Abstract: Today, Netflix’s global dominance of SVOD seems set in concrete, with a successful 2023 crackdown on password sharing driving a return to subscriber growth. Amongst the other global streamers, only Disney+ has achieved a profit (in 2023). 

We think the next step for SVOD is another round of price increases, possibly in 2025 as economic growth picks up. But there is a risk that Australian households won’t play that game. If that is replicated globally, a medium term restructuring of the industry is likely.