Premium SVOD churn stabilized as growth decelerated in 2025

Premium SVOD subscription growth slowed to single digits in 2025, marking a shift from years of double-digit expansion, according to Antenna’s latest “State of Subscriptions” report released Tuesday.

Antenna estimated total subscribers grew 7% in 2025, down from 12% in 2024. Gross additions also increased 7% in 2025, representing a 4-point year-over-year decline compared with fiscal 2024.

The report characterized 2025 as a period of maturation rather than decline for the premium subscription video-on-demand category. The weighted average churn rate stabilized at 4.6%, reflecting reduced volatility across the sector.

Between September 2024 and August 2025, the category recorded flat or lower churn in seven of 11 months compared with the same month a year earlier. That trend occurred in only two of the prior 21 months. Seven of nine services also showed more stable churn patterns in 2025 versus 2023.

Subscriber gains increasingly concentrated around major programming events and promotional periods. In the fourth quarter of 2025, premium SVOD services accounted for 31% of annual gross additions and 57% of net additions, driven in part by Black Friday promotions and high-profile shows.