Documentary-led streaming service CuriosityStream is now approaching 16m global subscriptions, but around 90% of these are through operator partnerships. While these serve as an effective way to drive subscriptions, indirect customers typically produce a lower average revenue per user (ARPU), usually because of a cut-cost deal for the partner operator, or due to fees collected by the distribution partner. As a result of this large base of indirect subscribers, CuriosityStream’s Q1 2021 ARPU was just $0.24; around 20 times lower than Disney+ or Amazon and 40 times lower than Netflix, and less than a tenth of CuriosityStream’s direct-to-consumer monthly price. Much of this indirect subscription growth was in 2019, which saw subscribers growing tenfold to 10 million at year-end, up from 1m at the end of 2018. This was particularly driven by partnerships with Altice USA and Totalplay in Mexico which saw pay TV customers receive complimentary access to CuriosityStream.

A key contribution to CuriosityStream’s higher-ARPU direct subscriber growth has been its discounted HD streaming annual plans for $19.99, a 40% saving compared to the $2.99 monthly fee, alongside other offers which further drive down cost for consumers. Although its ARPU has declined as its subscriber base has grown, CuriosityStream revenue has seen consistent growth recently, driven in particular by the sheer volume of these partnerships. If it can continue to grow its direct, higher ARPU customer base, alongside creating more partnerships, it will be in a solid position for future growth.