Although many digital devices, including PCs, tablets, gaming consoles, VR, and TV streaming devices, saw considerable ownership drop last year, the amount of money people spent on digital media subscriptions hit an all-time high.
According to data presented by Stocklytics.com, people worldwide spent almost half a trillion dollars on digital media subscriptions and downloads in 2023, or 13% more than the year before.
The subscription businesses have grown tremendously in the past years, enduring beyond the pandemic surge. In 2023, they remained the priority for publishers, bringing much more profit than any other revenue stream.
According to the Digital 2024 Global Overview Report, last year, people worldwide spent a whopping $498 billion on digital media subscriptions and downloads, or $59 billion more than the year before.
Roughly half of that value came from video games, the market`s largest and highest-grossing segment. Statistics show consumers spent almost $250 billion on video game subscriptions and downloads, 12% more than in 2022, translating into an average spending of $205 per user.
Although far below the video games in total subscription spending, video-on-demand saw even bigger growth. Last year, an average internet user spent $56.5 on video-on-demand subscriptions, helping the full-year spending to jump to nearly $160 billion.
Moreover, this represents a massive 20% increase year-over-year, the biggest among all digital media categories. The survey also showed ePublishing subscriptions jumped by 5.3% year-over-year and hit $57.8 billion, with each user spending an average of $37.6 in 2023. Digital music subscriptions follow with an 11.7% increase and $36.3 billion in total spending.
Although consumers worldwide have switched to digital subscriptions over the past years, there are still considerable differences between the countries. Statistics show Americans are by far the biggest spenders in this category. Last year, the average American online user spent over $850 on digital media subscriptions and downloads, twice as much as Britons or Germans and almost five times more than the global average.
Japanese follow Americans with only $150 less in total subscription spending or roughly $700 per internet user. With an average spending of $563 per user, South Korea ranked third, outpacing Western countries like Germany, the United Kingdom, and France.
The United Kingdom, Switzerland, and Austria round the top five countries with an average spending per user of $447, $442, and $403, respectively. The survey also revealed that 21 countries had higher spending per user than the global average, which amounted to $176.4 in 2023.
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