Despite worries that cash strapped consumers are looking to cut their hefty spending on streaming services, the Digital Entertainment Group reported strong growth in revenue for subscription streaming services in the first half of 2024, with subscription spending on streaming spiking by 27.1% to almost $22.9 billion, up from $18 billion in the first half of 2023.
Overall, the Hollywood studios-backed DEG reported that consumers spent almost $25.4 billion on movies and television shows consumed at home and on the go in the first six months of 2024. For the full first half, spending rose more than 22% from the almost $20.8 billion consumers spent in the first six months of 2023. Q2 year-over-year growth was 21.2%, for a total of almost $12.8 billon in the quarter.
