Sweden: streaming services soar despite economic concerns
Mediavision analyzed how the TV and streaming market in Sweden was affected by growing household concerns about the economy in the second quarter of 2022. The analysis shows that households in Sweden continue to pay for their streaming subscriptions and that the market is progressing in line with the trend. The result is a record quarter for the paid streaming market.
Household penetration for paid streaming services, such as Viaplay, Cmore and Netflix, stood at 61% in the second quarter of 2022. This is a significant increase of 5% compared to the same period of 2021 and a consistently stable growth rate. Growth is also observed in terms of the number of subscriptions per household (also called stacking). Today, a subscriber household pays an average of 2.2 services. This means that 600,000 new streaming subscriptions have been added since the same period last year, which is a new record. The Swedish paid streaming market is now approaching 6 million streaming subscriptions.
Mediavision also compared how Swedish households have acted during previous periods of economic turbulence. During the 2008-2009 financial crisis, households mainly paid for traditional pay-TV, as the streaming market was still in its infancy. Even during this period, there was a growing interest in pay television. The number of paying households increased, as did average household spending, but not by much.
“Contrary to what many dark titles have warned of late, Mediavision analysis shows that households place a high value on their streaming subscriptions. They don’t seem ready to cut back on that spending just yet,” commented Marie Nilsson, CEO of Mediavision, “Nor do we see any signs of this when considering future household buying plans and possibly deteriorating finances. On the contrary, our figures show that households are considering ‘acquire even more streaming services. Growth should be driven primarily by existing streaming households acquiring more services. The situation could of course get worse, but right now it’s not primarily streaming services who are threatened by the deterioration of household finances”.