Australia-based tech analysis and research firm Telstye compiled the figures, reporting the two million active SVOD subs as of end-June. That compared with 315,000 at end-2014.
Telstye added that about 1.5 million SVOD subs are paying for their services, with the remainder availing themselves of free trials and promotions.
The average Australian SVOD user has 1.6 services, the research revealed. Furthermore, about 40% of homes that take an SVOD service also take a traditional pay TV package.
The uptake of paid-for streaming services means that in June, across all services, SVOD revenues hit A$17 million (US$12.6 million).
Netfix is the clear market leader, ahead of Stan, Presto and Quickflix respectively. These four account for 90% of all SVOD subs.
“The SVOD market is highly competitive, seasonal, and unlikely to be a winner-takes-all marketplace,” Telsyte managing director Foad Fadaghi said.
“The early success of SVOD providers will encourage more film studios and content rights holders, including sporting codes, to consider direct streaming to consumers,” said Fadaghi.
Despite the increasing competition for eyeballs in the Australian online video market, the Telsyte research indicated streaming catch-up TV, SVOD and traditional pay TV will co-exist.
Telsyte added that 22% of broadband homes intend to upgrade their fixed broadband due to streaming video.