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TRENDING
Aug. 16, 2024
UK SVOD Milestone: Over 20 Million Homes Now Access Streaming Services
A slight increase in the number of UK homes with access to a subscription video-on-demand (SVOD) service in Q2 2024.
UK - In a significant milestone for
the UK’s digital entertainment landscape, more than 20 million UK homes now
have access to a subscription video-on-demand (SVOD) service for the first
time. This achievement, reported in Q2 2024, marks a notable increase from the
19.5 million homes recorded in Q1 2024.
According to data from Barb’s Establishment Survey,
this surge represents a penetration rate of 68.7%, up from 67.9% in the
previous quarter. The growth is attributed to the increasing popularity and
accessibility of various streaming platforms. Netflix continues to lead the
market, now available in 17.1 million UK homes, up from 16.7 million in Q1.
Amazon Prime Video follows, with access in 13.7 million homes, an increase from
13 million2. Disney+ remains steady with 7.6 million homes, while Apple TV+ and
Paramount+ have seen slight increases.
The introduction of ad-supported tiers has also
contributed to this growth. Netflix’s ad tier reached 2.78 million homes, up
from 2.12 million in Q1, while Disney+'s ad tier, in its eighth month, averaged
820,000 homes. This diversification in subscription models has made these
services more accessible to a broader audience.
Doug Whelpdale, Head of Insight at Barb, highlighted
the significance of this milestone, noting that the number of homes with two or
more SVOD services has also reached a new high of 14 million, or 48% of all UK
homes1. This trend underscores the growing consumer appetite for diverse
content and flexible viewing options.
The challenge for SVOD providers will be to maintain
this momentum. The upcoming quarters will be crucial in determining whether
these services can sustain their growth and avoid the plateaus experienced in
previous years. However, with a strong start to 2024, the outlook appears
promising for the UK’s streaming market.
This milestone not only reflects the evolving viewing
habits of UK consumers but also signals a robust future for the SVOD industry
as it continues to innovate and expand its offerings.
