Streaming in 2024: Netflix Hits 300 Million Subscribers and the Industry Finds Its Footing
2024 will be remembered as the year the streaming industry found sustainable footing. The relentless subscriber wars have given way to a more mature market where profitability, not just growth, defines success.
The Headline: Netflix at 300 Million
The biggest story of 2024 is Netflix surpassing 300 million global subscribers. Deadline reports that Netflix added 41 million subscribers throughout the year, recording $10.4 billion in profit on $33.7 billion in revenue — its strongest financial year ever.
Platform Scorecard
| Platform | Subscribers | Year-over-Year Change |
|---|---|---|
| Netflix | 300M+ | +41M |
| Amazon Prime Video | 220M | Stable |
| Disney+ | 150.2M | Moderate growth |
| Max | ~100M | Steady |
| Paramount+ | 77.5M | +10M |
Key Themes of 2024
Ad-Supported Tiers Mature
Over 37% of U.S. streaming subscribers now choose ad-supported plans. Netflix’s ad tier alone reached 70 million users, while Paramount’s Pluto TV drove 18% ad revenue growth. The ad-supported model has proven itself as a legitimate, sustainable revenue stream.
Live Sports Go Streaming
Netflix diversified into live sports and events, including NFL Christmas Day games and the Jake Paul-Mike Tyson fight. Amazon, YouTube, and Apple continued expanding their sports rights portfolios, signaling that live sports and streaming are now permanently intertwined.
Bundling Accelerates
Streaming services accelerated bundling strategies: the Disney Bundle (Disney+, Hulu, ESPN+), Paramount+ with Showtime, and wireless carrier partnerships. The industry has come full circle — unbundling from cable to re-bundling within streaming.
Consolidation Progresses
Merger discussions between Paramount+ and Max, along with various joint venture proposals, confirm that the industry is consolidating toward fewer, larger platforms.
The Market in Numbers
The global video streaming market was valued at $674.25 billion in 2024, with projections to reach $811.37 billion in 2025. The compound annual growth rate of 18.5% through 2032 reflects streaming’s continued expansion as the dominant entertainment distribution model.
Looking to 2025
Key questions for the streaming industry heading into 2025:
- Will Paramount+ and Max complete their merger?
- Can Netflix maintain its subscriber momentum?
- How will AI transform content recommendations and creation?
- Will the re-bundling trend lead to cable-like pricing?
The streaming industry’s maturation continues, with business fundamentals finally catching up to the enormous content investments of recent years.
Sources: