Streaming's new milestone
Why it matters: Cable and broadcast saw their lowest-ever share of the television audience, although they still collectively make up the vast majority of TV viewing in the U.S., for now.
Details: Time spent streaming jumped 23.5% in the past year, a sign that consumers are still migrating to digital TV in droves even after the pandemic-driven lockdowns have subsided.
Yes, but: Not all platforms are winners in the streaming war. Only Netflix, Amazon Prime Video, Disney+ and YouTube increased their share of viewing time last month.
- Netflix remains the top streaming platform, accounting for 7.7% of total TV consumption last month, likely due in part to the release of its latest season of "Stranger Things" in May.
The big picture: Facing saturation in the U.S., Netflix and other streamers are hoping that the growth of streaming over traditional television overall will continue to mean momentum for their businesses, even as competition increases.
- But it's unclear whether streaming will grow fast enough to broaden the pie for everyone in time to meet Wall Street's expectations.
- Netflix said it won't increase the amount it spends on content for the next few years. Disney said it would spend $1 billion less than originally projected this year.