metric | Value | Source |
|---|---|---|
| Streaming share of U.S. TV viewing (Dec 2025) | 47.5% | Nielsen, The Gauge, 2025 |
| Streaming share of U.S. TV viewing (Jan 2026) | 47.0% | Nielsen, The Gauge, 2026 |
| Cable share of U.S. TV viewing (Dec 2025) | 20.2% | Nielsen, The Gauge, 2025 |
| Broadcast share of U.S. TV viewing (Dec 2025) | 21.4% | Nielsen, The Gauge, 2025 |
| YouTube share of U.S. TV use (Jan 2026) | 12.5% | Nielsen, The Gauge, 2026 |
| Disney streaming share of U.S. TV use (Jan 2026) | 4.9% | Nielsen, The Gauge, 2026 |
| Avg. daily U.S. adult TV streaming (2025) | 208 minutes | eMarketer, 2026 |
| U.S. households with a connected TV device | 90%+ | eMarketer, 2026 |
Source: Nielsen — Streaming shatters records in December 2025 with 47.5% of TV viewing
The 208 minutes a U.S. adult streams daily is a wall of attention every platform competes for. Any tool that touches video — captioning, dubbing, voiceover — operates inside that window, which is why creators are watching AI dubbing statistics for 2026 as localization becomes a viewership lever.
4. Ad-Supported Tiers and the AVOD Shift
Advertising stopped being a discount option and became the default. 57% of U.S. streaming subscribers now use ad-supported plans, and 71% of all net new subscriptions over the past nine quarters came from ad-tier signups (eMarketer, 2026). Roughly 46% of premium SVOD subscriptions sit on an ad-supported tier.
The economics are straightforward: ad tiers carry lower sticker prices, win price-sensitive subscribers, and add an ad revenue stream on top of subscription dollars. Netflix’s ad tier reached 190 million monthly active viewers globally in Q1 2026, available in 12 countries (Netflix Q1 2026 earnings, 2026). Consumer sentiment backs the trend — 68% of viewers in December 2025 said they would rather watch ads than pay more to avoid them (CTAM / industry data, 2026).
| Metric | Value | Source |
|---|---|---|
| U.S. streaming subscribers on ad-supported plans | 57% | eMarketer, 2026 |
| Net new subscriptions from ad tiers (9 quarters) | 71% | eMarketer, 2026 |
| Premium SVOD subscriptions on ad tiers | 46% | eMarketer, 2026 |
| Netflix ad-tier monthly active viewers (Q1 2026) | 190M | Netflix Q1 2026 earnings, 2026 |
| U.S. AVOD viewers (2026) | 209.4M | eMarketer, 2026 |
| Projected U.S. AVOD viewers (2027) | 216.3M (~63% of population) | eMarketer, 2026 |
| Global AVOD market value (2025) | $54.14B | Persistence Market Research, 2026 |
| Viewers preferring ads over higher prices (Dec 2025) | 68% | CTAM / industry data, 2026 |
| U.S. internet households using FAST services | 46% | Parks Associates, 2026 |
Source: eMarketer — Ad-supported streaming grows as 57% of US users opt for AVOD tiers
Free ad-supported streaming TV (FAST) extends the trend below the paywall. The Roku Channel, Tubi, and Pluto TV anchor a category that 46% of U.S. internet households use for long-form video (Parks Associates, 2026). For advertisers, the message is blunt: the audience that used to be unreachable behind ad-free subscriptions is now the majority.
5. Cord-Cutting and Pay-TV Decline
Traditional pay-TV is in managed decline. Only 34.4% of U.S. households still had a pay-TV subscription in Q1 2026, down from a peak above 88% in 2010 (Cord-cutting industry data, Q1 2026). U.S. cable subscriptions fell from 105 million in 2010 to roughly 68.7 million in 2026.
The crossover is no longer close. By the end of 2026, non-pay-TV households are projected at 80.7 million against 54.3 million traditional pay-TV households (Cord-cutting industry data, 2026). Price drives the exit — 86.7% of cord-cutters cite cost as their primary reason for canceling.
| Metric | Value | Source |
|---|---|---|
| U.S. households with pay-TV (Q1 2026) | 34.4% | Cord-cutting industry data, 2026 |
| U.S. cable subscriptions (2010) | 105M | Cord-cutting industry data, 2026 |
| U.S. cable subscriptions (2026) | ~68.7M | Cord-cutting industry data, 2026 |
| Projected non-pay-TV U.S. households (end 2026) | 80.7M | Cord-cutting industry data, 2026 |
| Projected pay-TV U.S. households (end 2026) | 54.3M | Cord-cutting industry data, 2026 |
| Cord-cutters citing price as primary reason | 86.7% | Cord-cutting industry data, 2026 |
| Global pay-TV revenue (2025) | $169B | Omdia, 2026 |
| Projected global pay-TV revenue (2030) | $159B | Omdia, 2026 |
Source: Cord-cutting statistics Q1 2026
Pay-TV revenue declines slower than subscriber counts because providers raise prices on the customers who remain. Omdia projects global pay-TV revenue easing only from $169 billion to $159 billion between 2025 and 2030 — a 6% drop while the subscriber base erodes far faster. The bundle is shrinking, not collapsing, but the direction never reverses.
6. Revenue, ARPU, and Future Projections
Profitability replaced growth as the industry’s organizing goal. Netflix posted a 32.3% operating margin in Q1 2026, the highest in its history, on $12.25 billion of revenue, and reaffirmed full-year 2026 guidance of $50.7–$51.7 billion (Netflix Q1 2026 earnings, 2026). Disney’s combined Disney+/Hulu operating income jumped 72% to $450 million in Q1 fiscal 2026.
ARPU figures have gone dark alongside subscriber counts, but the last reported numbers show the monetization gap between markets. Netflix’s final disclosed ARPU was $17.26 in the U.S./Canada versus $7.34 in Asia-Pacific. Disney+ ARPU rose from $7.20 to $8.04 between Q4 2024 and Q4 2025 before reporting stopped.
| Metric | Value | Source |
|---|---|---|
| Netflix Q1 2026 revenue | $12.25B | Netflix Q1 2026 earnings, 2026 |
| Netflix Q1 2026 operating margin | 32.3% | Netflix Q1 2026 earnings, 2026 |
| Netflix full-year 2026 revenue guidance | $50.7B–$51.7B | Netflix Q1 2026 earnings, 2026 |
| Netflix last-reported U.S./Canada ARPU | $17.26 | Netflix / industry data, 2026 |
| Netflix last-reported Asia-Pacific ARPU | $7.34 | Netflix / industry data, 2026 |
| Disney+ ARPU (Q4 2025) | $8.04 | Disney / industry data, 2026 |
| Premium SVOD weighted-avg. monthly churn (2025) | 4.6% | Antenna, 2026 |
| Premium SVOD subscriber growth (2025) | +7% (down from +12% in 2024) | Antenna, 2026 |
| Global TV + online video revenue (2025) | $775B | Omdia, 2026 |
| Projected global TV + online video revenue (2030) | $1.03 trillion | Omdia, 2026 |
| Projected streaming subscription revenue (2030) | $200B+ | Ampere Analysis, 2026 |
Source: Omdia — Global online video and TV revenues to exceed $1 trillion by 2030
The forward picture splits in two. Omdia projects global TV and online video revenue passing $1 trillion by 2030, but the growth comes from advertising — rising from $309 billion to $540 billion — while subscription and transactional revenue inches from $174 billion to $216 billion. Antenna’s data confirms the maturity: premium SVOD churn has stabilized at 4.6% and subscriber growth slowed to single digits in 2025. The next phase of streaming is an ad business wearing a subscription badge.
Video Streaming by the Numbers (Summary)
| # | Statistic | Value | Source |
|---|---|---|---|
| 1 | Streaming share of U.S. TV viewing (Dec 2025) | 47.5% | Nielsen, 2025 |
| 2 | Global streaming subscription revenue (2025) | $157.1B | Ampere Analysis, 2026 |
| 3 | Total streaming revenue incl. ads (2025) | $177B | Ampere Analysis, 2026 |
| 4 | Subscription revenue growth (2024→2025) | +14% | Ampere Analysis, 2026 |
| 5 | Netflix Q1 2026 revenue | $12.25B | Netflix earnings, 2026 |
| 6 | Netflix Q1 2026 operating margin | 32.3% | Netflix earnings, 2026 |
| 7 | Netflix ad-tier monthly active viewers | 190M | Netflix earnings, 2026 |
| 8 | HBO Max global subscribers (Q1 2026) | 140M+ | WBD earnings, 2026 |
| 9 | HBO Max year-end 2026 guidance | 150M+ | WBD earnings, 2026 |
| 10 | Disney+/Hulu Q1 FY2026 revenue | $5.35B | Disney earnings, 2026 |
| 11 | Amazon Prime Video estimated users | 230M+ | Industry estimates, 2026 |
| 12 | YouTube share of U.S. TV use (Jan 2026) | 12.5% | Nielsen, 2026 |
| 13 | U.S. streaming subscribers on ad tiers | 57% | eMarketer, 2026 |
| 14 | Net new subscriptions from ad tiers (9 qtrs) | 71% | eMarketer, 2026 |
| 15 | U.S. AVOD viewers (2026) | 209.4M | eMarketer, 2026 |
| 16 | U.S. households with pay-TV (Q1 2026) | 34.4% | Industry data, 2026 |
| 17 | Projected non-pay-TV U.S. households (2026) | 80.7M | Industry data, 2026 |
| 18 | Premium SVOD monthly churn (2025) | 4.6% | Antenna, 2026 |
| 19 | Global TV + online video revenue (2030 proj.) | $1.03 trillion | Omdia, 2026 |
| 20 | Streaming subscription revenue (2030 proj.) | $200B+ | Ampere Analysis, 2026 |
Methodology and Sources
This roundup compiles publicly reported figures from primary research firms, industry trackers, and company financial disclosures published between 2024 and May 2026. Where market-size estimates diverged, figures were cross-referenced across two or more firms and the scope (SVOD-only versus broad OTT) noted inline. Subscriber figures for Netflix and Disney are limited because both companies discontinued quarterly subscriber reporting; revenue and engagement metrics are used in their place. Amazon Prime Video user counts are third-party estimates, as Amazon does not separate Prime Video from Prime membership.
Primary sources:
- Nielsen, The Gauge (December 2025, January 2026) — https://www.nielsen.com/data-center/the-gauge/
- Ampere Analysis, Global Streaming Revenue 2025 — https://thedesk.net/2026/03/ampere-analysis-global-streaming-revenue-2025/
- Antenna, State of Subscriptions: Premium SVOD 2025 Year in Review — https://www.antenna.live/insights/antenna-q126-state-of-subscriptions-report-premium-svod-2025-year-in-review
- Omdia, Global Online Video and TV Revenues Forecast — https://omdia.tech.informa.com/pr/2026/apr/global-online-video-and-tv-revenues-to-exceed-1-trillion-dollars-by-2030-driven-by-social-video-advertising
- Netflix Q1 2026 earnings — https://ir.netflix.net/financials/quarterly-earnings/default.aspx
- Warner Bros. Discovery Q1 2026 earnings — https://deadline.com/2026/05/hbo-max-subscribers-warner-bros-discovery-earnings-1236883609/
- The Walt Disney Company Q1 FY2026 earnings — https://investors.thewaltdisneycompany.com/news/news-details/2026/The-Walt-Disney-Company-Reports-First-Quarter-Earnings-for-Fiscal-2026/default.aspx
- eMarketer, Ad-Supported Streaming Forecasts — https://www.emarketer.com/content/ad-supported-streaming-grows-57—of-users-opt-avod-tiers
- Parks Associates, Top FAST Services — https://www.mediaplaynews.com/parks-associates-tubi-the-roku-channel-and-pluto-tv-are-top-three-us-fast-services/
- Statista, Video Streaming SVOD Market Forecast — https://www.statista.com/outlook/dmo/digital-media/video-on-demand/video-streaming-svod/worldwide
- The Business Research Company, OTT Streaming Global Market Report 2026 — https://www.thebusinessresearchcompany.com/report/ott-streaming-global-market-report
- Cord-cutting industry data, Q1 2026 — https://adwave.com/resources/cord-cutting-statistics-q1-2026
Last updated: May 2026. We refresh this roundup quarterly as new earnings reports and Nielsen Gauge data are published.
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