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Our latest Entertainment on Demand data shows that after two consecutive quarters of contraction, the US video streaming market saw a rebound in Q4 2025, with household penetration rising again. Both ad free and ad supported services gained subscribers, but the momentum leaned strongly toward ad supported tiers. SVOD (paid, ad free streaming) added 1.2 million subscribers, while AVOD (paid, ad supported) jumped by 3 million and FAST (free, ad supported) grew by 4 million.
This shift helped push SVOD and AVOD household penetration to near parity: as of Q4 2025, SVOD reaches 69% of US households and AVOD reaches 68%. The gap between the two formats has significantly narrowed compared to Q4 2024, when SVOD held a six-point lead.
Paramount+, Prime Video, and HBO Max captured the largest share of new subscriptions during the quarter, powered by Cyber Monday promotions and strong sports rights—especially NFL and NBA content. Paramount+ also held two of the top three most enjoyed titles of the quarter, with Landman and Tulsa King just behind Netflix’s Stranger Things.
Cyber Monday Promotions Reignite US Streaming Signups
The broader streaming market has been slowing over the past year, with total household penetration in Q4 2025 matching levels from Q4 2024. But Cyber Monday deals provided a needed boost. Penetration rose nearly one percentage point from Q3 to Q4, reversing the declines seen earlier in the year.
Holiday discounts helped drive significant growth in ad supported tiers:
- Apple TV household penetration climbed 5%
- Disney+ AVOD increased 7%
- Peacock AVOD rose 7%
- HBO Max surged 10%
A growing share of new AVOD subscribers were influenced by offers or promotions on their path to purchase—up 50% quarter over quarter. HBO Max saw the most dramatic shift, with offer-driven signups increasing 138% QoQ. These promotions clearly resonated with consumers, as value for money became a key motivator: 43% of HBO Max AVOD newcomers in Q4 said they subscribed primarily for value, more than doubling from Q3.
The quarter’s growth, driven heavily by AVOD, highlights how ad supported models may shape the future of streaming revenue and retention. Understanding who these new subscribers are—and how easily they might churn—will matter more than ever. Many consumers now behave as “boomerangers,” cycling in and out of subscriptions depending on deals and content availability. With fewer major promotions expected in early 2026, maintaining engagement and preventing churn will be essential for sustained growth.
Sports Streaming Peaks With NFL and NBA Momentum
Q4 is always a pivotal period for US sports streaming, and 2025 was no exception. With the NFL and NBA seasons in full swing, sports accounted for 15% of all new paid streaming subscriptions—an important driver of category growth. Compared to last year, sports driven signups are more likely to be AVOD than SVOD, indicating consumers are seeking cost effective ways to access multiple leagues across fragmented platforms.
Even so, fewer streamers reported watching live sports in the past three months than in Q4 2024. Still, more than half of US streamers watched at least one live sporting event in Q4 2025. Year over year growth was strongest in basketball, golf, wrestling, and motor sports such as Formula One, while boxing experienced the steepest decline.
As sports rights continue to spread across more platforms, satisfaction with the variety of leagues available has dipped—dropping 13% QoQ. Viewers are also reporting lower satisfaction with interactive features, onscreen stats, co-watching tools, and split screen functionality. As streaming services balance massive sports investments with user experience development, this tension is becoming more apparent. Strong UX is often what keeps subscribers loyal, especially in sports, which remains one of the strongest churn prevention categories.
Key Q4 2025 Behaviors in the US Video on Demand Market:
- Video streaming household reach grew 1.4 points in Q4 2025, adding 2 million households when excluding vMVPD subscriptions. SVOD, AVOD, and FAST combined now reach 125 million US households—96% of the total.
- Streaming “stacking” increased quarter over quarter: US households now subscribe to an average of 4.1 paid streaming services, slightly below the Q1 2025 peak of 4.2.
- SVOD growth was driven by Apple TV and ESPN, two services that do not offer ad supported tiers. HBO Max AVOD, Disney+ AVOD, and Prime Video AVOD saw the greatest subscriber growth from Q3 to Q4, with HBO Max leading the category.
- One in five streamers paid to see a movie in theaters in the past three months, contributing to a rise in cancellations of streaming services due to “not enough new film content”—up 8% QoQ.
Dominic Sunnebo, Global Strategic Insights Director, Worldpanel by Numerator
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