Streaming Report Card 2024

Preserving rating in streaming – by no means a straightforward prospect given the quantity of information hidden away in company black containers – is about to get even harder in 2025.

Netflix will cease reporting subscriber numbers (for greater than a decade the last word metric in streaming) as of the upcoming January-to-March quarter. The corporate says engagement time, working revenue and income supply higher gauges of efficiency, calling the subscription tally “only one element of our development.”

The transfer will open the door for rivals to observe swimsuit (and Apple and Amazon have already got ample expertise with burying their streaming outcomes below layers of semi-related tech operations). However earlier than the fuzzier new period arrives, and together with it probably extra bundling, M&A and large-scale dwell streams, it’s price taking inventory of the eventful yr that’s now concluding.

Streaming stays the dynamic heart of the fast-shifting leisure panorama, a siren nonetheless luring ships into the rocks. Given how bruising the enterprise is in contrast with the heyday of pay-TV, 2024 in some ways has been a voluntary correction following the “nice Netflix correction” of 2023. Initially thought-about to be ad-free by nature, streaming is now dominated by promoting. Pricing, set at teaser ranges a couple of years in the past, has jumped up dramatically. And content material spending, whereas nonetheless appreciable, has come down as corporations reckon with Wall Road’s demand for profitability. And but, by means of all the upheaval, loads of collection, specials, films and occasions arrived to stir the soul – even when we couldn’t fairly make out who was punching who on that one Friday night time in November.

Right here, in alphabetical order, is how the seven main companies fared in 2024 and their outlook for 2025:

Apple TV+

2024 spotlight: Presumed Harmless adopted within the path established by Ted Lasso on the comedy facet, turning into a bona fide drama franchise. Apple TV+ has had loads of acclaimed and profitable dramas, from Pachinko to Severance to Gradual Horses (and restricted collection Disclosure this yr prompted a divisive stir), however Presumed Harmless took Apple into decidedly new territory.

2024 lowlight: The about-face on the George Clooney-Brad Pitt movie Wolfs. Apple was initially planning an intensive theatrical run for the movie after its Venice Movie Competition premiere. Then, evidently influenced by poor field workplace for Channing Tatum-Scarlett Johansson teaming Fly Me to the Moon, the corporate opted to guide only a week in theaters for Wolfs earlier than it went to streaming. Whereas the tech big introduced plans for a sequel to the well-received movie even earlier than its launch, filmmaker Jon Watts advised Deadline he bailed on Apple’s purported sequel as a result of he “now not trusted them as a inventive associate.”

Problem for 2025: Changing into extra important. Apple TV+ has come a good distance since its bumpy launch a bit greater than 5 years in the past. But it stays pretty lean as an providing, regardless of now costing $10 a month on a stand-alone foundation (up from $5 at launch). With out the serendipity of third-party titles luring viewers, as is the technique for Netflix, Peacock, Max and others, can Apple ship sufficient sticky new seasons of its well-liked originals, or add different titles on a month-to-month frequency to be able to reduce churn?

Largest query: Will promoting enter the image? Apple TV+ stays a curious holdout among the many main SVOD platforms by not having an advert tier. Lengthy-rumored, and well-suited to the corporate’s dwell sports activities ambitions, promoting would supply extra income, which isn’t a foul factor. However it goes towards the longtime technique of bundling subscriptions to Apple TV+ with companies like Apple Music and iCloud, and the corporate has much more expertise creating advert campaigns than promoting time.

Disney

2024 spotlight: Disney’s streaming sport undoubtedly acquired stronger with the mixing of Hulu and ESPN+ content material on Disney+ for bundle subscribers. The transfer solved one of many firm’s largest streaming issues: a content material expertise that felt disjointed and complicated to navigate. Now, Disney+ is a one-stop store for almost every part the Mouse Home has to supply.

2024 lowlight: Whereas Disney did flip a streaming revenue for the primary time this yr, that’s largely buoyed by sports activities by way of ESPN+. Disney+ and Hulu stay unprofitable on their very own, and subscriber development throughout each platforms has been a little bit of a headache. Disney+ ended the fiscal yr up simply 2% in home subscribers. Regardless of the corporate crushing the field workplace this yr, it seems to have had a troublesome time translating that success to streaming.

Problem for 2025: One in all Disney’s repeated challenges, which continues to negatively influence streaming choices, is that the corporate can’t appear to resolve whether or not it’s pushed by public sentiment on delicate matters. This yr, Disney+ canceled The Acolyte for monetary causes, however solely after the primary season was the topic of racist cyberbullying on-line, prompting outcries from forged members who felt deserted by the corporate, which stayed silent amid the vitriol. This month, Disney is below fireplace for eradicating a transgender storyline from its upcoming animated collection Win or Lose (which it did converse out on). These flare-ups appear to occur typically at Disney and the controversy not often, if ever, works within the firm’s favor. In truth, Disney would probably profit from extra conviction in its core values and fewer capitulation to loud, on-line dialog.

Largest query: How will the continued rollout of the two-year-old advert tier assist with two of the largest points – churn and subscriber development – in 2025?

Max

2024 spotlight: HBO has been and continues to be the shining star of Max (and scripted tv usually), even when the service is working towards that benefit at each flip. It was a lighter yr for HBO fare, however the community nonetheless supplied new seasons of Home of the Dragon, True Detective, Business and Hacks. It additionally discovered success with new reveals like The Penguin and Dune: Prophecy. For probably the most half, these titles are buoying the service, they usually actually are the one ones the corporate ever touts from a efficiency perspective, most likely for good motive.

2024 lowlight: Parting methods with the NBA. Warner Bros Discovery’s TNT has broadcast NBA video games for almost 40 years, however the firm misplaced out as NBCUniversal and Amazon’s Prime Video joined incumbent Disney-ESPN in reaching 11-year rights offers. The lack of rights makes Max (and its long-planned sports activities add-on tier) a lot weaker in sports activities streaming, and it’s an open query whether or not followers with out pay-TV will pony up an additional $10 a month for lesser sights like NHL video games, biking, French Open tennis and March Insanity males’s basketball.

Problem for 2025: Reside programming on streaming is clearly the place {the marketplace} is headed. Warner Bros Discovery might want to cope with dropping the NBA and discover a method to course right earlier than it falls behind.

Largest query: How, if in any respect, will David Zaslav’s company restructuring of Warner Bros Discovery, and the potential for a derivative or merger involving its linear networks, have an effect on its streaming service?

Netflix

2024 spotlight: There have been many positives this yr together with a roaring inventory worth, a three-year NFL deal and the resumption of big-ticket authentic programming after delays associated to the 2023 strikes. However the largest was the corporate touchdown rights to WWE Uncooked. The $5 billion, 10-year settlement will plug an ultra-stable draw for viewers into the weekly lineup and be a serious engine for the corporate’s still-emerging promoting operation.

2024 lowlight: The audacious spin of the tech glitches that marred many viewers’ expertise watching the dwell boxing match between Jake Paul and Mike Tyson would have made Don King blush. In a memo to workers, Netflix CTO Elizabeth Stone described complaints about buffering and sound issues as “chatter within the press and on social media.” Acknowledging the corporate has “room for enchancment,” she mentioned execs “nonetheless take into account this occasion an enormous success.” Co-CEO Ted Sarandos, talking at a Wall Road convention, pointed to the unprecedented viewers within the tens of tens of millions and boasted of a “must-see-ness” that was “off the charts.” One wonders if a much bigger dose of humility may observe any goofs within the firm’s NFL Christmas Day doubleheader.

Problem for 2025: Scaling the promoting effort. Execs have described a “crawl, stroll, run” outlook for his or her nascent advert enterprise, which launched in November 2022 after a shotgun announcement by former CEO Reed Hastings simply six months earlier. Many Wall Road analysts see it as a multibillion-dollar income driver with potential to offset flattening development in subscribers in established territories. Co-CEO Greg Peters on a latest earnings name mentioned advert income will probably double in 2025, “albeit off a small base.” The corporate doesn’t get away what number of subscribers go for the $7-a-month advert tier however mentioned in November that it now reaches 70 million month-to-month energetic customers, up from 40 million in Might.

Largest query: How large is the corporate’s urge for food for dwell sports activities? Though it pooh-poohs the thought of chasing rights – Sarandos mentioned the service is extra drawn to dwell occasions like comedy specials or programming with a “circus” element just like the Tyson-Paul combat – Netflix is now an NFL associate. And it certainly will check out UFC rights or different alternatives.

Paramount+

2024 spotlight: Taylor Sheridan has been Paramount’s saving grace this yr, particularly on the subject of streaming. Whereas new episodes of Yellowstone are nonetheless Peacock’s territory below a pre-existing licensing deal, Sheridan has introduced six (that’s proper, six) reveals to Paramount+, from Tulsa King to Landman – and all have carried out extremely effectively. In truth, they’re a number of the solely reveals on the streamer which have damaged by means of this yr.

2024 lowlight: Apart from Sheridan’s gold mine, Paramount+ largely depends on theatrical releases and next-day linear reveals to remain related. With Showtime nonetheless walled off to a premium tier, there simply isn’t a lot on fundamental Paramount+ that stands out within the crowded streaming market. The service continues to attract one of many smallest shares of streaming viewing every month, per Nielsen. 

Problem for 2025: Streaming consolidation is basically inevitable at this level, and Paramount+ might want to enhance its profile whether it is to face by itself for for much longer. Extra cross-pollination of Showtime and Paramount+ choices may assist, particularly with a brand new season of Yellowjackets on the horizon. 

Largest query: How will the pending Skydance merger with Paramount World, because of shut within the first half of 2025, alter Paramount’s streaming operations? Skydance CEO David Ellison, who’s backed by his billionaire tech father, has pledged to make important investments in upgrading the Paramount+ tech stack and interface, however it’s going to want greater than a contemporary feel and look to succeed in profitability. 

Peacock

2024 spotlight: The Olympics! NBCUniversal took the gold with its streaming hub for the Paris Video games, which ran across the clock to offer audiences entry to each single medal occasion in addition to opening and shutting ceremonies. Viewership on the streamer elevated 39% in July to its largest share of TV utilization ever, almost doubling its 35-49 viewers. The win little question gave NBCU some concepts for perfecting its dwell occasion protection, so it will possibly cost full velocity forward in that area, whereas additionally probably driving many who got here for the Olympics to remain for the streamer’s different choices.

2024 lowlight: Peacock typically nonetheless struggles to achieve traction with its authentic content material. The Traitors and Love Island USA proceed to supply much-needed buzz on the unscripted entrance, whereas Ted was a uncommon scripted breakout this yr. 

Problem for 2025: Very similar to Paramount+, and possibly much more so, Peacock must step up its sport on authentic content material if it hopes to outlive the streaming consolidation on the horizon. With the service thought-about a robust candidate to merge with a rival (and such talks occurring in latest months), Peacock’s monetary outcomes will quickly be much more seen. It’ll stick with the Comcast mom ship after the deliberate spinoff subsequent fall of NBCU’s linear cable networks into a brand new stand-alone entity. 

Largest query: With the Olympics and some NFL streaming exclusives below its belt, how will Peacock proceed to construct on its sports activities and live-event energy, particularly in a non-Olympics and non-election yr?

Prime Video

2024 spotlight: There have been a number of together with a splashy and profitable debut upfront occasion final Might, new NFL viewership highs and better-than-projected income from the preliminary months of promoting operating on collection and movies. However the largest feat of all was touchdown NBA and WNBA rights in an 11-year deal, becoming a member of Disney-ESPN and NBCUniversal as league companions as Warner Bros Discovery acquired kicked to the curb. Whereas the worth was hefty, approaching $20 billion, it offers Prime Video extra ad-friendly Thursday night time programming throughout non-NFL months.

Problem for 2025: Following Fallout. The online game adaptation proved a remarkably potent lure for viewers, particularly sought-after 18-to-34s in addition to non-U.S. audiences.

Largest query: Will this be the yr when a weak streaming rival strikes a cut price with the satan and joins forces with Amazon given its huge attain? The tech big has held talks with Warner Bros Discovery and different media majors about some type of collaboration and has additionally been a white knight for bankrupt regional sports activities community proprietor Diamond Sports activities Group. What might the subsequent step in that evolution be as many conventional media gamers look to seek out methods to restrict their spending?