We’re pleased to be joined once again by Antenna’s co-founder and CEO Jonathan Carson, who discusses highlights of the firm’s Q2 ’25 State of Subscriptions report “Adds and Ads.” Fully 71% of new SVOD subscribers in the past 2 years are on an ad tier, speaking to the outsized impact that advertising has had on the streaming industry.

Another finding that’s remarkable is that the demographics of ad tier and ad free subscribers are almost identical, debunking the traditional view that higher income consumers “buy out” of ad experiences. Retention is also similar across demos. Jonathan shares his insights on these findings and more. The report can be downloaded here.  

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This week we discuss the new ESPN direct-to-consumer app, which was announced this week. Colin thinks that at $30 per month it’s too expensive relative to other streaming services, yet given the breadth of content and features, I think the price seems fair or maybe even low.

A big question is how wide the adoption will be as most hardcore sports fans still have a pay-TV subscription. That leaves cord-cutters and cord-nevers as the primary targets, as well those who will take ESPN as part of a discounted package with Disney+ and Hulu. How many of them will subscribe? We explore these questions, as well as the return of “HBO” to Max’s branding and a few NewFronts items.  

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Disney reported its fiscal second quarter results this week, showing continued direct-to-consumer profitability, as well as modest subscriber gains for both Disney+ and Hulu. Given last year’s second half performance, it’s likely Disney will achieve DTC profitability for the full 2025 fiscal year, a first.

On the earnings call, Disney also noted that next week the branding and pricing for “ESPN Flagship” (the full ESPN DTC product including additional digital features) will be revealed. We anticipate integrated bundling with the existing Disney+/Hulu bundle.

Update: CNBC is reporting the ESPN DTC product will simply be called “ESPN,” and that pay-TV subscribers will get access to the DTC product’s bells and whistles add-on features. Pricing is expected to be $25-30 per month. (Sidenote: As part of the Disney+/Hulu bundle the effective price could be even lower.)

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TiVo released its Q4 Video Trends Report for North America (available here), and on this week’s Inside the Stream we discuss several key takeaways. In particular, viewers are simplifying their video services bundles, with the number dropping again to just under 10. Meanwhile viewers’ average monthly spend dropped to approximately $157, down from $189 just 2 years ago. We also discuss findings related to sports fragmentation and loyalty to incumbent smart TV OS.

Separate, we also highlight data from IAB’s 2025 Digital Video Ad Spend and Strategy Report, available here.

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