The streaming landscape in early 2026 is looking less like a kingdom and more like a crowded battlefield. According to the latest data from JustWatch, which tracked over 35 million streaming interactions in the U.S. from January through March, the “old guard” is facing its toughest challenge yet.
While Netflix and Prime Video still hold the top spots, the gap is closing at a clip that should have executives in Los Gatos checking their rearview mirrors. Here is how the market breaks down as we head into the second quarter of the year.
The latest report on the US streaming industry, following changes in the subscription video on demand (SVOD) market throughout the first quarter (January-March) of 2026. This Quarterly Market Shares Report tracks user behavior changes and highlights the wins and losses of over 300 SVOD providers in the United States.
Key Takeaways:
- Amazon and Netflix’s market dominance narrows: Both longtime leaders in the U.S. streaming market saw their shares decline in Q1 2026.
- Mid-tier players surge ahead: Apple TV+, Disney+, and Peacock Premium outpaced larger rivals with +2 to +4 pp gains.
- Disney+ emerges as the clear No. 3: Now firmly the closest challenger to Netflix and Prime Video, continuing to close the gap.
- Apple TV+ ties HBO Max for No. 4 spot: Apple TV+ made significant gains in Q1 2026, seeing +4pp growth from last quarter.
1. The Crown is Heavy for Netflix
Netflix remains the market leader at 19%, but the days of double-digit leads over the competition appear to be over. With Prime Video (17%) and Disney+ (16%) breathing down its neck, Netflix’s upcoming earnings call will likely focus on retention and ad-tier conversion as much as new subscriber growth.
2. Apple TV+ Breaks the “Ceiling”
The biggest story of the quarter is undoubtedly Apple TV+. The platform surged by +4 percentage points, effectively breaking into the top tier of streamers. Now tied with HBO Max at 12%, Apple’s strategy of high-budget originals and a sleek user interface is clearly paying dividends. If this trajectory continues, we could see a three-way tie for the #2 spot by the end of the year.
3. The Merger Math: A New “Big Three” Emerges?
The industry is currently buzzing with rumors of a Paramount and Warner Bros. Discovery (WBD) merger. If we look at the JustWatch data, the logic becomes clear:
- HBO Max (WBD): 12% share
- Paramount+: 3% share
- Combined Entity: 15% share
A merger would instantly create a powerhouse that rivals Disney+ and Prime Video, potentially turning the “Big Two” (Netflix/Prime) into a “Big Four.”
4. Peacock Rides the Olympic Wave
Peacock saw a significant jump this quarter, reaching 4% share (a +2pp increase). This momentum was fueled by two primary engines:
- The Winter Olympics: Proving that live sports remain the ultimate “sticky” content for streaming.
- Award Season Buzz: Critical hits like Hamnet and Bugonia have successfully transitioned Peacock from a “backup” service to a destination for prestige cinema.
5. The Resilience of PBS
Despite a turbulent political climate and the loss of federal funding, PBS has held remarkably steady at 2%. This suggests a loyal, dedicated audience that values public broadcasting enough to seek it out regardless of the platform’s financial headwinds.
Market Development Snapshot
| Platform (Q1 2026 Share) | Quarterly Development (Q4 2025 → Q1 2026) | Annual Development (Q1 2025 → Q1 2026) |
|---|---|---|
| Netflix (19%) | -1 pp | -1 pp |
| Prime Video (17%) | – 4 pp | -4 pp |
| Disney+ (16%) | +2 pp | +4 pp |
| Apple TV+ (12%) | +4 pp | +4 pp |
| HBO Max (12%) | -1 pp | -1 pp |
| Hulu (11%) | Stable | +1 pp |
| Peacock Premium (4%) | +2 pp | +2 pp |
| Paramount+ (3%) | -3 pp | -4 pp |
| PBS (2%) | Stable | Stable |
| Others (4%) | Stable | -1 pp |
SVOD Market Shares in Q1 2026
The top two leaders in streaming this quarter are:
- Netflix – 19%
- Prime Video – 17%
Followed by Disney+ (16%), Apple TV+ (12%), HBO Max (12%), and Hulu (11%) Peacock Premium (4%), Paramount+ (3%), PBS (2%), and other services (4%).
The Takeaway
The streaming market is no longer a winner-take-all game. As Apple TV+ surges and potential mergers loom, the “middle class” of streaming is disappearing, replaced by a pack of giants all fighting for the same 15-20% slice of the pie.
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