Q4 Streaming CPMs Sink And Narrow Among Top 4 Services

Amid a stagnant TV upfront market and new competitor pressures, streaming platform CPMs -- the cost per thousand viewers -- are dropping and narrowing among leading services, according to eMarketer.

The range between the top and bottom four streaming services surveyed (Netflix, Disney+, Peacock, and Hulu is estimated to be between a high of Netflix’s $47.05 CPM to Hulu’s $25.32 CPM for the fourth quarter 2023 period. Disney+ comes in at $46.64; Peacock, at $40.04.

A year ago -- for the fourth quarter of 2022 --  the gap between the top and bottom services was wider: $59.50 for Netflix, followed by $50.00 (Disney+); $37.81 (Peacock); and $24.44 (Hulu). 

The fourth-quarter period a year ago witnessed the start of advertising-supported options for Netflix and Disney+.



A weak TV-video upfront market completed this summer is the main reason for the decline, according to analysts. Legacy TV network-based companies with streaming services witness rare small single digit percentage declines -- 1% to 3%.

At best, eMarketer says, CPMs were flat for the period. But it adds that it is likely more pricing pressure will come from new ad-supported streaming option competitors.

The data from eMarketer included all advertising on the site -- pre-roll, mid-roll, and post-roll video ads. It also includes video overlaps, and messaging on desktop/laptop computers, mobile phone, tablets and connected TV sets. The data excludes Hulu+Live TV.

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