Antenna’s just released State of Subscriptions: Specialty SVOD 2025 provides a sweeping look at how streaming continues to evolve. The report reveals that while total SVOD subscriptions grew to 339M in Q2 2025 (+10% YoY), growth is cooling across categories. Specialty SVOD remains the bright spot at +12% YoY, but that’s nearly half the pace seen in 2024. More surprising, Sports subscriptions actually declined (–1% YoY). At the same time, Antenna highlights a surge in “former subscribers” across categories, suggesting consumers are more willing than ever to try, cancel, and potentially return to services.

Key Highlights:

• SVOD Growth Slows: Total subscriptions reached 339M in Q2 2025, up +10% YoY, down from +12% in 2024. Specialty SVOD grew +12% YoY, compared to +22% a year earlier. Premium SVOD grew +10%.

• Sports Decline: Sports SVOD subscriptions dropped –1% YoY into 2025, reversing modest growth the year before.

• Churn Moderates: Specialty churn fell slightly to 6.6%, while Premium churn held at 4.1%. Sports churn remains volatile, peaking at 12% after NFL season ends.

• Resubscribers Rising: Antenna found that former subscribers are growing faster than current ones in categories like Premium Scripted and British SVOD. Premium Scripted saw current subs grow at a 13% CAGR vs. 28% for former subs; British SVOD showed a similar trend (18% vs. 34% CAGR).

• Demographic Splits:

  • British services (BritBox, Acorn, PBS Masterpiece) skew older (+18pts in 55+) and more affluent (+3pts in $200K+ households).

  • Special Interest: Other (anime, multicultural, faith, lifestyle) skews younger, more diverse (+19pts Black/Hispanic, –17pts White).

INSIDER TAKE

Antenna’s findings suggest the streaming economy is entering a new phase. Growth is still happening, but it is no longer the headline. Instead, behavioral shifts are reshaping the market: consumers are fragmenting across niches, cycling in and out of services, and redefining what “churn” really means.

• Sports’ Surprise Stumble raises questions about the DTC viability of single-sport or league products. Seasonal volatility makes these services fragile unless they can deliver value year-round.

• Resubscribers Are the New Battleground. With “former subscribers” growing faster than current ones, streaming services can no longer treat churn as final. Winning back lapsed users—quickly and efficiently—will become as important as acquisition.

• Niche Still Works. Demographic splits explain why Specialty services continue to launch despite consolidation at the top. There are profitable, underserved audiences who want targeted offerings.

• Churn Moderation Signals Maturity. The easing churn rates in Specialty suggest these services are maturing, but the competitive edge will now come from deepening loyalty, not simply adding subscribers.

For subscription executives, the Antenna report is a reminder: the next wave of success depends on rethinking churn as a resubscription opportunity, segmenting audiences with precision, and designing models that maximize lifetime value in an increasingly fragmented landscape.