Subscribers worldwide spent nearly half a trillion dollars on digital media subscriptions in 2023
Led by Americans, the amount spent worldwide on digital media subscriptions hit an all-time high in 2023. According to data presented by Stocklytics, subscribers worldwide spent almost half a trillion dollars on digital media subscriptions and downloads last year, or 13% more than they did in 2022.
Jastra Kranjec for Stocklytics:
Video-on-Demand Subscriptions Saw the Biggest Spending Increase of Almost 20%
The subscription businesses have grown tremendously in the past years, enduring beyond the pandemic surge. In 2023, they remained the priority for publishers, bringing much more profit than any other revenue stream.
According to the Digital 2024 Global Overview Report, last year, people worldwide spent a whopping $498 billion on digital media subscriptions and downloads, or $59 billion more than the year before. Roughly half of that value came from video games, the market`s largest and highest-grossing segment. Statistics show consumers spent almost $250 billion on video game subscriptions and downloads, 12% more than in 2022, translating into an average spending of $205 per user.
Although far below the video games in total subscription spending, video-on-demand saw even bigger growth. Last year, an average internet user spent $56.5 on video-on-demand subscriptions, helping the full-year spending to jump to nearly $160 billion. Moreover, this represents a massive 20% increase year-over-year, the biggest among all digital media categories. The survey also showed ePublishing subscriptions jumped by 5.3% year-over-year and hit $57.8 billion, with each user spending an average of $37.6 in 2023. Digital music subscriptions follow with an 11.7% increase and $36.3 billion in total spending.
Americans Top in Digital Subscriptions Spending with $851 Per User
Although consumers worldwide have switched to digital subscriptions over the past years, there are still considerable differences between the countries. Statistics show Americans are by far the biggest spenders in this category. Last year, the average American online user spent over $850 on digital media subscriptions and downloads, twice as much as Britons or Germans and almost five times more than the global average.
Japanese follow Americans with only $150 less in total subscription spending or roughly $700 per internet user. With an average spending of $563 per user, South Korea ranked third, outpacing Western countries like Germany, the United Kingdom, and France.
The United Kingdom, Switzerland, and Austria round the top five countries with an average spending per user of $447, $442, and $403, respectively. The survey also revealed that 21 countries had higher spending per user than the global average, which amounted to $176.4 in 2023.
MacDailyNews Take: Of course, Apple participates in every one of the major digital media categories with Apple Arcade, Apple TV+, Apple Books, and Apple Music.
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]
The post Subscribers worldwide spent nearly half a trillion dollars on digital media subscriptions in 2023 appeared first on MacDailyNews.
