Netflix dominated Q2 2024 as rivals battle for market share

The Q2 2024 Parrot Analytics Streaming Report Card highlighted the shifting dynamics within the streaming industry, as well as key trends across major platforms. Despite fluctuating subscriber counts and content consumption patterns, Netflix remained dominant, with total subscribers reaching 277.6 million, a quarterly gain of 8.05 million new subscribers. The company's quarterly revenue increased to $9.55 billion, a jump from $8.18 billion the previous year. Netflix’s corporate demand share in the U.S. climbed to 9.1%, up from 8.2% annually. Its on-platform demand share rose to 18.2%, indicating increased content consumption on Netflix despite a slight decrease in the originals demand share, now at 35.9%.

Disney+ had 153.8 million global subscribers by the end of Q2 2024, an increase of 200K from the previous quarter. The corporate demand share dropped to 18.5%, down from 20.1% a year prior, while on-platform demand share dipped to 9.4%. Despite these challenges, Disney+ reported $5.80 billion in quarterly revenue, a significant annual increase from $5.045 billion.

Hulu's performance paralleled Disney+, as it reported 51.1 million subscribers, a 900,000 quarterly gain. Hulu also earned $5.80 billion in quarterly revenue, reflecting an increase from $5.045 billion last year. Hulu’s corporate demand share stood at 18.5%, with a slight decline in on-platform demand share to 15.3%. A focus on library content and hit shows like “The Bear” helped Hulu maintain its user base.

Max, with 103.3 million total subscribers, had added 3.6 million new subscribers in Q2. However, its quarterly revenue slipped to $2.56 billion, down from $2.73 billion in the previous year. Max's corporate demand share stood at 16.8%, down from 17.6%, while its on-platform demand share remained stable at 16.6%.

Paramount+ had 70 million global subscribers and had been overtaken by Peacock in terms of catalog demand, as Paramount+ recorded an 8.1% demand share versus Peacock's 8.9%. The acquisition of Paramount by Skydance Media raised significant questions about the platform's long-term strategy, particularly in sports rights and content licensing.

Peacock reached 33 million subscribers in Q2 2024, losing 1 million from the previous quarter. The platform's quarterly revenue was reported at $1.0 billion, down from $1.1 billion in the prior quarter. Peacock closed the gap to Disney+ in demand share, reducing it from 1.2% to 0.5% and increased its on-platform demand share to 8.9%.

Apple TV+ continued its steady growth trajectory, closing Q2 2024 with 44.3 million subscribers, representing a 600K gain over the last quarter. The platform’s corporate demand share in the U.S. remained at 7.1%, with its on-platform demand share remaining stable at 4.2%. Apple's focus on premium, original content like "Ted Lasso" and "Severance" helped sustain its position in the market. Quarterly revenue was reported at $4.17 billion, a significant increase from $3.69 billion in Q2 2023.

Amazon Prime Video reported a global subscriber base of 218 million, a significant rise of 6.2 million from the previous quarter. Prime Video's corporate demand share stood at 8.5%, showing a slight drop from the previous year’s 8.8%, while its on-platform demand share also experienced a minor decline to 11.4%. The platform's quarterly revenue remained strong, at $10.15 billion, up from $9.55 billion in Q2 2023. Prime Video maintained a competitive edge with its extensive catalog, bolstered by flagship shows like "The Boys" and "The Lord of the Rings: The Rings of Power."

While Netflix continues to assert its dominance with subscriber growth and revenue, other platforms like Disney+, Hulu, and Max face varying levels of success in retaining their demand share. Peacock's resurgence in catalog demand and Paramount+'s strategic uncertainties highlight the ongoing competition in the market. As the platforms adapt to shifting consumer behaviors and explore new avenues such as live sports and ad-supported models, the future of streaming remains dynamic and full of potential for further transformation.