This post recaps key insights from a panel discussion at Streaming Summit 2025, moderated by Fastly’s Tim Logan. Featuring leaders from Crunchyroll, StoryFul, and Fabric, the session explored how bundling, discovery, and monetization strategies are evolving across Free Ad-Supported Streaming TV (FAST), Ad-Supported Video on Demand (AVOD), and Subscription Video on Demand (SVOD).
Click here to watch the whole discussion.
From mobile to smart TVs, from niche direct-to-consumer apps to major aggregator platforms, the ways video content is accessed today are more varied - and more fragmented - than ever before. For content owners, monetizing and distributing content now requires more than just choosing a platform. It’s about building the right mix of partners, tiers, and user experiences across a growing spectrum of monetization models: FAST, AVOD, and SVOD services.
Below are the discussion highlights, which includes recommendations for how to provide premium viewing experiences while balancing those with the economics of each business model.
From Ladder to Loop: Rethinking the User Journey
It’s tempting to think of the streaming world as a funnel - from free, to ad-supported, to premium - but, interestingly, the panelists challenged that assumption. Instead, user behavior is more fluid.
“People don’t live in neatly segmented models,” said James Lott, Editor-in-Chief at StoryFul. “I watch FAST channels, I subscribe to premium services, and I bounce between them depending on mood, device, or what I want to watch.”
Rather than treating FAST and AVOD as mere stepping stones to SVOD, Tom Giannari, Chief Data Officer at Fabric, noted a broader shift: “It actually started the other way around. The first big boom was in SVOD. Now, with SVOD saturation in markets like the U.S. nearing 80%, the growth is coming from FAST and AVOD.”
Globally, the story is more varied. According to the panel, in EMEA, subscription and ad-supported streaming are growing more evenly. In Latin America, ad-supported services are leapfrogging SVOD entirely in many regions due to affordability.
The New Bundling Playbook
Bundling is no longer just about pay TV-style packages. Today’s bundles include cross-service partnerships (like Disney+, Hulu, and Max), telco-streaming hybrids, and even internal product extensions.
Crunchyroll’s Brian McCarvey shared that while the company began as a direct-to-consumer service, it’s now investing heavily in partnerships with Amazon, Roku, and global telcos. “In places like Brazil and Latin America, where anime has long been broadcast over the air, partnerships help us reach a passionate fanbase that may not know Crunchyroll exists,” he said.
But bundling isn’t just about access - it’s a churn management strategy. As Giannari explained, “One of the top reasons people leave pay TV was paying for channels they didn’t use. With SVOD, that concern isn’t as prevalent, even if someone only watches one show. But what we’re seeing now is fatigue: people feel they’re subscribed to too many things. Bundling gives them value without added complexity.”
Done right, bundling can reduce churn and create “stickiness.” McCarvey cited Crunchyroll’s telco bundle in Brazil that combined anime streaming with mobile data plans, resulting in “amazing” acquisition rates.
Discoverability: The Next Streaming Battlefield
In a sea of apps, channels, and titles, standing out is harder than ever. The challenge isn’t just content - it’s placement.
“The next front in the streaming wars is interface real estate,” Giannari predicted. “Who gets top billing in the app grid? Who’s above the fold on a smart TV? Those placements can drive 10x the views.”
James Lott echoed the point: “If you’re FAST channel number 250 on an aggregator, you may as well not exist.”
Even with great content, metadata is often the Achilles’ heel. “So much great content goes unseen because of poor metadata,” said Giannari. “We’ve had clients tell us, ‘That’s not the synopsis we wrote!’ or ‘That poster image is outdated.’ Metadata quality can literally determine discoverability.”
The future, many agree, lies in machine-generated metadata - deep tagging down to the scene level, powered by AI. But there’s debate over who owns that responsibility. Should platforms enrich content? Or should content providers take charge?
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The Ad Balancing Act: Fatigue vs. Monetization
As ad-supported models grow, so does the tension between ad load and viewer tolerance. Fabric’s data shows FAST services have increased from 10 to 13 minutes of ads per hour in the past year, while ad-supported on-demand services have more than doubled.
Crunchyroll has largely stayed out of this fray. Instead of launching a lower-priced ad tier, the company builds value into its subscription model, offering perks like game access, merchandise discounts, and soon, digital manga.
Still, sentiment toward ads may not be as negative as assumed. StoryFul’s research showed that audiences are surprisingly positive about ads on FAST channels - likely because the value proposition is clear: free content in exchange for ads.
But with ad loads climbing, the industry faces a tipping point. “We’re heading toward hyper-personalized ad experiences,” said Giannari. “Different users will see different amounts of ads, depending on their tolerance and what they’re willing to pay. And if they’re not willing to pay? Then we better make sure the ads are relevant.”
Should You Launch Direct-to-Consumer - or Partner First?
For new entrants, launching a direct-to-consumer streaming app may be too ambitious. Instead, many are opting to start within aggregator platforms as premium add-on channels, then expanding if they gain traction.
“It’s counter to how the market evolved over the last decade,” said Giannari, “but we’re now seeing companies start as an add-on first, then spin out to full D2C if the numbers support it.”
James Lott pointed to similar patterns in Australia: services like Paramount+ and Max initially licensed content through local providers before launching standalone offerings. It’s a lower-risk path to brand building in new markets.
More Platforms, More Revenue… or More Headaches?
Is there such a thing as too much distribution? Should content owners worry about overextending their IP across too many FAST platforms?
“I don’t think more is bad,” said McCarvey. “We’re experimenting with models where users must log in to access AVOD content, so we can introduce them to more of the Crunchyroll experience. More presence usually means more awareness.”
And as Lott noted, the days of exclusivity-driven content distribution may be fading, especially in FAST. “A lot of FAST channel owners just want to be everywhere they can. It’s about recognition and relevance, not license fees.”
Crystal Ball: What Comes Next?
When asked about what the future holds, panelists pointed to three key trends:
More Ads, Smarter Tiers: Ad loads will grow, but smarter subscription tiers will offer users a way to control their experience (and spend).
Operating Systems Gain Power: Smart TV OS providers are becoming major players. As Giannari warned, “They now control visibility, user experience, and even rev share dynamics.”
Discovery Gets a Tech Upgrade: From AI-driven metadata to SEO-like strategies, discovery will become a battleground, not just for content, but for app icons and interface placement.
And beyond traditional content, new verticals - like sports, UGC, and local news - may unlock fresh opportunities. “News and weather channels are thriving in FAST,” said Lott. “People trust them, and the format works.”
The Bundled Future is Already Here
As content owners grapple with monetization, churn, discoverability, and global reach, one thing is clear: there is no single model that works for everyone. Instead, success depends on meeting audiences where they are - with the right pricing, partners, and experiences.
Whether through FAST, SVOD, or AVOD, the goal isn’t just to stream, but to connect, convert, and retain. Bundling, in all its evolving forms, will be key to making that happen.
Delivering rich, engaging experiences in a market brimming with premium content leaves no room for subpar viewer experiences. Fastly is trusted by leading media and entertainment brands for delivering secure, fast, and optimized content – want to see what we can do for your brand?
