In July, the share of streaming in total TV consumption was 34.8%, up nearly 23% over the past year. The audience of cable and broadcast television has fallen compared to last year: the former accounted for 34.4%, and the latter – only 21.6%. Both are down about 10% since July 2021.
The report’s findings are not surprising, but they are a watershed moment for both the typical American TV viewer and the industry. Entertainment companies are spending billions of dollars to support their streaming services in order to be confident in the future. But the glory days of streaming may be over: the war for subscribers at any cost is over.
Streaming itself isn’t going anywhere – it’s Hollywood’s present and future – but it looks like the spending now and the questions in the days to come are coming to an end as these services evolve and media companies cling to what makes money.
“The streaming wars are over because subscriber growth has stalled,” Michael Nathanson, media analyst at MoffettNathanson, told CNN Business. “You are waging war on a land that no longer has resources.”
— Frank Pallotta of CNN Business contributed to this report.