Streaming: From trickle to torrent

David Tinsley

Lynelle Huskey

August 2025

Americans are continuing to spend much of their free time watching TV. But the way people watch has changed greatly. BofA Global Research reports that on-demand streaming drew a higher share of viewers than “linear” TV in May 2025.
Bank of America internal data across credit and debit cards and other payment channels shows continued strong growth in spending on TV and music streaming. Across all income cohorts, spending exceeded 10% year over year as of July 2025. There are, though, some signs of a very competitive market with households' bills varying significantly year to year.
What's next? Streaming services are investing in live entertainment and sports to lock in viewers. At the same time, the advent of Artificial Intelligence (AI) offers opportunities and threats. While viewers' appetite for content will likely remain undimmed, how they consume it will likely continue to evolve.

Read our full analysis for a more in-depth look at these trends.

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