Mexico. The Mexican subscription video-on-demand (SVOD) market is experiencing a peculiar moment. After years of accelerated growth driven by the pandemic and a subsequent cooling period, 2024 closed with clear signs of recovery: 14.3 million subscriptions and an annual growth of 6.3%.
The formula for this rebound is no mystery, but it is a well-executed combination: exclusive high-value content, more flexible plans, including ad-supported options, discounts for quarterly, semi-annual or annual payments and, perhaps most importantly, strategic alliances with telecommunications operators and other digital platforms. All this has allowed users to perceive more value for their money, in a context in which entertainment spending competes with multiple priorities.
This growth is accompanied by an increasingly evident phenomenon: market fragmentation. Netflix, the historical leader and still the most popular platform, closed the year with 49.9% share, but its dominance continues to fade. Its foray into live sporting events seems more like an experiment than a determined bet, and although its quality of content is maintained, the competition has learned to speak the language of the Mexican consumer more accurately.
Among these competitors, three names stand out. Max grew to 12% share, consolidating its position thanks to a robust catalog of premium series and theatrical releases. Disney+, with 17%, maintains its multigenerational appeal and affordable prices, although its advance was more modest. ViX+, with 7.3%, is perhaps the most interesting case: its exclusive of Liga MX matches confirmed that local content and sports continue to be powerful anchors to conquer subscribers.
The rest of the board is more stable, although no less competitive. Amazon Prime Video, with 8.7%, continues to capitalize on its integration with the Amazon ecosystem, but its differentiation in content is limited. Paramount+ and Claro Video, with shares of 2% and 1.1% respectively, face the challenge of gaining relevance against giants with greater investment muscle.
Beyond the percentages, what we see is a market that is ceasing to revolve around a single player. The Mexican consumer now chooses with greater criteria, combines services, cancels and contracts according to the season, and even opts for free models with advertising when they find attractive content. For platforms, this means that retention is just as important as acquisition, and that innovation is no longer optional but imperative.
The next battle will not only be to add subscribers, but to keep them loyal. The integration of hybrid models with advertising, partnerships to package services and the production of culturally relevant content will be the factors that make the difference. The leadership will continue to be disputed, but the real winner will be the one who manages to understand that in a fragmented market, relevance is the most valuable currency.
Analysis by Gonzalo Rojon of The Competitive Intelligence Unit, The CIU.
