新一代增长：2025年美国流媒体研究

US Streaming Study 2025 The next generation of growth Key themes:Bundling and ad-supported tiers have proven to be successful; as USsubscriber growth plateaus, providers must unlock new ways to monetize users Gaming is a niche butpotentially lucrative Subscribers wantflexibility–lock-insaffect willingness Younger viewers wantshort-form content Growth will come fromretention and upsell,not just acquisition supported tiers arenow table stakes Households in the US have 3.8 subscriptions on average, roughly in line with 2024– On average, households are willing to pay $40 per month across all streaming platforms Growth is no longer about adding moresubscriptions. Viewers are spending morewithin the services they already have,making retention and upsell the keybattlegrounds. Netflix and Disney’s moveto stop sharing subscriber numbers and -Michelle VerwestPartnerSan Francisco, USA Growth will come fromretention and upsell,not just acquisition Share of subscribers on ad-supported tiers continues to rise, with Netflix up 15pp andDisney up 14pp y-o-y among survey respondents; gain driven mostly by new subscribers Bundles also remain effective: within just a year of their US launch (2024), more than50% of subscribers reported purchasing at least one service this way Subscriber growth may be leveling off, butad-supported tiers and bundles continueto deliver strong value. New monetizationlevers must build on these proven -Michelle VerwestPartnerSan Francisco, USA Gaming is a niche butpotentially lucrative Subscribers wantflexibility–lock-insaffect willingness Locking in subscribers for a longer period isn’t a silver bullet to drive retention: USsubscribers expect a steep discount ~50% discounts to commit annually Content breadth is a top driver of value; high-value formats for specific segments (e.g., livecontent) can boost monetization and retention The real competition is for total screen time, with gaming and social media now rivalingstreaming for attention ~70% of subscribers interested in gaming in the US are willing to pay $1.5 to $6 morefor access to content (representing ~4% to 15% premium on current subscriptions) Gaming may still be a niche today, but itrepresents a meaningful premiumopportunity once mature. Platforms thatinvest early will be positioned to capturethis incremental value and strengthen -Kavya MuralidharanDirectorSan Francisco, USA Younger audiences are showing a clear, ongoing shift toward short-form content, Additionally, an increasing share of under-39 audience in the US also values socialfeatures such as ‘social streaming’ and ‘watch together’ % of each demographic that values“social streaming” % of each demographic that values“watch together” feature that allows multiple accounts in different locationsto synchronize and play content at the same time feature which allowed you and your friendsand family to see what each other are watching Platforms will need to cater to younger audiences’ preference for short-formcontent to win streaming time. Netflix isleading the way here with a scrollable,vertical feed of short video clips, similar toa TikTok-style experience on mobile; theopportunity also extends to social -Kavya MuralidharanDirectorSan Francisco, USA Methodology ▪Online survey conducted bySimon-Kucher ▪Sample via panel provider:People who watch TV, films orlive events via streaming ▪Representative sample:Respondents to the surveyreflect the census statistics forage and sex in each market Survey periodApril to May 2025 Interested in globalstreaming trends? CLICK HERE to see the results ofourGlobalStreamingStudy Thank you! www.simon-kucher.com Disclaimer andthereisnoassuranceofachievingtheprojectedresults.Simon-Kucherisundernoobligationto update the Materials following the current date,notwithstanding the AbouttheMaterials Thispresentation and associated services("Materials")have been prepared by theSimon-KucherentityspecifiedwithintheMaterials("Simon-Kucher")fortherecipientidentifiedintheMaterials("Recipient"). LiabilityandWarranties Tothe maximum extent allowed by applicable law,neither Simon-Kucher nor anyshareholders,directors,agents,oremployeeswillbearliability,responsibility,ordutyofcarefortheactionsorinactionsoftheRecipient,basedontheinformationcontainedintheMaterials.The Materialsarefurnishedwithoutexplicitorimplied guaranteesof PurposeoftheMaterials TheMaterialsareintendedsolelytofacilitatediscussion,andshouldbeconsideredincompletewithout accompanying verbal explanation.The Materials should not bereliedupon as independent documentation.Simon-Kucher's Standard Terms andConditions(acopy is availableuponrequest),orany existing agreements between ThirdPartyDisclosure InformationalNature TheMaterialsmaynotbesharedwithanypartyotherthantheRecipient("ThirdParty").NoThirdPartymayrelyontheMaterialsforanypurpose.Simon-Kucherdisclaims TheMaterials,and any advice contained herein,are for informational purposesexclusively.They do not constit