The annual increase in global Subscription Video-on-Demand (SVOD) subscriptions in Q3 2020 reached 217.6 million, beating the previous record of 211.7 million in Q4 2018, Strategy Analytics said.

The annual increase grew for the third quarter in a row, after declining for the previous four quarters from Q1 2019 thru Q4 2019. The report said the trend reflects the impact of the COVID-19 pandemic on video consumption as well as the popularity of the Disney+ service.

The report, based on analysis of 21 leading global SVOD services, found subscriptions reached 769.8 million in Q3 2020, compared to 552.1 million a year earlier. The annual increase of 217.6 million represents a growth rate of 28.3 percent and suggests that the SVOD market is still a long way from reaching maturity.

Major services such as Disney+ continue to expand geographically and the potential for SVOD in many countries is still largely untapped.

“Netflix remains the clear leader, but its share of subscriptions has been falling steadily as new entrants arrive. Disney’s rapid growth has helped it reach the #2 position in subscriptions, and with its various D2C services it has already reached an annual revenue run rate of $5.8 billion,” Michael Goodman, director, TV & Media Strategies, said.