From Global Giants to Local Heroes, as Nordic Consumers Lean into Homegrown Video Entertainment

The Nordic video entertainment market continues to achieve forward momentum, with total consumer spend closing in on $8 billion USD across Sweden, Denmark, Norway and Finland in 2024. That’s according to the latest set of reports from Futuresource Consulting, which forecasts steady CAGR growth of 3% through to 2029, to reach $9.5 billion by the end of the decade.

SVoD remains the dominant growth engine, across all 4 markets, recording a 15% uplift in consumer spend last year. Sweden led regional subscription growth, adding one million new subscriptions in 2024 and accounting for over 40% of the Nordics’ 24 million total paid streaming subscriptions.

Netflix retains regional dominance, but local platforms gain ground

Netflix continues to spearhead the Nordic SVoD space, with approximately five million paying subscribers across the region. However, for the first time, the global giant lost its top spot in Denmark to the local broadcaster TV2 Play. Local platforms remain highly competitive across the region, with Viaplay consistently ranking in the top three in Finland, Sweden and Norway, and TV4 Play and MTV Katsomo retaining strong national positions in Sweden and Finland respectively.

“Consumers are increasingly gravitating toward streaming services that offer more regionally relevant programming, resonating with them both linguistically and culturally,” says Rachel Mitchell, Market Analyst at Futuresource Consulting. “While global platforms like Netflix retain broad appeal, local services are capturing share through relevant content, pricing flexibility and deeper bundling with telecom and Pay-TV packages.”

Pay-TV shifting gears, with Denmark out in front

Despite Nordic countries maintaining some of the highest Pay-TV penetration rates globally, services continue to lose ground.  All major telecom operators now offer SVoD bundles, eroding the perceived value of traditional TV packages. Ongoing price hikes and increased bundling complexity are also driving subscriber churn, particularly in Denmark where VAT policy changes are expected to further impact affordability as 2025 unfolds.

Finland remains the most resilient Pay-TV market, driven by a cultural preference for scheduled broadcasting and more modest bundling practices.

Short-term challenges for box office and digital transactional

Across all four markets, box office revenues declined by an average of 7% in 2024, largely due to the lack of major Hollywood releases and a growing consumer preference for streaming platforms. However, Denmark’s theatrical segment showed relative resilience thanks to loyal cinema club audiences, while Sweden and Finland saw stronger performances from local productions.

Digital transactional video spend also contracted significantly, with a smaller release slate, high competition from SVoD, and already high consumer participation limiting further growth prospects. However, local successes, particularly in Sweden and Denmark, and the active market engagement of strong local retailers, and a stronger release slate this year hint at potential upside as we move through 2025 and beyond.

A market in transition, with opportunities for growth

“What we’re seeing in the Nordic region is a fundamental structural transition in entertainment consumption,” says Anastasia Budash, Lead Market Analyst. “There is no doubt that streaming continues to power the market forward, yet future success now depends on knowing and navigating the terrain. Local relevance, smart pricing and savvy bundling are what will separate the leaders from the rest of the pack. Each country has its own rhythm and nuance, and those brands that can tune in and adapt are the ones that will achieve success.”

About Futuresource Consulting
Futuresource Consulting, established in the 1980s, is a leading research and consulting firm specialising in global market analysis, forecasts and strategic insights. With a deep understanding of emerging trends and technologies, Futuresource helps businesses navigate complex markets and make informed decisions.

To learn more about Futuresource Consulting’s suite of four Nordic Video Insights reports or to make a purchase, please contact imad.sarwar@futuresource-hq.com or visit here.

Press Contact: Nicola Finn, Marketing Manager, Futuresource Consulting, nicola.finn@futuresource-hq.com