Streaming Industry Growth Slows as Subscriber Churn Increases

The streaming sector's growth rate halved in 2023, with a notable rise in subscriber cancellations despite ongoing efforts to retain users.

Streaming subscriptions grew by 10.1% in 2023, a significant drop from the 21.6% growth in 2022.
The industry recorded 140 million cancellations in 2023, marking the largest drop in subscribers over the last five years.
Netflix, Peacock, and Paramount+ led subscription growth, with Netflix maintaining its market share for the first time since 2019.
Approximately 30% of new subscribers in 2023 were re-subscribers, indicating a steady trend of users returning to services.
Streaming services are shifting focus from subscriber acquisition to retention, employing more sophisticated marketing and product strategies.