The Streaming Wars Hit a New High As Netflix Loses 2% Market Share to Rivals - Newslibre

The Streaming Wars Hit a New High As Netflix Loses 2% Market Share to Rivals In US

As the world continues to evolve and shift to streaming OTT (Over the Top) services, major players like Netflix are feeling the heat as rivals Apple TV+, Disney+, and HBO Max including others take a bite of the market share.

Things have taken a drastic change with streaming wars continuing to heat up, with Netflix losing a 2% market share in Q2. Rivals such as Apple TV+, Disney+, and HBO Max capitalized on the losses of the market leader, and each added +1% in Q2. Netflix now only holds a 1% margin over Prime Video, and there is just a 5% margin between HBO Max and 2nd place.

Netflix is slowly losing the grip it once had on the streaming market, with the recent job and budget cuts affecting the platform in different ways. It has also affected the streaming giants’ market share in Africa, more so in countries like South Africa where Prime Video and Showmax have slowly gained a foothold.

The recent slump in Netflix users including dropping off several shows from its platform due to a number of factors has given Prime Video, Showmax and other platforms an opportunity to step up as they too want some of the market shares for themselves.

In a recent data reveal shared by JustWatch, the SVOD market shares in Q1 2022 showed that Netflix still had a 32% hold on the South African market though it seems it may not hold that position for long with other competing streaming platforms beginning to catch up.

Netflix loses a 2% market share in Q2 as streaming wars rage on

Rivals Apple TV+, Disney+, and HBO Max have taken the opportunity to capitalize on the losses and have their eyes set on streaming giant Netflix with the platforms taking all steps to win as many users as possible.

HBO Max and Apple TV Plus continue to have the highest growth rate in the US adding 2% each, contributing to Netflix’s -2% loss. Other top players in the US market, such as Amazon Prime Video, Disney Plus, and Paramount+, have all actively gained +1% shares since January.

The Streaming Wars Hit a New High As Netflix Loses 2% Market Share to Rivals - Newslibre

As things stand right now, Netflix is fighting all on fronts as users slowly chip away with the competition gladly welcoming those who are looking for something else to quench their appetites.

With each streaming platform offering its own features and benefits, users have free reign to pick whatever works best for them. Content also plays a major role in determining this and Showmax has already proven that its localisation strategy and focus on offering local content has given it an advantage over other platforms.

How these streaming wars will play out in the next few months is hard to determine but we anticipate a shift in the market share as time moves along.

 

Also, read: Netflix Could Lose the Grip On South Africa’s Market Share

The Streaming Wars Hit a New High As Netflix Loses 2% Market Share to Rivals In US 1

Author: Allan Bangirana

Allan Bangirana has a taste for all kinds of topics and usually writes about tech, entertainment, sports and community projects that make a difference in society.

He writes for Newslibre and Spur Magazine. He is also the co-founder of the Innovware project and a freelance consultant passionate about technology and web.

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