Australians spent $4.83 billion on subscription streaming services last year, dwarfing the gaming, news, music, and magazine industries.

PwC’s 2022 Australian Media and Entertainment Outlook said more than 75 per cent of households paid for at least one streaming service in 2021, a figure which is likely to increase to 80 per cent by the end of 2022.

The average spend per household is around $40 per month, with an average of 2.6 television streaming services per house.

By contrast, Australians spent $3.6 billion on video games, $1.2 billion on music, $1.1 billion on news media, and $353 million on magazines.

Subscription TV revenue is expected to hit $6.51 billion by the end of 2026.

Not surprisingly, Netflix was the top streaming service in Australia, reaching over 12.8 million Australians. Foxtel’s portfolio (Kayo, Binge, Flash, Foxtel) grew 23 per cent to reach over 7.1 million, while Disney +, Stan, and Amazon Prime each reach over four million Australians. This is according to Roy Morgan research released in early 2022.

“In 2021, Australians spent more on entertainment, media and internet access services than ever before,” the report reads.

“Supercharged by subscription services and gaming, and boosted by the return of in-person entertainment, by the end of 2022 each household will be spending A$510 more per year than in 2019 before the pandemic hit.

“This was despite being a period when in many parts of the economy it was reported that discretionary consumer spending was being held. It is expected a further A$7.2 billion, in consumer spend will be on the table for entertainment, media and internet access companies to challenge for.”