Share of Streaming Surges to Over 40% of TV Viewing in June 2024
Share of Streaming video has reached a new milestone in American television viewing habits. According to Nielsen’s latest data, streaming services accounted for an impressive 40.3 percent of daily TV viewing in June 2024. This figure represents the highest share ever recorded for streaming since Nielsen began tracking it in The Gauge report. It also marks the largest share Nielsen has recorded for any single viewership category. In comparison, cable TV secured 27.2 percent of the viewing time, while broadcast TV garnered 20.5 percent.
Among the streaming platforms, YouTube emerged as the favorite, capturing 9.9 percent of the monthly viewing. Netflix followed closely with an 8.4 percent share, significantly boosted by the summer hit “Bridgerton,” which amassed an astounding 9.3 billion minutes of viewing time in June alone. Amazon Prime Video, Hulu, and Disney+ trailed behind with 3.1 percent, 3 percent, and 2 percent shares, respectively.
It’s important to note that Nielsen’s figures reflect viewing on television screens only. This means the extensive hours Americans spend streaming content on their phones, tablets, and other devices are not included in these statistics.
While streaming continues to dominate viewers’ attention, industry executives are increasingly focused on monetizing this trend. A report from PricewaterhouseCoopers (PwC) highlights a significant shift in the revenue model for streaming services. Advertising is projected to account for about 28 percent of global streaming revenue in 2024, up from 20 percent in 2023. PwC attributes this shift to the stagnation in subscription revenue growth. As the market becomes saturated with various streaming services, companies are finding it challenging to increase subscription fees.
In response to these market dynamics, many leading streaming platforms, including Netflix, Disney+, and Amazon Prime Video, have introduced hybrid models. These models offer lower monthly subscription costs in exchange for viewers watching advertisements. If PwC’s forecast holds true, more platforms are likely to adopt similar strategies to maintain revenue growth.
The rise in share of streaming services is reshaping the television landscape, with streaming now holding the largest share of TV viewing. As platforms continue to innovate their revenue models to balance viewer engagement and profitability, the future of television looks set to remain firmly in the hands of streaming services.
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