Netflix lost 31% of its market share over the last year

Netflix lost 31 per cent of its market share over the last year despite adding more than 36 million new users to the platform as the company’s rivals gain steam. 

The company’s US market share took a tumble from 29 per cent to 20 per cent, representing a 31 per cent drop since 2020. 

The drop occurred at a time when streaming content became increasingly popular, largely due to the coronavirus pandemic keeping millions of Americans at home for the most part of last year.  

Netflix lost 31 per cent of its market share over the last year despite adding more than 36 million new subscribers 

The drop occurred at a time when streaming content became increasingly popular, largely due to the coronavirus pandemic keeping millions of Americans at home for the most part of last year watching shows  like Bridgerton (image from show pictured) 

Data from Ampere Analysis, shows that while Netflix has maintained its No. 1 spot, other streaming services aren’t far behind. 

Amazon Prime Video is in a comfortable second place with 16 per cent of the market.   

Hulu barely made it to third place at 13 per cent while HBO Max is hot on the company’s heels with 12 per cent. 

Disney+ rounds out the top five streaming services in fifth place with 11 per cent. 

The leftover 28 per cent of the market is made up of services like Apple TV+, Starz, Paramount+, among others. 

And while Disney+ is in fifth place, researchers are predicting that the company will overtake Netflix globally within the next three years. 

However, Netflix (a scene from The Queen’s Gambit pictured) has proven longevity with its committed customers, and could keep its top spot if consumers don’t keep their subscriptions to other streaming services

Trending data shows that Disney+ could overtake Hulu and HBO Max to secure third place by the end of this year.  

From there, researchers believe that if you combine Disney’s streaming businesses, which include the likes of ESPN+, Disney+ and Hulu, the company will knock Netflix off its throne by 2024. 

However, Netflix has proven longevity with its committed customers, and could keep its top spot if consumers don’t keep their subscriptions to other streaming services. 

Disney+ also doubled its content budget to $15billion in December. The company has a goal of reaching 260 million subscribers by 2024. 

Disney+ passed 100 million global subscribers within 16 months of launching, a feat that took Netflix a decade to reach. 

Netflix currently has 203.7 million subscribers.