Netflix is on a fast track for growth this year, and it’s not the only over-the-top service adding heft.
By the end of 2015, the number of subscription video-on-demand homes in the United States and Canada should reach 57.8 million, with 7.1 million new homes coming on board this year alone, according to research from Digital TV Research. The surge in consumer usage of over-the-top options from Netflix, Amazon and Hulu is fueling this jump.
That’s a more than triple rise from 2010, when North America counted a mere 16.7 million SVOD homes, representing only 13% of all TV homes at the time. The overall SVOD figure will continue to balloon, and should hit 76.5 million homes by 2020, for a 57% penetration rate of TV homes, according to Digital TV Research.
Naturally, as the number of subscribers jumps, so will SVOD revenue, rising from $790 million in 2010 to $4.46 billion in 2014, on pace to hit $7.09 billion in 2020.
In related news, Netflix should hit 69.9 million subscribers by the end of this year, a rise of more than 28% over last year.
Netflix and other OTT services have driven the consumption trend of binge-watching. A study from video tech firm Conviva reports that binge watchers go all in when they find a show to gorge on. Of 750 binge watchers surveyed, 41% watch just one series in a “sitting,” while 24% watch two series, and 22% watch three series. Among binge viewers, 61% are watching via streaming, with 11% downloading to watch offline. Binge viewers prefer to watch on a computer to the tune of 60%, with 36% watching on a connected device.