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Where the money went

Subscription revenue for the major streamers · 2012–2025 · Sources: SEC filings (10-K and 8-K segment disclosures)
All streamers Netflix only
Services appear as they launch, so the stack grows partly because coverage does.
2025 streaming
$94.66B
Subscription revenue, tracked services
2012 streaming
$2.47B
Netflix only; the others did not exist
vs global box office
2.82x
2025 box office $33.55B
Streaming Revenue Global, nominal dollars
Netflix Disney+ / Hulu HBO / Warner Paramount+ Peacock
2012 Netflix $2.47B Total$2.47B 0.07× global box office ($34.70B) $2.47B 2012
2013 Netflix $3.46B Total$3.46B 0.1× global box office ($35.90B) $3.46B 2013
2014 Netflix $4.74B Total$4.74B 0.13× global box office ($36.40B) $4.74B 2014
2015 Netflix $6.13B Total$6.13B 0.16× global box office ($38.40B) $6.13B 2015
2016 Netflix $8.29B Total$8.29B 0.21× global box office ($38.60B) $8.29B 2016
2017 Netflix $11.24B Total$11.24B 0.27× global box office ($40.90B) $11.24B 2017
2018 Netflix $15.43B Total$15.43B 0.37× global box office ($41.80B) $15.43B 2018
2019 HBO / Warner $5.81B Netflix $19.86B Total$25.67B 0.61× global box office ($42.30B) $25.67B 2019
2020 HBO / Warner $6.09B Disney+ / Hulu $10.55B Netflix $24.76B Total$41.40B 3.51× global box office ($11.80B) $41.40B 2020
2021 Peacock $0.78B Paramount+ $4.19B HBO / Warner $7.72B Disney+ / Hulu $16.32B Netflix $29.52B Total$58.53B 2.75× global box office ($21.30B) $58.53B 2021
2022 Peacock $2.10B Paramount+ $4.90B HBO / Warner $7.27B Disney+ / Hulu $19.28B Netflix $31.47B Total$65.02B 2.51× global box office ($25.90B) $65.02B 2022
2023 Peacock $3.40B Paramount+ $6.74B HBO / Warner $10.15B Disney+ / Hulu $20.61B Netflix $33.64B Total$74.54B 2.2× global box office ($33.90B) $74.54B 2023
2024 Peacock $4.90B Paramount+ $7.63B HBO / Warner $10.31B Disney+ / Hulu $23.30B Netflix $39.00B Total$85.15B 2.84× global box office ($30.00B) $85.15B 2024
2025 Peacock $5.40B Paramount+ $8.58B HBO / Warner $10.88B Disney+ / Hulu $24.61B Netflix $45.18B Total$94.66B 2.82× global box office ($33.55B) $94.66B 2025
How to read this
  • Only a fraction of this is film revenue. These are subscription bundles covering series, films, sports and library TV. No streamer reports revenue by content type, and series dominate viewing. Read this as the size of the subscription-video market, not as money earned by movies.
  • Much of the growth is a transfer, not new money. Households swapped cable bills for streaming bills and studios moved output from linear TV to their own platforms. So streaming rising while theatrical falls overstates how much moved from cinemas specifically.
  • Early years are Netflix alone. Disney+, HBO Max, Peacock and Paramount+ did not exist before 2019–2021, so part of the rise is simply more companies entering the chart. Use the Netflix only view for a like-for-like comparison.
  • Predominantly-TV services are excluded: CBS All Access before the Paramount+ launch in March 2021, and standalone discovery+ in 2021. discovery+ inside Warner's combined segment from 2022 cannot be separated out, so some TV revenue remains.
  • Disney is restated to calendar years where its quarterly filings allow (2022–2024). Its fiscal year ends in September, so the as-reported figure would be offset by a quarter against everyone else and against the box office series.
  • These are global figures and a floor. Amazon Prime Video and Apple TV+ disclose no streaming revenue, so they are missing entirely. Compare against global box office, not domestic.