Netflix, Disney+ and more SVODs experienced rapid subscriber growth in 2020 and pushed the worldwide total for subscriptions past the 1 billion mark.
According to new research from the Motion Picture Association, global online video streaming subscriptions reached 1.1 billion, up 26% year over year. In all, the report found that the global home/mobile entertainment market totaled $68.8 billion in global revenue, marking a 23% increase over 2019.
In the U.S., subscriptions reached 308.6 million, up 32% year over year, and the home/mobile market reached $30 billion, up 21% year over year.
However, streaming’s gains during the pandemic were offset due to theatrical’s losses, as movie theaters remained closed and films were delayed throughout much of 2020. MPAA said the global theatrical and home/mobile entertainment market combined totaled $80.8 billion last year, down 18% year over year.
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“Despite the challenges to the global economy brought on by the COVID-19 pandemic, the film television, and streaming industry has once again risen to the occasion,” said Charles Rivkin, chairman and CEO of the Motion Picture Association, in a statement. “Streaming experienced another huge boom, with new entrants into the market and more than one billion subscriptions worldwide for the first time ever. We kept audiences connected and entertained wherever they were and whenever they desired. Theatrical and home entertainment remain two essential parts of this dynamic and iconic industry, and I am confident that movie theaters will experience a great comeback in the months ahead.”
The report also suggested that during the pandemic, 55% of U.S. adults reported that their viewing of movies or shows/series through an online subscription service increased, and another 46% reported that their viewing via pay TV increased.