The Streaming Wars Enter the Era of Bundles and Aggregation

Jung Han -

스트리밍 시장, 번들과 통합의 시대로

  • 1. "구독 피로감에 지친 소비자들, 통합 플랫폼으로 대이동"
  • 2. "NFL 시즌 끝나면 65%가 떠난다... 콘텐츠 의존형 성장의 딜레마"
  • 3. "넷플릭스 시대는 끝났다? 특화형 서비스의 조용한 반란"
  • "Consumers Weary of Subscription Fatigue Flock to Unified Platforms"
  • "65% Leave After NFL Season Ends... The Dilemma of Content-Dependent Growth"
  • "Is the Netflix Era Over? The Quiet Rebellion of Niche Services"

The Streaming Wars Enter the Era of Bundles and Consolidation

As Growth Slows and Churn Rates Soar, Platforms Unite to Survive

The U.S. streaming market is undergoing a fundamental transformation as it grapples with slowing growth and astronomical churn rates, pushing the industry into what analysts are calling the "age of consolidation." With 59% of young viewers already using aggregator platforms and NFL season subscribers showing a staggering 65% cancellation rate post-season, the streaming landscape is being forced to evolve beyond its fragmented origins.

The Rise of Aggregators: Young Consumers Lead the Charge

According to recent data from Hub Entertainment Research, nearly half (49%) of U.S. streaming subscribers now access at least one service through an aggregator platform. This trend is particularly pronounced among 18-34 year-olds, where 59% prefer managing their subscriptions through unified platforms like Amazon Channels or Apple TV+, compared to just 38% among those aged 55-74.

The appeal is clear: aggregator users typically maintain six or more paid subscriptions, compared to just 26% of non-aggregator users. These platforms offer simplified billing, unified interfaces, and often bundled discounts—addressing the growing "subscription fatigue" plaguing consumers who juggle multiple services.

Specialty Services Buck the Trend

While premium SVOD services like Netflix and Disney+ maintain their dominance with 79% market share, specialty streaming services targeting specific fandoms and niches are showing remarkable resilience. These services grew 12% year-over-year through mid-2025, outpacing the overall SVOD growth rate of 10%.

"The era of one-size-fits-all streaming is ending," notes the Antenna Q3 2025 State of Subscriptions Report. "Superfans are driving a new paradigm where deep, targeted content trumps broad appeal."

This shift reflects a maturing market where consumers increasingly seek content tailored to their specific interests—whether K-dramas, specific sports leagues, or genre-specific programming—rather than general entertainment libraries.

The Churn Crisis: A Industry-Wide Challenge

Perhaps no metric better illustrates the streaming industry's challenges than churn rates. Samsung Ads reports that streaming apps now face a churn ratio of 8.7, meaning for every active user, there are nearly nine who have cancelled. Tier 3 services see even worse numbers at 11.6.

The problem varies significantly by service type:

  • Premium SVOD: 4.1% monthly churn (most stable)
  • Specialty SVOD: 6.6% monthly churn (high volatility)
  • Sports SVOD: 5.1% monthly churn (seasonal spikes up to 12%)
  • vMVPD services: 4.5% monthly churn (moderate stability)

Sports Streaming's Double-Edged Sword

The NFL's migration to streaming platforms exemplifies both the opportunities and pitfalls of event-driven content. While major sports rights drive massive subscriber acquisition during seasons, the aftermath is brutal: 65% of NFL season sign-ups cancel once the season ends, compared to just 34% churn among existing subscribers.

This pattern reveals the limitations of sports-centric growth strategies. These "serial churners" treat streaming services as temporary utilities rather than ongoing subscriptions, creating a costly acquisition-cancellation cycle that undermines profitability.

The Bundle Revolution

Facing these challenges, major players are increasingly turning to bundling strategies reminiscent of cable TV packages. Disney's combination of Disney+, Hulu, and ESPN+, along with the Max-Discovery+ merger, signal a industry-wide pivot toward consolidated offerings.

This isn't entirely new territory. In 2019, then-WarnerMedia CEO John Stankey declared HBO Max would become an integrated platform. Since then, the company has undergone three rebrandings and two corporate restructurings—a testament to the streaming industry's volatility.

Looking Forward: From Growth to Retention

The streaming industry's next phase of competition won't be about who can acquire the most subscribers, but rather who can keep them engaged longest and extract the most value from each relationship. Key strategies emerging include:

  1. Differentiated Original Content: Investment in exclusive IP beyond sports to drive sustained engagement
  2. Loyalty Programs: Long-term subscription incentives and personalized benefits
  3. Cross-Platform Bundles: Partnerships with gaming, music, and digital services to enhance value propositions
  4. Strategic Aggregator Partnerships: Embracing aggregators as ecosystem partners rather than mere distribution channels

The Bottom Line

The U.S. streaming market has evolved from a land grab for subscribers to a sophisticated battle for retention and loyalty. With young consumers leading the shift toward aggregated platforms and churn rates threatening long-term sustainability, the industry must fundamentally rethink its approach.

Success will no longer be measured by subscriber counts alone, but by the ability to create lasting value that keeps viewers engaged month after month. In this new era, cooperation may prove more valuable than competition, and the platforms that recognize this shift earliest will likely emerge as the ultimate winners in the streaming wars' next chapter.

스트리밍 전쟁 2.0: 뭉치면 살고 흩어지면 죽는다

구독 피로감 속 애그리게이터 플랫폼 부상... 젊은 층 59%가 통합 서비스 이용

미국 스트리밍 시장이 성장 둔화와 높은 이탈률이라는 이중고를 맞으며 '통합의 시대'로 접어들고 있다. NFL 등 주요 스포츠 콘텐츠까지 스트리밍으로 옮겨가는 가운데, 디즈니+와 훌루, 맥스와 디스커버리+ 등 대형 플랫폼들이 앞다퉈 번들 전략을 펼치고 있다.

통합 플랫폼은 스트리밍 시대 초기에도 시도됐던 전략이다. 2019년, 당시 워너미디어 CEO였던 존 스탠키(John Stankey)는 HBO Max를 통합 플랫폼으로 만들겠다고 선언한바 있다.  그로부터 불과 몇 년 사이, 해당 미디어 기업은 세 차례의 브랜드명 변경과 두 차례의 기업 구조조정을 거쳤다. 이는 스트리밍 업계의 격변을 단적으로 보여주는 사례다.


특히 18-34세 젊은 층의 59%가 이미 애그리게이터(통합 플랫폼)를 통해 스트리밍 서비스를 이용하고 있으며, 이들은 평균 6개 이상의 구독 서비스를 보유한 것으로 나타났다. 반면 현재 활성 사용자 1명당 8명 이상의 이탈자가 발생하는 높은 이탈률은 여전히 업계의 숙제로 남아있다.

NFL 시즌 신규 가입자의 65%가 시즌 종료 후 이탈하는 등 콘텐츠 의존형 성장의 한계도 뚜렷해지고 있다. 최근 디지데이(Digiday)가 구독 기반 스트리밍 서비스가 직면한 현재 상황을 짐작할 수 있는 6가지 차트를 준비했다. 이 그래프에 설명을 더해 제공한다.

성장세 둔화 속 특화형 서비스 약진

Antenna Q3’25 State of Subscriptions Report: Specialty SVOD

미국 스트리밍 시장은 꾸준한 성장세를 이어가고 있지만, 성장 속도는 점차 둔화되는 모습이다. 안테나(Antenna)의 분석에 따르면 2025년 2분기 현재 전체 SVOD(스트리밍 VOD) 구독자는 약 3억 3,900만 명에 달한다. 이 중 프리미엄 SVOD(넷플릭스, 디즈니 플러스 등)가 약 79%를 차지하며 여전히 주도적 위치를 점하고 있다. 다만, 시장 내 다른 카테고리(특화형, 스포츠, vMVPD)의 비중도 꾸준히 확대되고 있다.