2016: Giant Leap For Video Streaming Services

Americans spent 22.6 percent more on subscription video streaming services like Netflix in 2016 compared with the prior year, helping the entire home entertainment business eke out a 1.4 percent annual gain, according to industry statistics out Friday.

In all, Americans spent $6.2 billion on video streaming subscriptions in 2016, according to a report from the Digital Entertainment Group.

The NY Post reports streaming subscriptions are the second-largest home entertainment category — behind only purchases of DVDs and digital movies. But with its rapid growth — thanks in part to Hulu, Amazon and YouTube entering the sector — it is poised to become America’s favorite form of home entertainment.

Total spending on digital home entertainment rose to $10.3 billion in 2016, according to the DEG. The US box office sold $11.8 billion in tickets, the group said.

The subscription video-on-demand market is set to grow with new services coming online.