Five streaming services currently account for 89 per cent of subscription revenues in Europe, according to Kagan.
The research found that Netflix, Amazon Prime Video, Sky, HBO and Viaplay are behind 89 per cent of the $6 billion attributed to SVoD consumer spending in 2018.
In terms of active paid subscriptions, Kagan revealed that Netflix is responsible for 52 per cent of total revenue, followed by Amazon Prime Video (21 per cent), Sky (four per cent), HBO (three per cent) and Viaplay (three per cent).
Kagan analyst Michail Chandakas said: “Over the past few years, online video services in Europe have experienced rapid growth, particularly those that follow the subscription revenue model. Global players such as Netflix Inc., Amazon.com Inc. and HBO went direct-to-consumer, disrupting the previous long-term relationship between subscribers and multichannel operators.
“Soon after Netflix began showing signs of success in North America and Western Europe, pan-European satellite operator Sky ICT PCL launched its own stand-alone online video service in the United Kingdom, combining on-demand content with live streaming TV networks in 2012. Others followed, such as CANAL+ Group with Canalplay in France and Telecom Italia SpA with TIMVision in Italy.”