According to the most recent data, 83 percent of consumers in the United States were using a subscription video-on-demand service in 2023, an increase of over 10 percentage points in five years. It is no secret that one of the most popular platforms (and certainly the one with the most U.S. subscribers) is Netflix. The number of Netflix streaming subscribers in the United States and Canada passed the 70 million mark for the first time in early 2020.
Netflix as the most used video streaming service in the U.S.
To say Netflix has the monopoly on the U.S. streaming market would be an understatement, and with a wealth of original content appearing all the time, Netflix’s appeal is built to last. Data shows that Netflix has more viewers than Hulu and Amazon in the U.S., leaving services such as Disney+, Apple TV+, and ESPN+ trailing far behind.
How to satisfy subscribers?
However, the threat of new competitors could cause Netflix's subscriber base to dwindle if video consumers decide to go elsewhere. Upcoming services ranging from the long anticipated Disney+ to Warner Bros. Discovery's HBO Max and Discovery+ will likely draw some customers away from Netflix by virtue of what they can offer, and as new services enter the market, they will likely reclaim their own. Additionally, recent price increases in light of an upcoming recession led to losses in Netflix's subscriber numbers in the first half of 2022.
