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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
Like-for-like: the one service present in every year.
2025 streaming
$45.18B
Netflix subscription revenue
2012 streaming
$2.47B
First clean streaming-only year
vs global box office
1.35x
2025 box office $33.55B
Streaming Revenue Global, nominal dollars
Netflix
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 Netflix $19.86B Total$19.86B 0.47× global box office ($42.30B) $19.86B 2019
2020 Netflix $24.76B Total$24.76B 2.1× global box office ($11.80B) $24.76B 2020
2021 Netflix $29.52B Total$29.52B 1.39× global box office ($21.30B) $29.52B 2021
2022 Netflix $31.47B Total$31.47B 1.22× global box office ($25.90B) $31.47B 2022
2023 Netflix $33.64B Total$33.64B 0.99× global box office ($33.90B) $33.64B 2023
2024 Netflix $39.00B Total$39.00B 1.3× global box office ($30.00B) $39.00B 2024
2025 Netflix $45.18B Total$45.18B 1.35× global box office ($33.55B) $45.18B 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.