From subscriber growth to value creation: what’s next for streaming?

By Anastasia Budash

For the first half of this decade, success in streaming was measured in one simple metric: subscriber growth. As we move further into 2026, it is becoming clear that this chapter is closing. The global streaming market is entering a more mature phase, one defined less by rapid expansion and more by optimisation, differentiation and value creation.

That was the central theme of our latest Futuresource Consumer Technology and Entertainment Outlook webinar, now available on demand.

Using data from our Screen Trends service and the latest wave of Living with Digital, we explored how the economics of streaming are changing, and what this means for platforms, broadcasters and partners across the ecosystem.

Growth is not disappearing, it is shifting. Between 2020 and 2025, global subscription volumes surged. Over the next five years, growth is expected to slow significantly. This is happening in all regions as markets are becoming increasingly saturated. Besides, most net new subscriptions will come from APAC and Latin America, regions with lower average revenue per user. This creates a fundamental challenge for streamers. How do you continue to grow revenue when adding subscribers is no longer the primary lever?

Ad-supported tiers are part of the answer, but not the whole solution. The adoption of ad-supported plans has been remarkably fast. In just a couple of years, the majority of subscribing households now have at least one ad-supported subscription. These tiers have lowered the barrier to entry and helped platforms expand their reach.

However, advertising revenue has yet to fully compensate for the difference in return from standard and premium plans. At the same time, repeated price rises, even on ad plans, are already emerging as a key driver of churn. The implication is clear: pricing alone cannot carry the next phase of growth.

Value perception is becoming the real battleground. Beyond price, consumers continue to cite content, or a perceived lack of it, as a primary reason for cancelling. While exclusive originals remain critical to brand identity, platforms are increasingly using bundling, aggregation and live content to strengthen perceived value.

Across major markets, a significant proportion of subscriptions now comes through bundles, whether via telecoms, pay TV operators, hardware partnerships or aggregators. These arrangements do not always mean cheaper subscriptions, but they do reduce friction, lower acquisition costs and improve retention. Live sports and events, while not mass-market drivers, are also emerging as premium differentiators for high-value audiences.

Connected TV is reshaping control and competition. One of the most important shifts we discussed is the growing influence of connected TV platforms. As the default entry point to the living room, connected TV operating systems increasingly control discovery, data and monetisation. By 2026, more than 1.6 billion connected TV devices are expected to be in use globally, giving a small number of platforms significant gatekeeper power.

This raises critical questions for both broadcasters and streamers. Who owns the customer relationship? Who controls discovery? How do you balance reach with control? As connected TV platforms expand their role across advertising and content aggregation, these questions are becoming central to long term strategy.

The next phase of streaming will be multi-lever. The era of growth at any cost is over. Sustaining a healthy streaming market will require a careful balance of pricing strategies, optimising advertising revenue, targeted content investment, and various distribution partnerships, all while managing churn and protecting the viewer relationship.

If you would like a deeper dive into the data and insights behind these trends, the full webinar is now available to watch on demand. It is just one part of an ongoing conversation about how the streaming ecosystem continues to evolve, and where the next opportunities will emerge.

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