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Key takeaways
- The streaming industry is shifting beyond on-demand content, with live sports, real-time engagement, and AI-driven personalization creating new viewing experiences.
- Nasdaq-100 companies like Netflix, Amazon, and Alphabet are leading streaming innovation, while more niche platforms such as Roku, FuboTV, and Spotify are expanding into sports, ad-supported models, and interactive content.
- Cord-cutting continues to accelerate, with streaming services projected to surpass $400 billion globally by 20301 as demand for diverse content and digital-first experiences grows.
From on-demand to live experiences, streaming is transforming entertainment and changing the way we watch movies, TV shows, and live events. What started as a shift away from traditional cable has evolved into a highly competitive digital ecosystem, where content is delivered on demand, live, and even interactive.
Now, the next frontier in streaming is here: live sports, real-time engagement, and artificial intelligence (AI)-driven personalization. Some companies within the Nasdaq-100 Index—which Invesco QQQ tracks—are leading this revolution, while smaller players are shaping the next phase of industry growth.
Streaming is no longer just about movies and TV shows
The demand for live entertainment, sports, and real-time content has fueled big investments in streaming platforms.
- Leading platforms are expanding beyond on-demand series, securing live sports rights to broaden their reach
- Streaming services are strengthening their positions with major sports partnerships, including NFL, NBA, MLB, and UEFA rights
- Virtual cable providers have emerged, offering bundled streaming options and exclusive content deals
Meanwhile, platforms focused on sports, niche content, and ad-supported experiences are positioning themselves as the next generation of streaming leaders. The growth of Free Ad-Supported TV (FAST) and hybrid models is accelerating, with major players introducing ad-supported tiers to capture new audiences.
The growing role of AI and personalization
AI is reshaping streaming, making content recommendations smarter, faster, and more personalized.
- Streaming platforms use AI to suggest what to watch next based on user preferences
- Live-streamed events incorporate real-time engagement features, from interactive polls to predictive analytics
- AI-driven ad targeting is creating new revenue models, particularly in the ad-supported streaming space
This shift is fueling competition and innovation, with many Nasdaq-listed companies at the forefront.
Nasdaq-100 leaders: Driving the next wave of streaming innovation
As streaming evolves, established Nasdaq-100 companies continue to shape the industry through content expansion, technology integration, and evolving business models:
- Netflix: Expanding beyond scripted content with live sports, interactive programming, and ad-supported tiers to reach a broader audience
- Amazon: Strengthening its streaming ecosystem through exclusive sports partnerships, Prime Video originals, and deep integration with its e-commerce and Fire TV platforms
- Alphabet: Growing YouTube TV into the largest virtual cable provider while securing major live sports deals, including NFL Sunday Ticket, to capture a share of the cord-cutting market
These well-known companies continue to drive innovation in streaming by enhancing content offerings, leveraging AI for personalization, and expanding into new monetization models.
Other Nasdaq-listed streaming companies to watch
As streaming evolves, several Nasdaq-listed companies outside the Nasdaq-100 are also making their mark:
- Roku: A leading streaming hardware platform that is shifting toward ad revenue dominance and partnering with TV manufacturers to integrate its operating system directly
- FuboTV: A sports-first streaming service counting on sports betting integration to increase engagement
- Spotify: A digital streaming service expanding from music into podcasts and live audio, with potential video streaming partnerships on the horizon
- Paramount+: This on-demand streaming service, owned by Paramount Global, is leveraging its CBS and Nickelodeon properties while expanding internationally, with a strong presence in live sports through UEFA Champions League and NFL deals
- CuriosityStream and Cineverse: Niche-focused streamers carving out space in the documentary and indie film markets, using low-cost subscription models to help compete with larger players
Where could the future of streaming lead?
With pay-TV penetration in the U.S. dropping in the past decade, less than half of U.S. households now subscribe to pay TV due to cord-cutting. By the end of 2027, that proportion is expected to drop to about one-third of American households.2
While industry leaders remain firmly established, emerging platforms are expanding into live content, ad-supported models, and AI-driven engagement, creating new opportunities for market growth.
The way we watch is changing—and with it, the companies driving innovation are shaping the future of digital entertainment.
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The opinions expressed are those of the author, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.
Forward-looking statements are not guarantees of future results. They involve risks, uncertainties and assumptions; there can be no assurance that actual results will not differ materially from expectations.
This information is provided for informational purposes and does not constitute an endorsement or recommendation of any companies referenced.
Compound annual growth rate (CAGR) represents the rate at which an investment would have grown if it had grown at the same rate every year and the profits were reinvested at the end of each year.
CAGR is not a true rate of return and is not influenced by interest rate changes or the volatility the investment might experience over the period.
The Nasdaq-100® Index is a stock market index made up of equity securities issued by 100 of the largest non-financial companies listed on the Nasdaq stock exchange.
This content should not be construed as an endorsement for or recommendation to invest in Netflix, Amazon, or Alphabet. Neither Netflix, Amazon, nor Alphabet are affiliated with Invesco. Only 3 of 101 underlying Invesco QQQ ETF fund holdings are featured. The companies referenced are meant to help illustrate representative innovative themes, not serve as a recommendation of individual securities. Holdings are subject to change and are not buy/sell recommendations. See invesco.com/qqq for current holdings. As of 3/27/2025, Netflix, Amazon, and Alphabet made up 2.81%, 5.84%, and 5.06%, respectively, of Invesco QQQ ETF.