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Netflix Dominates: Claims 25% of US Streaming Market

Netflix Dominates: Claims 25% of US Streaming Market

Netflix Dominates: Claims 25% of US Streaming Market
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  • Netflix’s share drops to 25%, marking a shift.
  • Paramount+ beats Disney+ in subscriptions.
  • Streaming industry shifts to subscriber focus.
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In a recent report by research firm Antenna, it has been revealed that streaming subscriber growth in the United States has experienced a significant slowdown in 2023, indicating a potential end to the industry’s explosive growth in its key market. According to the data, the growth in the premium subscription-video-on-demand category decelerated to 10.1 percent in 2023 from 21.6 percent in 2022.

Notably, the report highlights that Netflix, despite its dominance, has seen a shift in its market share. While it accounted for nearly half of the subscriptions in 2019, it now represents just over a quarter of the market. On the other hand, streaming services like Paramount+ and Peacock have witnessed growth, with Paramount+ surpassing Disney+ in total subscriptions.

The study indicates that the streaming industry is entering a new phase characterized by sobriety, moving away from the hyper-focused acquisition stage to a more balanced approach that involves managing existing subscribers. The report suggests that major players, such as Netflix, are now looking to keep content spending low and explore ad-offerings to generate additional revenue.

Despite the overall slowdown, Netflix, along with Comcast-owned Peacock and Paramount Global’s Paramount+, continues to be at the forefront of driving growth, with a combined total of 242.9 million subscriptions at the end of 2023. The report also highlights that approximately 30 percent of gross additions in 2023 were re-subscribes, emphasizing the importance of subscriber retention in the current streaming landscape.

In light of these developments, it appears that Netflix remains a dominant player in the US streaming market, claiming 25 percent of the share. However, the industry is undergoing a transformation, and streaming services are adapting their strategies to navigate the evolving landscape and changing consumer behaviors.

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