The Subscription Video-On-Demand (SVOD) market shares in Q1 2023 have seen some interesting developments since the third quarter of 2022. Prime Video has maintained its position as the largest streaming platform in the US, while Paramount+ has made significant gains after a solid earning quarter, overtaking Apple TV+. Disney+ and HBO Max have been engaged in a tight battle for third place, with the latter gaining momentum and adding +1% market share since January.
Despite being one of the major players in the market, Disney+ has seen a drop in subscribers in Q1, which may soon cost them their position in the race for third place. On the other hand, Paramount+ continues to gain traction and is steadily climbing up the ranks. Netflix, which has been a consistent performer, remained firmly in second place in Q1.
It’s interesting to note that the midfield players, Apple TV+ and Paramount+, have seen significant growth in market share. The Q1 results suggest that the SVOD market is becoming increasingly competitive, with players like HBO Max and Paramount+ making gains and challenging the established giants.
SVOD Market Shares in Q1 2023
Prime Video Remains the Largest Streaming Platform in the US Throughout Q1
According to recent market research by JustWatch, Prime Video maintained its position as the top streaming platform in the US throughout Q1 2023. Despite increasing competition, Prime Video has managed to retain its dominance in the market, thanks in part to its vast library of original content and popular shows and movies.
Paramount+ Overtakes Apple TV+ After a Solid Earning Quarter, but Still Trails the Larger Players
After a strong earning quarter, Paramount+ managed to overtake Apple TV+ in market share. However, it still trails behind the larger players in the market. Paramount+ has been gaining traction recently, thanks in part to its wide selection of movies and TV shows, including popular series such as Yellowstone and The Good Fight.
Disney+ and HBO Max Remain Locked in a Tight Battle for Third Place
Disney+ and HBO Max continue to compete fiercely for third place in the market. However, after losing subscribers in Q1, Disney+ may soon lose that race. HBO Max, on the other hand, has continued to gain momentum and added a 1% market share since January, surpassing a standstill Disney+.
Market Share Development in 2023
The Growth of Midfield Players Apple TV+ and Paramount+
Apple TV+ and Paramount+ are both considered midfield players in the market. While Paramount+ has been gaining traction recently, Apple TV+ has not seen much growth in market share. However, both platforms continue to invest in original content and new releases to attract more subscribers.
Overall, the SVOD market remains highly competitive, with each platform vying for a larger share of the market. While some platforms have seen growth in Q1, others have struggled to maintain their position. It will be interesting to see how the market develops in the coming months and which platforms will emerge as the top players.
Consumers Are Ultimately the Winners
Based on the market share data from Q1 2023, it is clear that Prime Video remains the largest streaming platform in the US. Netflix also maintained its position as the second-largest player in the market.
While Disney+ and HBO Max were locked in a tight battle for third place, HBO Max gained momentum and added +1% market share since January. On the other hand, Disney+ lost subscribers in Q1 and may soon lose the race for third place.
Interestingly, Paramount+ overtook Apple TV+ after a solid earning quarter but still trails the larger players. It continues to gain traction and is a player to watch in the future. Ultimately, the real winners are the consumers with service providers offering more content and more choices to binge on.
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