In the midst of a maturing streaming industry, Premium SVOD operators have adapted their strategies. Instead of focusing on building general awareness and excitement for their services, Premium streamers are now prioritizing acquisition through big moments that enable them to break through. The result is that growth is increasingly concentrated. In 2025, Antenna observed that the fastest growth in Premium SVOD Gross Additions occurred in Q4, with a +30% increase in volume over the last two years. Antenna estimates there were an additional 12M Gross Adds in Q4’25, compared to Q4'23.
The increase in Premium SVOD acquisition during Q4 is the result of sporting events such as exclusive holiday games, film and TV releases, as well as Black Friday and holiday promotions that are typically stacked at the end of the calendar year.
In 2025, Black Friday remained a consistent and growing acquisition driver, maintaining its share of total sign-ups, even as overall sign-up volume increased year-over-year. Black Friday generated 8.9M incremental Sign-ups in 2025, up from 8.1M in 2024, an 800K increase YoY.
At the monthly level, Black Friday Sign-ups represented approximately 25% of total November Sign-ups in both 2024 and 2025, and roughly 13% of total December Sign-ups.
Black Friday promotions also remain a meaningful retention tool. In 2024, Disney+ and Hulu offered 12-month discounts, while HBO Max offered a 6-month discount. Antenna observed 2024 Black Friday promotional sign-ups demonstrate stronger retention than 2024 other promotional sign-ups, retaining 66% of Subscribers through Month 6, a +10pt lead over 2024 Other Promotions. Moreover, Black Friday Sign-ups retain at the same rate as the overall Premium SVOD category at the 12-month mark, both landing at 36%.
These insights come from Antenna’s latest State of Subscriptions Report, which focuses on 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 and bundles, and how they are optimizing promotional offers and programming strategies.
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For more detailed information on Antenna’s methodology and definitions of core metrics, please visit http://www.antenna.live/methodology.
