Rise of FAST Channels: Volume and Fragmentation

Both the number of FAST channels and their audiences have grown exponentially in recent years.

To get a sense of FAST's scale, the combined viewership share of FAST channels in the U.S. in May 2025 surpassed that of a giant like Netflix (source: Evan Shapīro).

Since its emergence around 2015, when there were barely 100 channels worldwide, the ecosystem has experienced remarkable growth. Until 2021, the increase was gradual, reaching 900 channels. From that point on, the pace accelerated and expanded into other markets. In May 2024, a peak of 1,943 unique channels was reached (according to Broadcast Intelligence), but since then the number has begun to decline, standing at around 1,610 channels as of March 2025. This suggests a new phase of pruning and consolidation following the period of massive expansion.

This growth, however, has brought with it extreme fragmentation. Channels dedicated to a single series, very specific subgenres, or highly niche topics like “gluten-free cooking” or “80s thrillers” have proliferated. For a time, this phenomenon was celebrated as a sign of success: the more channels, the better. But as the model matures, a new key question arises: does it make sense to keep adding channels without a clear strategic purpose? Which leads us to the next question: is the number of channels growing at the same pace as their actual monetization potential?

The following chart shows the evolution in the number of FAST channels from 2015 to 2025. This overview allows us to visualize the general growth trend up to 2024 (as mentioned above) and compare it with the evolution of advertising revenues associated with this model.

At first glance, the relationship between supply and monetization is not linear. The sharp increase in channels between 2021 and 2022 (when the number of channels nearly doubled) was accompanied by advertising growth, but not in equivalent proportion. Since then, and up to 2024, the volume of channels has remained high, but investment has not kept pace.

In 2025, the outlook has become more uncertain. Some projections, such as TVREV and Omdia, anticipated very significant growth in global advertising investment. However, other sources, like a recent analysis in The Information , report testimonies from platforms claiming to be experiencing 50% drops in revenue on some of their channels.

Although this may seem somewhat contradictory at first, both statements likely contain some truth. While the most optimistic forecasts from firms like TVREV and Omdia may have overestimated the growth pace, advertising investment in FAST continues to rise. However, growing investment doesn’t mean that growth benefits all players in the ecosystem. The current extreme fragmentation is also causing an uneven distribution of revenue: while some well-programmed channels with differentiated content are growing exponentially, others (less relevant or offering generic content) are seeing their profitability decline significantly.

In a market as saturated as today’s, sustainability no longer depends on the number of channels but on their ability to attract audiences and advertising investment through a solid, well-curated offering with a clear differentiation strategy.

Everything points to the FAST ecosystem entering a new phase: less focused on volume and more on efficiency, quality, and profitability.

What has fueled this unprecedented boom?

Several reasons explain this growth, the main ones being:

• SVOD saturation: With more and more paid platforms, many users began cutting subscriptions. In 2024, 90% of consumers in the U.S. expressed their intention to cancel at least one subscription for economic reasons (Forbes), turning to free options like FAST to complement their audiovisual entertainment.
• Boom in CTV advertising investment: The rise in advertising spending on CTV, with CPMs significantly higher than traditional digital environments, has attracted broadcasters, majors, independent studios, and digital media, who see FAST as an opportunity to monetize already amortized content while capitalizing on the growth of the streaming advertising ecosystem.
• Technical democratization: Today, creating a FAST channel is relatively cheap and accessible. Turnkey solutions allow launching and distributing a channel with minimal investment and without extensive technical resources. This ease has skyrocketed the number of channels… but also the noise.
• Success stories: One of the biggest catalysts has been the example set by those who understood and executed the model from the start. Platforms like Pluto TV, a pioneer in the format, demonstrated the ecosystem's real potential: it was acquired by Viacom in 2019 for $340 million and surpassed $1 billion in revenue in 2021. Tubi, noted for its combination of catalog, technology, and user experience, has positioned itself as a reliable and robust option even during massive events like the Super Bowl.

Both proved that success in FAST depends not just on “having content,” but on how it is organized, grouped, presented, and made discoverable. This early success has inspired many to imitate the model… though not all have managed to replicate it with the same effectiveness.

Risks of a slowdown in advertising investment in FAST channels

Below we outline a series of reasons that could explain the slowdown or the lack of growth as previously anticipated:

• Oversupply: The uncontrolled increase in the number of channels has caused extreme fragmentation of advertising inventory. More channels are competing for the same budgets, diluting individual value and making monetization more difficult.
• Entry of SVOD giants into advertising: Platforms like Amazon Prime Video, Netflix, and Disney+ have launched ad-supported plans that are absorbing much of advertisers’ interest. Their brand recognition, global scale, and advanced targeting capabilities make them priority destinations for many brands.
• Emergence of tech platforms in CTV: Players like YouTube have already consolidated their presence on the big screen, combining massive audiences with a strong advertising proposition (as discussed in this article) Meta and TikTok are preparing to enter CTV environments, adding further pressure to the traditional FAST ecosystem.
• Erosion of perceived value: Many FAST channels offer undifferentiated, repetitive, or poorly organized content, which affects user experience and consequently their value to advertisers.
• Impact of geopolitical and macroeconomic factors (2025): In a context marked by global economic uncertainty, geopolitical tensions, and shifts in brand spending strategies, many advertisers have revised their budgets, prioritizing environments with proven higher returns or cutting investments in emerging media like FAST channels.

Although audiences continue to grow, investment is not keeping pace. This gap highlights that the challenge is no longer scaling volume but consolidating a profitable and sustainable model.

A channel without an audience doesn’t generate revenue. And capturing attention today is harder than ever.

Although thousands of channels are active, only a fraction manage to attract meaningful traffic. Most users don’t explore beyond the first visible channels. Without a clear editorial proposal or mechanisms to retain attention, many channels simply “do not exist” for the viewer.

This oversupply has created a paradox: more content does not mean more viewing, but more indecision. Many viewers end up browsing for minutes… without actually watching anything.

As we’ve seen throughout this article, this situation highlights the importance of having a clear and well-defined strategy when launching a FAST channel. It’s not just about choosing content, but about making conscious decisions regarding:

• What content is included and how it is grouped
• On which environment or platform the channel is distributed.
• What agreements are made with the operator to ensure visibility: from featuring the channel in the interface to running promotions on already established channels sharing potential audiences.

In a saturated ecosystem, curation, context, and visibility are just as important as the content itself.

Are we facing a moment of adjustment?

Everything points to yes. The growth in the number of channels has outpaced consumption time and revenue generated. And some platforms have started to react.

Samsung TV Plus, Roku, and Pluto TV have already removed underperforming channels. This pruning is not just cosmetic: it aims to improve user experience, raise inventory quality, and free up space for better-thought-out offerings. The FAST ecosystem might be entering a correction phase, where content selection and differentiated value become key again.

The FAST model remains promising but needs to mature. Not all content deserves its own channel, nor does every channel find its audience. Oversupply, far from being an advantage, can turn into noise. The question should not be, “How many more channels can we launch?” but rather, “Which ones provide real value to users and advertisers?” And perhaps that is the key to FAST’s future: less, but better.