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Netflix may be the “legacy” video streamer, but they are far from complacent. Netflix’s complexion today is markedly changed from the Netflix of three years ago. In recent years they have implemented a number of significant changes, including: Password-sharing crackdown; Ad tier launch; Live events, and Price increases.

Third-party distribution has become a significant part of the growth story for streaming video, particularly “channels” environments. Antenna estimates that 1 in 3 new streaming subscriptions in Q1'25 came through these stores—a sharp increase from just two years prior, with the vast majority via Amazon Prime Video Channels.

Two years ago, when ad-supported streaming was still finding its footing, we introduced Antenna’s Ad Choice segmentation to help the industry gain clarity around consumer choice related to ad-supported Premium SVOD and how these decisions change over time. We developed four different segment profiles: “Ad Avoiders,” “Ad Engagers,” “Ad Managers,” and “Ad Oblivious.”

Antenna estimates there were almost 100M ad-supported Premium SVOD subscriptions in the U.S. by the end of Q1’25, up from 53M just two years prior. That's a remarkable amount of growth in a relatively short period of time. So how did all of these ad-supported subscriptions come to be?

Advertising has become an entrenched part of the streaming landscape in a remarkably short period of time. Just two years ago, half of the Premium SVOD services didn’t even offer an ad-supported plan, and only about 1 in 3 subscriptions were opting in to ad plans. But today, things look pretty different. So for the Q2’25 edition of Antenna’s State of Subscriptions Report, we’re offering an updated look at advertising in the streaming ecosystem.

In recent months, there’s been a steady drumbeat of pay TV headline stories, including the short-lived rise and fall of Venu, Disney’s planned majority stake in Fubo, and the upcoming streaming service launches of long-time pay TV stalwarts CNN, FOX, and ESPN. A significant shift that has come out of all of this change is the ability for pay TV operators to offer so-called “skinny bundles,” more focused packages which charge consumers only for the channels they choose.