I love streaming services like Netflix and Hulu because they offer an amazing selection of hit TV shows and movies. I can watch whatever I want, when I want, without having to worry about commercials or scheduling conflicts. Plus, the price is right and I can cancel my subscription at any time.
Because there are millions of other customers like me, you can bet that the streaming market is a competitive space with many big players. According to the latest streaming market share data from JustWatch, Netflix and Prime Video are duking it out for first place, with Disney+ and HBO Max close behind in third and fourth place respectively. Let’s look at the market share for each service and the implications this has for the industry as a whole.
Netflix Loses Market Share in the Streaming Wars
In Q3 2022, Netflix suffered from a downward spiral, losing -2% of shares by September. This loss can be attributed to a number of factors, including the Corona Virus pandemic which led to widespread cancellation of subscriptions, as well as intense competition from other streaming services. This is the first time that Netflix has lost market share since Q2 2018! It’s likely due to the fact that people have been spending more time at home and looking for alternatives to cable TV.
Disney+ Gains an Advantage Over HBO Max
While Netflix was losing ground, Disney+ was gaining it. In Q3 2022, Disney+ won over +3% of the market share. This puts them in a strong position to challenge Netflix and Prime Video for first place. This is due in part to the success of their original programming. Disney+ exclusives like Marvel Studios’ Ms. Marvel and Pixar’s LightYear have been well-received by both critics and audiences alike. In addition, Disney+ has been aggressively marketing its service in order to lure subscribers away from other streaming platforms.
Apple TV+ and HBO Max Make Strides
Apple TV+ and HBO Max did well in Q3 2022, adding +2% to their respective market shares. This is likely due to the fact that both services have been working hard to produce quality original content that viewers can’t find anywhere else. In addition, both Apple TV+ and HBO Max have been heavily marketed to potential subscribers who may be looking for an alternative to traditional cable TV options.
The streaming wars are heating up and it’s anyone’s guess as to who will come out on top. What we do know is that there are some clear winners and losers in Q3 2022. Netflix has lost ground while Disney+, Apple TV+, and HBO Max have all made strides. It will be interesting to see how these numbers change in Q4 2022 and beyond.
Please share the latest market share data about your favorite streaming services with your friends and family.
