Netflix’s last quarter earnings were the subject of much interest as the online streaming leader reported falling subscriber rates and critique over original programming. But while the company moves to bolster its appeal to new and existing users, there is plenty of movement going on elsewhere in the streaming space and we can expect a battle for the title of reigning streaming king in the next earnings round. Platform diversity is changing the landscape – here are the top contenders.
Disney
This powerhouse entertainment company has a great content slate and owns leading names such as Hulu, ESPN and Disney+. While film production slowed during the pandemic, Disney moved into offering at-home cinema-style experiences by allowing users to purchase ongoing access passes to premiere films.
Disney+ has emerged as a shining star, ramping up to 152 million subscribers, and it could hit 230 million by 2024. The streaming industry may be losing some steam, but Disney+ could take the lead with content and scale that outperforms, especially with the introduction of a new ad-supported tier.
Apple
The streaming war goes up a peg or two when you throw tech powerhouses like Apple into the mix. Earlier this year, Apple secured a deal with the Major Baseball League (MLB) for rights to stream Friday Night Baseball and the Major Soccer League (MLS).
Previously watching premium sports has been difficult for consumers, given that it’s usually through satellite TV that comes at a whopping cost. Apple is attracting users and standing out in an increasingly busy streaming market by making traditional TV available at a cheaper cost.
Amazon
Similar to Apple, Amazon has also made a push in America for sports, with Prime adding the National Football League (NFL) to its content slate. Sports has revealed itself as a huge subscriber attraction, and these streaming giants want a piece of the pie.
Amazon also acquired MGM Grand for USD$8.45 billion, showing its intent to muscle into the streaming industry. These deals help separate Prime in a crowded streaming market, given you receive many benefits beyond entertainment from having a Prime subscription. Amazon doesn’t disclose the number of its video subscriptions, but it has over 200 million prime users.
Paramount Global
The new kid in town is Paramount+, also muscling its way into the market through sports. In recent news, Paramount agreed to a deal with Walmart to offer its streaming services to the retailer’s membership base. The offering may bolster Walmart’s appeal as it tries to mimic Amazon’s Prime membership.
Sports: the new flavour for streaming services?
There is a battle happening in the streaming space, and some of the biggest companies in the world want the throne. Once the favourite, Netflix has to rethink their offering and see what they can add to their proposition beyond just streaming services.
Sports seem to be the newest avenue for streaming platforms to pursue as they look to shake up the entertainment market. Pushing deeper into sports events could attract more subscribers than your everyday series binge watchers, bringing streaming to the masses and maybe get some love from big advertisers. It remains to be seen if Netflix can find something new to help hold on to its place at the top.