As outlined in an Omdia Q1 report, the United States subscription video-on-demand (SVOD) market totaled over $8.7 billion, increasing the total revenue by 22.22 percent. This is the largest jump in quarterly expansion the research company has announced since the 2020 COVID-19 pandemic started. In 2022’s first quarter, the numbers showed an increase of 18 percent.
This is to be expected as more viewers shy away from home video channels, showing a 27 percent decrease year over year tallying $377.25 million.
Sources report, “The selling of streaming movies and TV shows, electronic sell-thru, was down 12.31% to $564.35 million in Q1. VOD was off 11.5% to $443.47 million.” The decline is credited to some major theatrical releases that did not reach any streaming platforms until late in this quarter.
For instance, Netflix is the largest SVOD platform in the world. Its Q1 reports showed an increase of 7.7 percent from just the United States and Canada alone. That earned them revenue totaling well over $3.6 billion, even though the streaming service has been losing approximately 74.58 million customers in the first quarter of 2022. This year, its revenue totaled around $74.4 million in the first quarter.
Omnida is owned by Informa and provides third-party SVOD data to Digital Entertainment Group’s Home Entertainment Spending quarterly reports. Data is collected from studios, compiled by Omnida, and released as a non-biased detailed look at the statistics surrounding all subscription video-on-demand services.