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Antenna: New U.S. SVOD Subscribers Fell 33% in 2025
February 24, 2026
The number of new subscription streaming VOD subscribers in the United States dropped 33% to 18 million in the 2025, from 27 million new subscribers in 2024, according to new data from Antenna.
In the fourth quarter (ended Dec. 31, 2025), subscriber growth cooled to 7%, from 12% growth in the final 90 days of 2024.
Netflix led the pack with 25% of the subscriber growth, followed by Hulu (15%), Disney+ (14%), Paramount+ (13%), Peacock (10%), HBO Max (9%), Apple TV (8%) and Starz (4%), with Discovery+ and Fox One trailing behind.
The biggest single-day sign-up of new SVOD subscribers occurred the day after Thanksgiving when 8.9 million people registered on Prime Video to live-stream the NFL Chicago Bears playing the Philadelphia Eagles.
Paramount+ generated more than 1 million sign-ups for its exclusive UFC 324 mixed martial arts fight and NFL AFC Championship weekend.
Antenna estimates that gross SVOD adds are growing 7%, down from 11% growth in 2024. The trend toward more stable churn (subscribers not renewing) recognized near the end of 2024 continued in 2025.
From September 2024 through August 2025, the SVOD category had flat or lower churn compared with the same month in the prior year; that was true for only two of the previous 21 months, according to the report.
The weighted average churn rate held steady at 4.6% in December, compared with 4.8% in December 2024, marking a 0.2% year-over-year drop.
Disney+ and Hulu experienced dramatic spikes in churn to 7.8% and 9.6%,
respectively, in September 2025 during the Jimmy Kimmel controversy, but
normalized by December 2025 to 4.1% and 4.9%.
Almost 80% of SVOD services showed more stable churn patterns in 2025 versus 2023, with standard deviations in churn rate declining across Paramount+, Discovery+, Apple TV and Netflix.
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