The average household is still paying $69 a month for streaming, the exact same amount as a year ago.
But people are more willing than ever to sit through ads, and a group called "fans" is quietly driving the entire industry forward.
Streaming services have a problem. They cannot just raise prices and expect everyone to pay. The data makes that clear, with 61% of subscribers saying they would drop their top service if the monthly bill went up by just $5.
That leaves companies stuck. They need more revenue, but their customers are telling them the wallet has limits. So they turn to advertising.
The shift has been fast. The cheap-with-ads tier is no longer a niche option; it is becoming the default for most people.
Fans are not all alike, and that is where the real opportunity sits. Around 80% of consumers call themselves fans of at least one category, whether that is music, sports, TV shows, movies, or video games. These are not passive watchers; they are people who plan their time and money around what they love.
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Fans devote about 16% more time to entertainment, roughly one hour and 51 minutes, compared to everyone else.
Almost half of fans, 49% to be exact, say their engagement with what they love lasts for years, not just for a season. As Deloitte's Doug Van Dyke put it, "fandom does not fade with age." The time and money people give to their favorite teams and artists stays steady, and companies that can tap into that passion year-round have a real edge.
Younger fans especially are spreading their attention everywhere. Over 70% of Gen Z and millennial fans follow their interests across multiple platforms, and more than half of all fans say their fandom pushes them to use more than one service. They are not loyal to a single app; they are loyal to the content.
That makes discovery a key battleground. More than half of fans find new things to watch through social media, and the number jumps to 73% for Gen Z. But here is the catch: 44% of fans discover content on social platforms and then leave to watch it somewhere else. The discovery and the viewing are happening in two different places.
There are also signs that fans want the experience to get smoother. About 40% of Gen Z and millennial fans want to bring all their fandom content into one place, and 22% want better AI recommendations. About four in ten fans would welcome AI-created content if it's clearly labeled, a notable share given the industry's caution.
The bottom line: The media business is no longer just about adding subscribers. It is about holding onto the people who care the most, even if that means making peace with ads and AI.
The old playbook is fading, where streaming services just kept growing and raising prices. Now revenue comes from a mix of subscriptions, ads, and keeping the biggest fans happy.
For investors, that suggests a couple of things. Companies that make ads feel useful instead of annoying could have an edge, since 49% of fans say personalized ads are more effective. And the ones that keep fans engaged across multiple platforms without making them hunt for content might have pricing power later.
It is the calm before a new phase, one where the winners are the services that understand their most passionate customers better than anyone else.
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