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NTHISREPORT FRANCHISESINTERNATIONAL CONTENTSUCCESS-BASEDRESIDUALBINGEVS.WEEKLYNETFLIX BOUNCEAWARDSIMPACT CHURN ANDRETURN ORIGINAL CONTENT VOLUME ABOUT THE AUTHOR ABOUTLUMINATE TYLER AQUILINA covers the streaming wars and theirimpact onthemedia/techbusinessforVarietyIntelligencePlatform. He was previously at Entertainment Weekly,wherehe wroteon,among many othertopics,thefilmindustry, streaming and workerissues in Hollywood. Luminate is the preeminent entertainment data andinsights company,unleashingaccess tothemostessential,objective and trustworthy information across music,film,television,gaming,shortformvideoandmore.Itsdatabaseshouseinformationcompiledfromover500verified sources,managingupwardof 20 trillion datapoints. Luminate is an independently operated companyand asubsidiaryofPMETopCo.,a jointventurebetweenPenske Media Corporation and Eldridge. ABOUTVARIETYVIP+ Variety ViP+ is a digital subscription extension of theVariety entertainment news brand focused on providingmarket research to the media and technology industriesSubscribers can access white papers, commentaries,newsletters and chart data created by a team ofexperienced analysts exploring topical issues and trends. MACROOVERVIEW IGHITSORMISSES:WAS BIGINGWORTHIT GLOBALSUBSCRIBERGROWTHFORMAJORU.S.-BASEDSVODSERVICES Perhapsthe clearest indicationthatthe streamingwars have ended is Netflix's decisionto stopreportingquarterly subscriber totals starting in 2025. The race forsubscribers is over;the size of an SvOD's user base nowmattersonlytotheextentthat it candeliverrevenueandengagement. Netflix's rivals are now fighting for survival, pushing to turnstreaming intoalongterm,profitablebusinesstoreplacelinearTV.BothDisneyandParamountpostedpositiveprofits cannot grow as fast as linear assets are shrinking,which will likely prolong the media sector's current pain Even as some turn a profit, it's unlikely every SvOD willforbundling likelypresages a contractionof thefield asentertainmentcompaniespursuefurtherM&Amoves SVODBUNDLES The so-called Great Rebundling is a key post-streaming warsatrue second comingofcableTVis athand,thelegacymediajointstreamingventures TheJulylaunchofaDisney+-Hulu-Maxbundlemarkedanew frontier in the streaming era: the first direct bundlingteam-upofmajorSvoDrivals.Morearelikelyontheway:Paramountissearchingforastreamingpartnershipaheadof its sale and couldreapsignificantfinancial benefitsfrombundlingwithapartnersuchasPeacock. TOPCHOICESFORSTREAMINGVIDEOBUNDLE %OFCONSUMERSWHORANKEDSERVICEINTOP5PREFERREDFORINCLUSIONINSVODBUNDLE qualities of strategic options,the betterto minimizesubscriber cannibalization. For instance, integrating Hulucontent into Disney+ vastly expanded the latter app's adult-oriented, generalized programming and thus significantlyboosted Disney's"Duo Bundle"subscriptions. YOUTUBEVS.SVOD INGWORTHIT If one views the streamingwars as a battle of viewing time, thetrue victorwould not beNetflixbut YouTube,which dominatesU.S. streaming time on TVs as well as smartphones. YouTubedefies easv classification,howeverand it's debatablewhetheit should be viewed in the same context as SvODs. YouTubepreviously tried its hand at premium scriptedseriesand seemsunlikelytogo downthatroadagainwhileits creators happily foot the bills for their own content. Still,withthesubscription streamingwarstransitioning intotheengagement wars, YouTube is now Netflix's most formidableopponent Further complicating YouTube's position is its virtual MVPDYouTube TV, which carries the NFL Sunday Ticket package.With even this service feeling the sting of cord-cuttingafter the NFL season, parent Alphabet may need to weighsome changes,such as expanding its presence inSvODaggregation. AVERAGEDAILYWATCHTIME,BYPLATFORMANDAGE INHOURSAMONGUSERSOFEACHPLATFORM,MARCH2O24 CHURNANDRETURN It'sbecomeclearthatnoSvoDbesidesNetflixisapermanentfixtureofmostconsumers'entertainmentlineups,anotherfactor cementing the company's streaming war victory.Datasuggests the majority of U.S. viewers have not forged long-termrelationshipswithotherSVODproviders. Thisdoesnotmeanusersaren'tsubscribingto otherservicessimply that they tend to cycle through them. Per Antenna, gross2022, and about 25% of U.S. subs have canceled three or moreSvODs in that time. Users have evidently grown more comfortablewith the"churn-and-return"approach SVODSRE-ENGAGINGAUDIENCES SHAREOFH12024U.S.PLATFORMVIEWERSWHODIDNOTWATCHPLATFORMINH22023 Churn is one key motivator for the ongoing bundling craze,as SvOD packages tend to yield more loyal subscribers.Given the current content slowdown,joining forces istheirperceivedvalueto consumers. ORIGINALCONTENTVOLUME GHITSORMISSES:WASBIGINGWORTHIT year,exacerbatedbystrikes-relatedfallout.Total originalseriesoutput on U.S. SvODs fell 13% year-0ver-year in H12024, withDisney+ seeing thebiggest proportionaldropoff amongthe majorplatforms (plunging65%) volume precipitated by the streaming wars.While this will likelybenefit companies' balan