Netflix is experiencing pressure. The world’s largest streaming service, which dominated the industry in the 2010s, has since 2020 gradually joined the pack. Netflix continues to lose momentum in the streaming wars to competitors like Disney Plus (opens in new tab), HBO Max (opens in new tab), and Apple TV Plus despite hits like Wednesday and Stranger Things (opens in new tab). We have further information on how Netflix’s market share has been steadily declining and what that means for streaming users.
Market share for Netflix decreases once more. According to reliable sources, since January 2020, competitors have taken 13% of Netflix’s streaming video-on-demand (VOD) market share.
The following graph shows the three-year trend in the 30 million JustWatch members’ interest in Netflix programming across more than 120 countries. Disney Plus, HBO Max, and Apple TV Plus have become increasingly popular as Netflix search activity declines.
From January 2020, Netflix’s market share among JustWatch members has decreased from approximately 46% to 33%. Disney Plus’s share has increased from 10% to about 18%. HBO Max’s market share has climbed from 0% to 10% since its May 2020 launch. The percentage of Apple TV Plus has gone up to 6%.
As a result, the market share of “other” services like Hulu and Peacock, as well as Amazon Prime Video (opens in new tab) has either remained stable or slightly decreased.
In order to reduce expenses in the face of rising difficulties, Netflix started two waves of layoffs in 2022, terminating 450 workers nationwide.
Variety reports that these layoffs affected about 4% of the company’s 11,000 employees worldwide. Despite this, Netflix kept its ambitious $17 billion budget for new programming in 2022 at the same level as in 2021.
