Streaming accounted for more than 40 percent of TV viewing in June

Streaming has hit a new high on the American viewing charts. According to the latest Nielsen data, streaming services were responsible for 40.3 percent of daily TV viewing in June 2024. It's a banner result for streaming video, which first overtook cable in Nielsen ratings back in 2022. The June result marks not only the biggest share recorded for streaming since Nielsen added it as a tracked category on The Gauge report, but it is also the largest share Nielsen has ever recorded for a single viewership category. Cable TV secured 27.2 percent of American viewing for the month, followed by broadcast TV at 20.5 percent.

YouTube was the favorite streaming platform with 9.9 percent of the monthly usage, followed by Netflix at 8.4 percent. The summer sensation of Bridgerton helped boost Netflix's performance; the costume drama was responsible for a staggering 9.3 billion minutes of viewing during the month. There's a notable drop after those two services, with Amazon's Prime Video securing 3.1 percent, and companion platforms Hulu and Disney+ coming in with 3 percent and 2 percent shares, respectively.

In case those streaming figures seem low, it's important to note that Nielsen tracks viewing only on television screens. That means the vast number of hours Americans spend streaming shows on their phones and tablets isn't part of this accounting.

While streaming continues to draw ever-more eyeballs, executives are more focused on drawing in dollars. Another report, this one from analyst PricewaterhouseCoopers, projected that advertising would be responsible for about 28 percent of global streaming revenue. In 2023, the ad share was 20 percent.

The report credited that shift to the growth rate of subscription revenue stalling out. "Usage and consumer uptake of the core offering is continuing to increase — albeit at a lower rate than in recent years – but companies are having greater difficulty getting people to pay more for digital goods and services," PwC said. "As the number and range of streaming services proliferate, a form of market saturation has begun to kick in." In response, recent years have seen many of the top video streaming services, including Netflix, Disney+ and Amazon Prime Video have introduced hybrid models that offer lower monthly subscription costs in exchange for viewers watching ads. If the PwC forecast is accurate, we can expect other platforms to follow suit.