By 2024, Western Europe will surpass North America in terms of the number of households subscribing to streaming platforms, according to recent research, with the UK and Germany leading the way.
Ampere Analysis conducted research revealing that the streaming market has a brighter future in Europe compared to North America. North America, which includes the USA and Canada, will fall to third place worldwide in terms of the number of households subscribing to a streaming platform.
Ampere Analysis estimates that Asia will dominate the market by the end of 2024, with 390.2 million subscription streaming homes, followed by Western Europe with 110.6 million, and North America with 110 million.
Streaming platforms such as Paramount+, Disney+, and Netflix are keenly aware of this shifting focus and are already investing in Asian movies and shows, which have proven to be popular with audiences. Additionally, Media Partners Asia announced an increase in streaming subscriptions in South-East Asia in 2022.
As Asia is the fastest-growing and largest region for streaming, the Ampere Analysis report states that, “it is likely to see the biggest increase in focus for content investment with a knock-on effect for viewers who will see more and more Asian-origin content on their streaming platforms.”
This trend is having a clear impact on platform revenue. According to the Ampere Analysis study, North America will no longer generate the majority of streaming-related revenue and will fall below 50% of global revenue by 2024.
The report notes, “Global streamers have been increasingly targeting international markets for production to satisfy the demands of audiences outside the US and bolster further growth in regions with the most potential for new customer acquisition.”
Furthermore, the research reveals that only 43% of Netflix’s upcoming series are being made in the USA, and other streamers are following suit. Amazon Prime and Disney+ also now produce fewer than 50% of their upcoming shows in the USA, and Paramount+ is quickly heading in the same direction.
These developments highlight the changing landscape of streaming and the shift in focus towards Asia and Europe. By 2024, Western Europe is poised to lead in terms of streaming households, followed closely by Asia, while North America slips to third place. As streaming platforms adapt to meet the demands of global audiences, viewers can expect to see a rise in Asian-origin content and a diversification of production locations outside the USA.
Source: AFP Relaxnews
Credit: The Star : Tech Feed
