At first sight, the US SVoD market looks in rude health, with intensifying competition and aggregate subscriber totals rising fast and more than mopping up churning legacy pay TV customers. But first appearances can be deceptive and headline gains in subs totals will be offset by reducing ARPUs, which seems to be common across all the Americas. It also reflects the impact of this content fragmentation pushing US consumers towards taking more and more subscriptions to cover the content options they want. This itself is exerting downwards pressure on subscription prices, reflected in most of the new offerings being substantially cheaper than their established competitors such as Hulu and Netflix. With increasing choice and reliance on consumers taking out multiple…