Nordic video market nears €11bn as growth shifts from expansion to reallocation

The Nordic TV and streaming market continues to grow in value, but its dynamics are increasingly defined by redistribution rather than expansion. According to analyses from Mediavision, the combined Nordic TV and streaming market reached €10.7 billion in 2025, a 2% year-on-year increase at constant exchange rates.

The market, encompassing subscription revenues, advertising revenues and public service funding, is being reshaped by diverging trajectories. Traditional TV revenues are expected to decline by 6% in 2025, while streaming revenues are set to grow by 12%, absorbing all net growth. “Such growth is no longer about expansion – it's about reallocation,” says Fredrik Liljeqvist, Principal Analyst and Head of Operations at Mediavision. “What we see is a structurally stable market where growth shifts from legacy formats to new forms of consumption and monetisation, rather than any form of collapse.”

Viewing behaviour continues to underpin this shift. Nearly 70% of people aged 15–74 across the Nordic region now watch online video on an average day, with consumption rising across all age groups. Growth is particularly strong among older audiences: in the 65–74 age group, roughly half now watch online video daily, a 15% increase compared to 2024.

“Online video is now integrated into media consumption – regardless of age,” Liljeqvist notes, while stressing that generational differences remain. Younger viewers increasingly gravitate towards social video, whereas older audiences tend to favour public service content and local streaming services, increasing fragmentation and competitive pressure across the Nordic video market.

Finland: stagnation despite HVOD growth

While the broader Nordic market remains resilient, Finland stands out. Mediavision’s latest analysis shows that the Finnish streaming market declined in autumn 2025, despite strong growth in ad-supported subscriptions.

Total paid streaming subscriptions fell by 2% year-on-year, driven by a 10% drop in fully paid, ad-free subscriptions. Although ad-supported subscriptions (HVOD) increased by 18%, this was not enough to prevent an overall decline of around 70,000 subscriptions. “Finland stands out as the only Nordic country where growth of subscriptions with ads does not drive market growth,” Liljeqvist comments. The structural shift in viewing nevertheless continues.

In autumn 2025, 57% of all video viewing time in Finland was spent on online services, including social video, while online viewing levels remained stable year-on-year. This, Liljeqvist notes, means services are increasingly competing for shares within a market that has not expanded over the past 12 months.

Norway: record subscriptions and household spend

Norway continues to set new records. In autumn 2025, the country surpassed six million paid streaming subscriptions for the first time, up 10% year-on-year. Today, 80% of Norwegian households have at least one paid streaming service, the highest penetration rate in the Nordic region.

“Norway is clearly the highest in the Nordic region when it comes to the adoption of streaming services,” says Liljeqvist. Despite multiple price increases, household video spending also reached a new record, with Norwegians now spending more than NOK 670 per month on video services on average, up 10% year-on-year.

“Despite price increases from several services, the number of subscriptions continues to rise, driving strong growth in market revenues,” he adds, while cautioning that subscription growth is expected to slow.

Denmark: traditional TV hits historic low

Denmark illustrates how rapidly viewing habits can shift once a tipping point is reached. According to Mediavision’s autumn analysis, traditional TV now accounts for just 35% of total video viewing in Denmark — the lowest level ever recorded. Daily traditional TV viewing has fallen by more than 10 minutes per person over the past year, with that time shifting to streaming services and social video, which together now represent 65% of all video viewing. “Both social and other online video continue to grow, at the expense of traditional TV viewing,” Liljeqvist says, noting that among younger demographics, social video alone has already surpassed traditional TV. Denmark’s streaming market reached a record 5.3 million paid subscriptions in autumn 2025, with most growth driven by global platforms, accelerating the redistribution of audiences and posing challenges for incumbent broadcasters and advertisers.

Sweden: hybridisation and bundling reshape the market

Sweden illustrates how hybrid models and bundling are reshaping streaming economics. In Q2 2025, paid streaming subscriptions surpassed 9.5 million, an increase of two million year-on-year, with more than 80% of new subscriptions ad-supported.

Much of this growth comes from subscriptions bundled through operators (B-SVOD). Household penetration of such offerings rose by 25% year-on-year in Q2, as operators expanded streaming bundles to offset declining demand for traditional TV. “Subscriptions bundled by operators also contribute to growth,” Liljeqvist explains. “Many operators are expanding their streaming offerings to compensate for declining demand for traditional TV.”

This shift is also changing revenue dynamics. “Cheaper ad-supported subscriptions and bundled operator offerings are putting downward pressure on streaming prices,” Liljeqvist concludes, adding that advertising revenues are increasingly expected to compensate for lower consumer payments.

A market entering its next phase

While streaming growth remains strong, Liljeqvist stresses that its composition is increasingly important. Subscription volumes are rising faster than revenues as bundles and ad-supported models gain ground, putting pressure on average revenue per user.

With reach and penetration nearing their ceiling, growth is now primarily driven by time spent, frequency and new business models rather than new users. The fastest growth in online viewing comes from the 65–74 segment, while younger audiences continue to migrate towards social platforms, contributing to a more fragmented market.

Looking ahead, Liljeqvist identifies three key structural shifts likely to dominate over the next 2–3 years: hybrid subscription-and-advertising models becoming standard; bundling and aggregation replacing standalone services as the primary route to scale; and advertising-led growth across HVOD, AVOD, FAST and social as viewing increasingly concentrates online.