The Streaming Wars Are Over — So What Happens Next?
Everyone thought the streaming wars would end with one or two clear winners — a Netflix, Disney, or other dominant player seizing control of the streaming market.
As with so many predictions, it hasn’t quite played out that way.
In 2025, the rules of streaming, and of the subscription economy as a whole, are being rewritten. Former rivals that used to compete fiercely for their share of the subscription market are now cosying up, collaborating on turf that’s increasingly not even owned by them.
This marks a fundamental shift in the way subscriptions function. In 2025, I believe we are reaching a fundamental turning point. The subscription economy as we knew it is changing, and the market is now evolving into a more sophisticated (and potentially more lucrative) “bundle economy”.
To stick with streaming for a moment, let's look at Paramount+ as just one example. In a subscription economy, Paramount+ would be expected to compete directly with the likes of Amazon Prime Video purely based on the strength of its content. But, in the Bundle Economy, Paramount+ is now being packaged within Amazon Prime, sitting neatly inside the ecosystem of a direct competitor. And the complexity doesn’t stop there. Apple TV+ is now also available via Prime, meaning three major streaming rivals are now reaching the same (if indirect) audience through a shared platform.
These kinds of integrations and collaborations between some of the largest names in streaming are becoming increasingly common. But actually pulling them off isn’t an easy task. Take Venu Sports, for example. Announced in February 2024 and set to launch that summer, the venture was wound up in January 2025 after facing a lengthy antitrust battle. Nearly a year’s worth of work and resources were wasted, and US consumers without a sports bundle worth the name.
Large-scale bundling is a powerful strategy, but it can be time-consuming and complex and careful execution is key. For smaller companies, orchestrating this kind of arrangement is simply not feasible. And even larger companies, despite having the resources, are often cautious of doing so for fear of gambling away time and money with no certainty of outcome.
However, when done right, bundling unlocks significant value — including new revenue streams, expanded audience reach, and enhanced customer experience. And 2024, a new wave of smaller-scale bundling through third-party content hubs made these benefits more accessible than ever. These bundles delivered a win-win. Consumers were able to enjoy discounts and easier subscription management, while subscription providers gained new customers without the burden of legal battles or contract negotiations.
Go indirect, or go home
Last year, our research found that one in five subscribers now choose to go via indirect channels for their subscriptions — a trend that is echoed across 24 other markets surveyed and which will surely accelerate as bundles become more accessible and widespread. Today’s consumers are savvier than ever with how they manage their subscriptions to maximize value. Many pause or cancel direct subscriptions, only to re-subscribe to the same service through a bundle deal that offers better savings and convenience. On the surface, this could look like a wave of cancellations, but in reality, it’s simply a shift from direct to indirect business models
There’s strength in numbers, and many subscription services are now recognising the value of being included in a bundle. This isn’t just true for major players like Netflix, Paramount, or Amazon — niche players also stand to benefit by aligning with bigger platforms. Whether it’s Japanese anime services like Crunchyroll, or horror-focused platforms like Shudder, the Bundle Economy gives niche players the power to unlock a far larger audience than they could ever reach through direct sign-ups alone.
If you build it…
But bundling isn’t just transforming subscription services — it’s also unlocking a huge, untapped market for those building bundles themselves. In fact, bundle providers are now essential in the go to market strategies for subscriptions providers, as captured in the Inside Secrets report series from Bango.
Telcos have the most valuable real estate in the bundling market, leveraging their existing infrastructure to package subscriptions into their service offerings. Already, 88% of telco leaders have plans to launch a subscription hub, with services like Verizon +play already proving a popular source for indirect subscriptions.
But it’s not just telcos. Banks and financial institutions aren’t far behind. Services like Mastercard's Smart Subscriptions are already integrating subscription management into banking apps, making it easier than ever for consumers to manage their services in one place.
For financial institutions embracing this type of tech, the opportunity is enormous. Bundling could become a powerful tool for customer acquisition and retention, and banks can become an even more central part of consumers’ daily lives. By offering seamless subscription management, financial services can take an active role in shaping the Bundle Economy.
So, with the industry closing the final chapter on the streaming wars, it’s time to open a new book in 2025. And this time, success won’t be driven by competition alone, but by collaboration — and those who embrace this trend will be the ones who are more likely to thrive.
[Editor's note: This is a contributed article from Bango. Streaming Media accepts vendor bylines based solely on their value to our readers.]
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