According to research by Ampere Analysis, there will be more households subscribing to streaming platforms in Europe than in North America by 2024. — AFP Relaxnews
By 2024, Western Europe will overtake North America in terms of the number of households subscribing to streaming platforms, according to recent research, with the UK and Germany leading the way.
According to research conducted by Ampere Analysis, the streaming market has a brighter future in Europe than across the Atlantic. North America, including the USA and Canada, will fall to third place worldwide in terms of the number of households subscribing to a streaming platform.
According to Ampere Analysis estimates, Asia will dominate the market by the end of 2024, with 390.2 million subscription streaming homes, followed by Western Europe with 110.6 million, and North America with 110 million.
And streaming platforms seem to be only too aware of this shifting focus. Paramount+ , Disney+ and Netflix are already betting on Asian movies and shows, which have proved popular with audiences. Moreover, in 2022, Media Partners Asia announced an increase in streaming subscriptions in South-East Asia.
Since Asia is the fastest-growing and largest region for streaming, “it is likely to see the biggest increase in focus for content investment with a knock-on effect for viewers who will see more and more Asian-origin content on their streaming platforms,” states the Ampere Analysis report.
This trend is clearly having an impact on platform revenue. According to the Ampere Analysis study, North America will no longer generate the majority of streaming-related revenue, and will fall below 50% of global revenue by 2024.
“Global streamers have been increasingly targeting international markets for production to satisfy the demands of audiences outside the US and bolster further growth in regions with the most potential for new customer acquisition,” the report notes.
“Already only 43% of Netflix’s upcoming series are being made in the USA, and other streamers are following suit. Amazon Prime and Disney+ also now make fewer than 50 percent of their upcoming shows in the USA, and Paramount+ is rapidly heading the same way,” the research states. – AFP Relaxnews
