The Scandinavian Streaming Service Taking on Netflix
Streaming Gains Popularity in Europe
The number of video streaming service subscribers in western Europe surpassed the number of pay-TV customers for the first time ever. 86% of these customers subscribe to US-based services like Netflix (NFLX), Amazon Prime (AMZN), and Disney+ (DIS).
In the past, Hollywood has sold its movies and shows to European broadcasters, but US streaming services are cutting out this step and reaching European consumers more directly. American streaming services are investing heavily in content specifically for Europe, as well as content that appeals to a wide array of viewers worldwide. Netflix’s global content budget was about $17 billion in 2020—nearly eight times the BBC’s TV budget.
The Little Platform That Could
Despite US streaming giants’ success in most of Europe, one Sweden-based platform called Nent, is holding its own. Nent provides premium sports as well as original shows and movies. Its customer base is concentrated in Sweden, Denmark, Finland, and Norway.
Nent is the second most popular streaming platform in Scandinavia by subscriber numbers. It has about 3 million subscribers in the region while Netflix has 4.2 million. But Nent generates more revenue than Netflix or any other foreign streaming service in Scandinavia because of its higher-priced sports packages.
Nent’s Plans for Expansion
Nent’s success at home has been impressive. Now it is making plans to expand around the globe. The company is in the process of raising equity to launch in the Baltics and Poland.
Nent plans to make its debut in the US in 2022. American streaming services, which so far have dominated international competitors, will be anxious to see how Nent performs on a global stage.
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