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Summary
Omdia research shows that in 2025, for the first time ever, Netflix’s annual video revenue total will exceed that of YouTube.
Netflix will overtake Meta and YouTube in terms of revenue
New research from Omdia shows that Netflix is set to overtake YouTube in total video revenue in 2025, the first time this has ever happened. In 2024, YouTube led the market with $42.5bn in revenue, while Netflix generated $39.2bn. However, projections for 2025 show Netflix pulling ahead to reach $46.4bn. Subscription fees will generate $43.2bn and advertising $3.2bn. Meanwhile, YouTube is expected to generate $45.6bn, $36bn from advertising and $9.6bn from YouTube Premium.
Figure 1: Global video revenue by type and operator, 2025
Source: Omdia TV & Online Video Intelligence & Advertising Service
Netflix and YouTube take different approaches to revenue generation:
- Netflix is projected to have more than 340 million paid subscriptions in 2025 with more than 600 million users benefiting from its content.
- YouTube continues to dominate in scale, reaching more than 2 billion users globally, leveraging its massive audience through advertising and premium subscriptions.
As the streaming landscape evolves, Netflix’s growing ad-supported model and subscription base could reshape the competitive dynamics of digital video revenue. Omdia’s research shows that in markets such as the US and the UK, there is significant overlap between audiences. In the US, 57% of YouTube users are also Netflix subscribers, and in the UK that percentage rises to 67%. This dynamic presents opportunities for both platforms.
Figure 2: YouTube users, overlap with other services and sectors by market (all users), November 2024
Source: Omdia Consumer Research – Devices, Media & Usage Spotlight Service
Though they are often positioned as rivals, YouTube and Netflix are increasingly collaborating rather than competing. Indeed, we see more collaboration than competition between YouTube, Netflix, and other industry players. Streaming services, broadcasters, and platforms are working together through marketing partnerships, content distribution, and advertising deals.
One key example is Netflix’s use of YouTubers to promote the TV series Squid Game, leveraging influencer-driven marketing to attract new subscribers. Meanwhile, YouTube is solidifying its role as a premium content platform, outperforming free ad-supported TV (FAST) services.
In full-year 2024, YouTube generated 7× more revenue than FAST platforms, $42.5bn versus $6bn. Major studios are taking notice. Warner Bros., for example, recently released 37 full-length movies free on YouTube, and Omdia expects to see more partnerships like this in the future.
Looking ahead, YouTube is going to make an even stronger push toward TV-like content. Large players can turn this to their advantage by entering favorable ad-share agreements or even selling some sponsorship and video inventory directly.
Also important is the growing role of YouTubers in cinema recovery: influencer-driven promotions are becoming an integral part of movie marketing strategies. Similarly, another major shift is YouTube’s increasing consumption on connected TVs. Viewers are watching YouTube on TV sets more than ever before. This changes the advertising game, making YouTube an even bigger player in premium video.
Appendix
Author
Maria Rua Aguete, Senior Research Director, Media and Entertainment
