Insights Article

Netflix and Thrill: Winning the Streaming Wars in 2024
27th February 2024
TV streaming services research

Our 2024 Media & Streaming infographic looks at trends within the global streaming video-on-demand market and how platforms can succeed in an increasingly saturated climate.

Some key takeaways:

  • The global content market is expected to grow to reach $243 billion
  • However, subscriber growth is slowing down in major markets such as the UK and US – 31% of people in the UK say they’re anticipating reducing the number of subscriptions they have this year
  • 20% of viewers say they’re overwhelmed by choice and are spending 10 minutes just trying to find something to watch
  • There are distinct differences in needs between different audience groups: for example, 40% of viewers are willing to pay more for premium content
  • Streaming platforms are adapting by providing audiences with a broader array of choices in terms of content selection and subscription options but personalisation, based on a deep understanding of different audience groups, will be critical to ensuring their long-term success 

Disney+ announced they’d be increasing their prices by 37.5%, Amazon Prime announced they’d be charging their users an additional £2.99 a month for ad-free streaming, and Paramount are merging with Peacock to offer a single streaming service. Faced with falling subscriber numbers, high churn rates, escalating content costs and a lack of ad revenue, content providers are adapting their offerings in the fight to become profitable, but are they doing enough to differentiate themselves from the competition? 

The global content market is expected to grow 2% this year to $243 billion, with the global streaming video-on-demand (SVOD) market expected to grow by 8.27% between 2024 – 2027, to hit $137.7 billion in revenue (Statista). However, with the slowdown in the growth of new SVOD subscribers in major markets such as the US and UK, streaming platforms are turning their focus towards revenue growth, cracking down on password sharing and offering a higher number of subscription tiers, longer contracts, and ad-supported options.

As streaming platforms adapt their models to provide differentiated services based on viewers’ content preferences and budgets, viewers now have access to a wealth of choice, putting the success of a platform firmly in their hands. With 20% of viewers saying they’re overwhelmed by choice and often spending 10 minutes just trying to find something to watch, being able to quickly connect viewers with the content they’re looking for, offering personalised services and custom subscription packages will be critical to ensuring success for streaming platforms. 

While many streaming platforms offer choice, very few offer a personalised user experience. Understanding viewer preferences with regards to the types of content they like to watch, when, where and how will help to facilitate seamless content discovery for audiences, and identify content creation opportunities for production companies. 

Clusters’ unique segmentation techniques will help you to understand what drives different audience groups and what their most compelling needs are in order to create personalised services that successfully differentiate you from your competitors.

Download our infographic

For more insights and information on media and streaming global trends, download our report and get in touch with us today.

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