In place of our usual quarterly State of Subscriptions report, we’re ending the year with a look back at some of the top data-driven insights in the video streaming industry from 2024 and will be highlighting these here on the Antenna Insights Blog through December 20.
Resubscription behavior is increasing in streaming video, creating an imperative to analyze churn and customer loyalty through a more nuanced and sophisticated lens.
Antenna defines "Resubscribers" as users who rejoined the same service they had previously canceled within the prior 12 months. But Churn Rate calculations do not typically take resubscriptions into account; Antenna calculates average monthly churn as the number of cancellations in a month divided by the total number of subscriptions in the previous month.
An alternative metric, Net Churn, factors in Resubscribers, providing a more holistic view of subscriber retention. For Net Churn, Antenna uses the number of cancellations in a month, minus the number of resubscriptions in that same month. The difference is then divided by the previous month’s total subscribers to calculate the Net Churn.
Premium SVOD Weighted Average Gross Churn Rate was 5.3% in September 2024, compared to a Net Churn Rate of 3.1%. Premium SVOD Weighted Average Net Churn was below 3% in 23 of the 33 months between January 2022 and September 2024.
In looking at the impact to individual services, as of September 2024 Netflix has the lowest Churn Rates with 1.8% Gross Churn and 1.0% Net Churn, according to Antenna estimates. Peacock saw the biggest disparity between Gross and Net Churn Rate in September 2024 with 7.4% for Gross Churn, compared to 4.0% Net Churn.
For more detailed information on Antenna’s methodology and definitions of core metrics, please visit http://www.antenna.live/methodology.
Brendan Brady is a Content Strategy Associate at Antenna, a measurement and analytics company providing insight into purchase behavior and subscription metrics across the new media landscape.
