Video streaming is growing immensely popular globally. According to Statista, only subscription-based video streaming (SVoD) will hit a market size of US$ 95.35 billion in 2023. The market size of all forms of video streaming services taken together is way beyond the 100 billion mark. The growth shown by VoD services like Netflix and Amazon Prime Videos has dazzled the business world in recent years. In the coming years, exclusive and premium video streaming services like Apple TV+ will also grow bigger, along with their conventional counterparts.
As an end user in 2023, you might be confused about which streaming service to subscribe to. Each of these streaming video services offers unique features with different types of signature content. But, no worries, this blog is written to make the task easier for you!
In this blog, we will tell you about the top 10 video streaming services to choose from, their pros and cons, pricing, and future market projections. So, let’s begin!
What Is A Video Streaming Service?
If you are already aware, please skip this part.
But for those who are still not aware of video streaming services, let me tell you that you are missing out on some amazing entertainment.
A video streaming service lets you access millions of video content online, on-demand, whenever and wherever you want. You can access these platforms through your smartphones, PCs, tablets, and smart TVs too!
Usually, video content creators create video content and upload it on these platforms. You can access this content from the platform, and for that, you might or might not have to pay the subscription fees.
Multiple categories of content are usually available on these streaming platforms. You can watch movies, TV shows, web series, original content, music videos, sports and news broadcasts, like shows, and more!
Why Video Streaming Service? – Market Size and Future Scope
Now you might be wondering why you should subscribe to a video streaming service. And will it even grow in the future?
Well, in 2017, around 0.61 billion users across the world used one of these streaming services. But, in 2023, around 1.30 billion users are streaming content through one of these services. This number is expected to grow to 1.64 billion by 2027, achieving a penetration rate of 20.6%. Hence, you can see that video streaming platforms will gain more than one billion new users in just 10 years!
Not only users but the overall market size of video streaming services is growing too! In 2017, it was around US$ 27.68 billion. By 2027, the market size is expected to reach around US$ 137 billion.
Hence, one thing is certainly clear, people like it, and it will grow even further in the future.
And there are several reasons for using a video streaming service, like:
- You can access your favorite shows whenever you want. Hence, watching TV shows is not limited to a fixed broadcast schedule anymore.
- You can watch videos on the go while traveling from one place to another, or while on vacation to remote islands. All you need is a stable internet connection on your smartphone.
- You can rewatch your favorite episodes as many times as you want.
- The overall subscription cost of most of these video streaming services is cheaper than the total yearly cost of linear pay TVs.
Most importantly, you get a variety of options to choose from, depending on your choice.
Types of Video Streaming Services
There are many different types of video streaming services, but the most prominent ones are listed below.
Video On Demand Service
Video-on-Demand means you can access the videos whenever you want. To make that happen, these video-on-demand services pre-record the videos and then upload them on the platform. Hence, you can access these videos whenever you visit their platform. Also, known as VoD services, this is the most widely-used form of streaming services.
Live Streaming Service
Live streaming is a form of streaming where the content is broadcasted as soon as it is created. It is not pre-recorded. Live streaming is growing popular day by day, mainly because anyone can connect with their fans and audience using live broadcasting.
This form of streaming service is heavily used in the online gaming industry, education industry, music industry, and even for marketing products, along with conventional uses like sports and news live streaming.
Free Live and Video Streaming
Free live and video streaming software delivers content for free. This type of streaming service usually uses advertisements to generate revenues. In the past few years, advertisement revenues have contributed a major chunk of global video streaming revenue.
Sports and E-Sports Streaming
Sports and e-sports are amongst the most widely streamed live events globally. Such streamings involve large-scale infrastructure, as the video feed is captured through high-resolution cameras from the ground, and then telecasted live over the streaming platforms.
Top 10 Video Streaming Services in 2023: Features, Pros, Cons, Pricing
As per the number of subscribers in 2022, the following are the most popular video streaming services:
Subscribers (in millions)
Amazon Prime Videos
However, popularity cannot be the only parameter when deciding which platform to subscribe to. A lot of other factors, like the quality of present content and upcoming content, global availability, flexibility in pricing plans, etc. also matter a lot.
That is why, after considering all those parameters, we have hand-picked the top 10 video streaming services to subscribe to in 2023.
Netflix was one of the first video streaming and distributed services that started operating back in 2007. Since then, this pioneer has never looked back. With over 220 million subscribers across 190 countries, it is currently the most subscribed video streaming service.
Original content is one of the biggest USPs and strengths of Netflix. In 2022, original content accounted for 50% of Netflix’s content library in the US.
- Supported on all types of devices including smartphones, smart TVs, and PCs.
- You can skip the intro of videos to enter the main section.
- Netflix has also started supporting offline playback.
- Some of the contents in the library are available only in specific countries.
- Netflix delays the addition of new episodes of most of its shows.
Netflix currently offers the following three pricing plans in the US:
- Their Standard with Ads plan starts at US$ 6.99 per month.
- Their Standard plan starts at US$ 15.49 per month.
- They also offer a Premium plan at US$ 19.99 per month.
Hulu is an American video streaming service that was launched in October 2007. In 2019, the then-owners of Hulu made an agreement with Disney, by virtue of which, Walt Disney is now the majority stakeholder for Hulu, while Chromecast holds the minority shares. By next year, Disney is expected to acquire Hulu completely.
Alongside their normal video streaming service, Hulu has also introduced a special Hulu+Live TV package for the cord cutters. It gives you access to multiple TV channels, along with a subscription to Disney+ and ESPN+.
- Hulu is very quick in updating new episodes for all its content.
- The quality of original content available on Hulu is really great.
- Hulu gives you the opportunity to subscribe to bundles under which you get access to multiple platforms under the same subscription.
- There are frequent ads if you do not pay extra to stream ad-free.
- Only iOS and iPad users can download its content for offline viewing.
- Their ad-supported plan will cost you US$ 7.99 per month.
- For the ad-free plan, you need to pay US$ 14.99 per month.
- Hulu+Live TV will cost you US$ 69.99 per month.
3. Apple TV+
Apple TV+ was launched by Apple as its standalone streaming platform. It can be accessed by all Apple devices, along with some other smartphones and smart TVs. It is known for delivering excellent premium-quality content which is not available on any other platform.
Nowadays, Apple TV+ allows a free trial for 7 days. It means you can access all its content for free for the first 7 days, but you will have to pay the subscription amount after that. Also, if you purchase any new Apple device, you will automatically get Apple TV+ built-in that device with free access for three months.
- Exclusive premium quality shows.
- They offer VOD content on rent.
- Amazing UI and UX with a user-friendly and beautiful home screen.
- Not compatible with many devices.
- Navigating it may be a bit confusing.
- You cannot create multiple profiles.
A subscription to Apple TV+ will cost you US$ 6.99 per month.
4. Amazon Prime Videos
Amazon Prime Videos is Amazon’s video streaming platform that can be accessed either as a standalone service or as a part of the Amazon Prime subscription package. You get a lot of benefits when you pay for an Amazon Prime membership. One of these benefits is your access to all the content available on Amazon Prime Video.
But, if you are looking for streaming services, it offers you new and exclusive content, including some movies that are released only on that platform (and not in the theaters).
- Access to Amazon Original Series, and the movies that are released directly over Prime Videos.
- Access to Thursday Night Football.
- Other benefits like free same-day delivery, unlimited access to Amazon Prime Music, etc. if you are subscribing through Amazon Prime membership.
- A bit expensive, when compared to other streaming platforms.
- Though there is a lot of original content, the quality of the content might look faded, when compared to other streaming platforms.
If you are subscribing only to Amazon Prime Videos, you will have to pay US$ 8.99 per month.
However, if you are planning to buy an Amazon Prime membership, you will have to pay either US$ 14.99 per month or US$ 139 per year.
5. Disney Plus (and Hotstar)
Disney Plus is a premium streaming service operated by the Walt Disney Company. It offers access to the entire Disney content library, including everything that Disney has produced to date. Hence, it is undoubtedly heaven for Disney fans.
After Disney acquired Star, Hotstar got integrated with Disney Plus to become Disney Plus Hotstar. It currently operates in Eastern countries, especially in the Indian subcontinent.
- Disney Plus gives access to every single Disney content present on earth.
- In some parts of the world, its original content library is extremely good.
- Issues in content licensing with other content creators have led to several decreases in the content library.
- For the Basic plan of Disney+ that contains ads, you need to pay US$ 7.99 per month.
- For the premium ad-free plan, you need to pay US$ 10.99 per month.
6. HBO Max
HBO Max was launched in 2020 and was renamed Max in May 2023. So, in that sense, it is an extremely new service. But, In a very short time, the streaming services have succeeded in making their name amongst the best.
Along with the wide variety of VoD content from the Warner Bros library, HBO Max also gives you access to multiple TV channels like Discovery Channel, HBO, CNN, Cartoon Network, Adult Swim, Animal Planet, Eurosport, etc.
- Vast and amazing content library powered by HBO Originals and Warner Bros content.
- They also give access to the best TV shows from the past decade.
- HBO Max lets you stream your content on three different devices.
- It allows offline viewing.
- It is available in only a few countries.
- It does not offer good live sports streaming.
- For ad-free 4K streaming, you will have to pay US$ 20 per month.
- For ad-free HD streaming, they will charge you US$ 16 per month.
- If you want lower pricing, you can get an ad-supported streaming plan at US$ 10 per month.
7. Paramount Plus
The perfect mix of amazing original content, CBS reruns, and sports content makes this young video streaming service a much-needed one. And nowadays, they have started investing in even more diverse content.
Because of the availability of content that the entire family can watch together, this service is growing in popularity amongst family-oriented viewers. Three-screen access lets you share your access with your other family members. Also, you can enable parental controls.
- You can access local CBS content.
- This platform has a solid movie catalog, lots of Star Trek content, and live sports content.
- Their service is comparatively more affordable than Netflix, Hulu, and other top five services.
- They need to improve their original content.
- They have recently hiked their prices.
- Their essential plan will cost you US$ 5.99 per month or US$ 59.99 per year.
- For their showtime plan, you need to pay US$ 11.99 per month.
8. Discovery Plus
Discovery Plus gives you access to all episodes of all shows across its network. Hence, it offers very good family-friendly content that can be streamed across 4 profiles simultaneously.
Along with TV shows, it also offers good original content. Their content can be downloaded for offline viewing too.
- You get access to amazing content at a very affordable price.
- Their mobile and TV apps offer user-friendly interfaces.
- It streams 4K content too!
- Some of the popular content is available through channels that stream continuously. Hence, they are not available on demand.
- Much of their content is now being shifted to Max (HBO Max).
- For their ad-based plan, you will need to pay US$ 4.99 per month.
- Their ad-free plan starts at US$ 6.99 per month.
Peacock gives access to all the NBC shows, including The Office. Also, you can stream premium quality live sports content like the Olympics and more! Also, it has now started streaming newly released movies from Universal Pictures.
- The app is available for multiple OS ecosystems like Android, iOS, Apple TV, Roku devices, Playstation, and Xbox devices.
- You can access well-known original content like Girls5Eva.
- It is a bit difficult to navigate through the channel lists.
- They do not offer any free content anymore.
You will have to pay US$ 5.99 per month or US$ 59.99 per year.
10. YouTube TV
YouTube TV lets you access multiple live TV channels online, whenever and wherever you want. It is probably the best choice for cord-cutters as it gives access to premium TV channels like ABC, NBC, Fox, ESPN, NFL, and more!
- You won’t have to worry about any hidden fees.
- Get access to a wide variety of channels like local stations, sports, kids, entertainment, news, and more!
- The family members can get six user accounts with three simultaneous streams.
- It is quite costly.
- You need to pay extra to access 4K content.
You will have to pay US$ 73 per month.
Comparing the Top 10 Video Streaming Services
We have compared the top 10 video streaming services in the table given below.
How To Build Your Own Video Streaming Platform [Without Coding]
As the popularity of streaming platforms keeps growing rapidly, new streaming platforms are being launched frequently. If you want to develop your own video streaming platform, then this is definitely the right time.
But for that, you will have to know about the most important features to build, ways to develop your platform, and how you can build one such platform very easily.
Top Features of Best Video Streaming Platforms
There are hundreds of features that can be built, but the best video streaming services often have the features discussed below.
This is probably the most important but most difficult feature. The increasing demand for different types of streaming devices like Smart TVs, gaming consoles, and wearables has made it extremely necessary to develop streaming platforms for multiple devices.
But for a developer, it is not at all easy, as these devices run on different operating systems, and have different sets of rules.
Multiple User Profiles
Your end users should be able to develop multiple user profiles. It will help them share their account with family and friends.
Offline viewing helps your users to download the episodes when they are online so that they can access the videos offline, without having to connect to the internet.
HD and 4K Video with Dolby Surround Sound
Nowadays, clarity of video and audio content is really important. So, your video streaming platforms must be able to stream 4K and HD videos. Also, Dolby Atmos helps elevate the sound quality.
Multiple Pricing Plans
You must offer multiple pricing plans to your customers so that they can choose their plan based on their affordability and needs. Also, you can mix multiple monetization models like subscription-based streaming (SVOD), ad-based streaming, and pay-per-view bundles.
Ways to Develop Your Own Streaming Platform
You can develop your own video streaming platform by following one of the three methods:
- If you are an expert developer or have a pre-built team of developers, you can develop your streaming platform from scratch. This will involve extensive coding, a lot of time, and expenditure.
- If you are not confident about coding the entire app from scratch, you can contact a development firm. These development firms will develop the platform for you. But, they will have access to your base code, as they have developed it! Also, you might have to go back to them multiple times for further customizations.
- Finally, you can use a no-code solution like Muvi One. This is probably the easiest and most efficient way of developing your video streaming platform, as you get the entire infrastructure including CDN, Video Player, and DRM out of the box. Also, you do not need to write a single line of code.
How to Build Your Streaming Platform with Muvi One [No Coding Involved]
To develop your streaming platform using Muvi One, you need to follow the steps given below:
- Step 1 – Begin by signing up with Muvi One.
- Step 2- After completing the signup, login to your CMS dashboard.
- Step 3 – Choose the design template for your platform from the templates marketplace. After selecting the template, click on the “Customize” button below it to customize and add your brand identities.
- Step 4 – To upload your content, go to the content library and click on the Add button. Then fill up the Add Content form to upload your content.
- Step 5 – If you want to develop apps for multiple operating systems, go to the Apps section and choose the app you want to build. You will get many options like Android, ioS, Android TV, Roku Channels, Apple TV, Fire TV, and more!
- Step 6 – Choose the app design template and customize the look and feel of your app.
- Step 7 – Next, set up monetization models and create pricing plans. Also, set up the payment gateways.
- Step 8 – Enable in-app purchases and payments.
Now, your video streaming platform is ready to be launched! Also, you can enable DRM, chat, and other features as per your needs.
To Sum Up
Video streaming platforms have changed the way people consume videos. With the growing trend of cord-cutting, they are slowly taking the place of traditional cable TVs. Nowadays, there are many quality video streaming platforms, but Netflix, Hulu, Apple TV+, Amazon Prime Videos, Disney Plus, and HBO Max are amongst the best video streaming services in 2023.
If you are thinking of developing your own video streaming platform then this is the best time. Using Muvi One, launch your own video streaming service without writing a single line of code, and enjoy 100+ industry-leading features. Sign up to start your 14-day free trial today!
What are video streaming services?
Video streaming services let you stream video and audio content online, over any device including smartphones, smart TVs, PCs, tablets, etc.
How do video streaming services work?
The content creators upload the videos over the video streaming platforms, that the viewers can access at any time. The viewers need to pay either a subscription fee or a specific fee for that particular video (PPV). There are also free video streaming services that earn revenue through advertisements.
What are the top video streaming services to subscribe to in 2023?
The top 10 video streaming services to subscribe to in 2023 are:
- Apple TV+
- Amazon Prime Videos
- HBO Max
- Paramount Plus
- Discovery Plus
- YouTube TV
Are there different subscription plans available?
Many video streaming services offer multiple subscription plans. Also, some of them offer hybrid plans, which are less costlier as they include some ad-based streaming content.
Can I access regional or international content?
Many video streaming services let you stream content from across the globe. However, some platforms restrict the content based on geographical locations.
Can I download content for offline viewing?
Yes, many video streaming platforms let you download the content for offline viewing.