Table of Contents
Executive Summary
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- Top takeaways
- Consumer trends
- Most consumers are subscribed to some form of streaming service
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- Figure 1: Paid streaming service subscriptions, 2023
- Consumers typically only have the financial bandwidth for two paid subscriptions
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- Figure 2: Monthly streaming subscription spend, 2023
- First-to-market brands have the highest usage and subscription base, but innovation keeps them on top
- Competitive strategies
- Tight wallets and tough financials are affecting even the largest streaming video giants
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- Figure 3: Netflix Twitter/X post, October 2022
- At the top of the audio streaming game, Spotify continues to innovate
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- Figure 4: Spotify Stream On Instagram post, March 2023
- Canadian telecoms take note of Verizon’s streaming savings bundle
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- Figure 5: Verizon TikTok post, March 2023
- Market Predictions
- Elevated prices across most sectors continue to squeeze consumers
- Household savings rise slightly after a Q1 dip
- Hard financial times put the squeeze on streaming services
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- Figure 6: Category outlook for paid streaming services, 2023-28
- Opportunities
- Streaming brands should aim to deliver savings in times of economic hardship
Market Factors
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- Acceleration in August CPI was driven by energy prices and housing
- Elevated prices across most sectors continue to squeeze consumers
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- Figure 7: Canadian Consumer Price Index, January 2020-August 2023
- Household savings rise slightly after a Q1 dip
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- Figure 8: Canadian household savings rate, Q1 2019-Q2 2023
- Canada’s aging population will likely put pressure on younger Canadians
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- Figure 9: Canadian population age projections, yearly, 2000-40
- Diversity among future generations is projected to increase
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- Figure 10: Proportion of visible minority in Canada, 1981-2036
- The Hollywood writer’s strike will affect the rollout of new paid streaming video content
Competitive Strategies
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- Tight wallets and tough financials are affecting even the largest streaming video giants
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- Figure 11: Netflix Twitter/X post, October 2022
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- Figure 12: Willow Instagram post, January 2023
- At the top of the audio streaming game, Spotify continues to innovate
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- Figure 13: Stream On Spotify Instagram post, March 2023
- The social media streaming landscape is becoming a crowded place
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- Figure 14: Kick Instagram post, June 2023
- Canadian telecoms take note of Verizon’s streaming savings bundle
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- Figure 15: Verizon TikTok post, March 2023
Fast Facts: Paid Streaming Services
Video Streaming Subscriptions and Brand Usage
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- Three in four Canadians are subscribed to a video streaming service
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- Figure 16: Paid streaming subscriptions, 2023
- Millennials are a target audience or paid streaming video subscriptions
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- Figure 17: Paid video streaming subscription, by generation, 2023
- Include diverse programming for wider demographic appeal
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- Figure 18: Paid video streaming subscription, by race, 2023
- Streaming brands should target parents via kids’ content marketing
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- Figure 19: Paid video streaming subscription, by parental status, 2023
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- Figure 20: Disney+ Instagram post, March 2023
- Video streaming subscribers are more likely to be subscribed to non-streaming content
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- Figure 21: The majority of the content I consume is from a streaming service (% agree), by subscribers to streaming services, 2023
- Netflix should focus more on retention, while other platforms focus on growth
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- Figure 22: Video streaming brands used in the past three months, 2023
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- Figure 23: Star Trek: Picard | Final Season Sneak Peek | Paramount+, September 2022
- Streaming services follow generational trends
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- Figure 24: Video streaming brands used in the past three months, by generation, 2023
- A strong kids’ catalogue is key for engaging parents
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- Figure 25: Netflix and Disney+ usage in the past three months, by parental status, 2023
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- Figure 26: Paramount+ Twitter post, October 2022
- Nearly half of consumers only subscribe to one streaming service at a time
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- Figure 27: Subscription to a single video streaming service at a time, 2023
- Younger men re likely to be sole subscribers
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- Figure 28: Subscription to a single video streaming service at a time, by age and gender, 2023
Paid Audio Streaming Subscriptions and Brand Usage
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- Just over one-third of Canadians have an audio streaming service subscription
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- Figure 29: Paid audio streaming subscription, 2023
- Younger consumers are more likely to subscribe to paid audio streaming services
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- Figure 30: Paid audio streaming subscription, by age, 2023
- Income and age certainly intersect for paid audio streaming subscriptions
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- Figure 31: Paid audio streaming subscription, by age and income, 2023
- Streaming audio subscriptions are significantly higher among Black Canadians
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- Figure 32: Paid audio streaming subscription, Black consumers by age, 2023
- Spotify Premium is the top paid audio streaming brand in Canada
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- Figure 33: Paid audio streaming brands used during the past three months, 2023
- Although all consumers prefer Spotify, it is particularly popular among younger demographics
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- Figure 34: Paid audio streaming brands used during the past three months, 2023
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- Figure 35: Spotify Blend TikTok Post, February 2023
- Audio streaming subscribers are highly likely to be sole subscribers
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- Figure 36: Only subscribe to one audio streaming service at a time, 2023
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- Figure 37: Audible Facebook promotion, September 2023
Paid Social Streaming Subscriptions and Brand Usage
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- The vast majority of Canadians do not subscribe to social streaming services
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- Figure 38: Social streaming subscription, 2023
- Brands are most likely to reach younger men when advertising with content creators
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- Figure 39: Social streaming subscription, by age and gender, 2023
- Reach out to diverse audiences through creators
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- Figure 40: Social streaming subscription, by race, 2023
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- Figure 41:
- YouTube pulls ahead for both streaming and content creator subscriptions
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- Figure 42: Social streaming brands and creator subscriptions, 2023
- Consumers are interested in following their content creators across platforms
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- Figure 43: Social streaming brands and creator subscription activities, 2023
Subscription Habits and Spend
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- Consumers typically aren’t looking to spend more than $40 on streaming services
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- Figure 44: Monthly streaming subscription spend, 2023
- Consumers aged 35-54 spend the most on subscription services
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- Figure 45: Monthly streaming subscription spend, by age, 2023
- Parents are significantly higher spenders than non-parents
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- Figure 46: Monthly streaming subscription spend, by age, 2023
- A free trial remains the best way to attract non-subscribers
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- Figure 47: Streaming motivations, 2023
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- Figure 48: Free trial behaviours, 2023
- Streaming bundles are a good way for brands to increase spend and retention
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- Figure 49: Streaming attitudes and habits (% agree), 2023
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- Figure 50: Gave a streaming service log in to a friend, by age, 2023
Churn and Retention
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- Aside from free trial churn, financials are impacting retention
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- Figure 51: Streaming account cancellation behaviours, 2023
- Younger consumers more likely to have cancelled
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- Figure 52: Participation in streaming service churn behaviours in the past year, by age, 2023
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- Figure 53: Participation in streaming service churn behaviours in the past year, by race, 2023
- For potential cancellers, price is also top-of-mind
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- Figure 54: Potential reasons for cancelling, 2023
- Content is king for streaming brands and influencers hoping to hold onto subscribers
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- Figure 55: Attitudes towards video and social streaming (% agree), 2023
- Platforms can use recommended content algorithms to keep consumers interested
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- Figure 56: “I use randomized content functions on my streaming services when I don't know what to listen to or watch” (% agree), by age, 2023
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Consumer qualitative research
- Mintel Trend Drivers
- Abbreviations and terms
- Abbreviations
- Terms
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