For many years, the “Streaming Wars” were defined by double-digit growth and massive acquisition spend. But in 2025, that era ended. Overall subscription growth for Premium SVOD fell into single-digits for the first time; Antenna estimates that total Subscribers grew +7% in 2025, down from 12% in 2024. Growth of Gross Additions also slowed to +7% in 2025, a YoY decrease of -4pts compared to FY2024.
Still, in 2025, the story for Premium SVOD wasn’t one of decline, but of maturation. Churn for Premium SVOD showed signs of stabilization, as the Weighted Average Churn Rate for the category hit a steady 4.6%, a significant improvement from previous volatility. In fact, between September 2024 through August 2025, the Premium SVOD category had flat or lower churn in 7 of 11 months, compared to the same month in the prior year; that was true for only 2 of the previous 21 months. Moreover, 7 of 9 services showed more stable churn patterns in 2025 versus 2023.
Subscriber growth continues, but Antenna observes that it is increasingly concentrated around key programming events and promotions. The final quarter of each year has emerged for streamers as the equivalent of broadcast television’s “new Fall season”; Premium SVODs drove 31% of annual Gross Adds and 57% of Net Adds in Q4 in 2025, thanks to the power of Black Friday, and leveraging hit shows.
Antenna’s latest State of Subscriptions Report, released today, provides a data-driven examination of the key trends for Premium SVOD in 2025, including closer looks at what is driving growth, implications for churn, how and when streamers are capitalizing on Win-backs, bundles, and optimizing promotional offers and programming strategies.
This quarter, we’ve decided to open up our companion webinars to all. In these 30-minute briefings, Antenna’s CEO Jonathan Carson, Director of Strategy Brendan Brady, and Insights Manager Brooke Kilker review the report’s key findings, provide valuable perspective on the data, and answer questions. If you’re interested in joining, register for one of three sessions listed below.
Tuesday, February 24 at 10:00am ET/7:00am PT
Tuesday, February 24 at 3:30pm ET/12:30pm PT
Wednesday, February 25 at 12:30pm ET/9:30am PT
To download your own copy of the full report, you can access it here. If you’re already on our distribution list, check your email; we’ve sent a download link to everyone who has opted in to receive correspondence from Antenna. Antenna clients have exclusive access to a client-only expanded version of the Q1’26 State of Subscriptions report. Want to become an Antenna client? We want that, too! Drop us a line and let’s chat.
For more detailed information on Antenna’s methodology and definitions of core metrics, please visit http://www.antenna.live/methodology.
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