U.K. Streaming Revenues Soar 21% to $4.1 Billion in Flat Market, Media Regulator Study Reveals
variety.comNaman Ramachandran Revenues in the U.K. streaming sector soared 21.5% year-on-year to £3.3 billion ($4.1 billion) from 2022, a study from media regulator Ofcom has revealed.
The growth is driven by a combination of price rises – notably by Netflix in March 2022 and Amazon in September 2022 – and overall growth in subscriptions, which increased from 39.7 million in Q4 2021 to 42.2 million in Q4 2022, the Media Nations U.K.
2023 study says. Netflix accounted for half of all SVOD revenue in 2022, with the four largest services, Netflix, Amazon Prime Video, Disney+ and Sky’s Now, taking a 93% market share.
Of these, Netflix accounted for £1.61 billion, Prime Video £778 million, Disney+ £383 million and Now £253 million. “But the indications are that overall SVoD household penetration has plateaued,” the study adds. “There are increasing signs that the market is entering a phase of maturity that poses challenges for future growth and sustainability.
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