Netflix seems to be able to withstand the onslaught of streaming services.
According to Omdia’s latest study, Netflix will be the world’s most popular streaming service until at least 2026, according to Deadline. The business believes that Disney Plus will continue to expand at a quicker pace, but that it will not overtake Netflix as quickly as originally predicted (other analysts had forecast a Disney Plus ascendancy by 2024).
Between January and March of this year, Netflix lost 200,000 customers, and that number is anticipated to top 2 million by the end of June. In 2026, according to Omdia, the streaming service will have 260 million members versus Disney Plus’s 240 million, a tiny reversal of fortune.
Customer dissatisfaction with Netflix’s controversial pricing hikes, dwindling content quality and inventive cancel culture will be relieved by the findings of the new study.
However, despite the fact that Omdia’s results don’t forecast a drastic shift in Netflix’s trajectory, the data still hints to a protracted stay of execution for the firm.
There were 221.6 million subscribers on Netflix and 137.7 million on Disney Plus as of March 2022, according to data provided by Netflix.
According to Omdia, HBO Max and Prime Video will each have 150 million customers by 2026, with Peacock and Paramount Plus the next two most popular streaming services.
The re-subscribers should not be overlooked
Omdia’s results also shed light on an industry-wide indicator that is generally overlooked: re-subscribers.
In the UK, streaming service cancellations increased by 45 percent in the last year, while re-subscriptions increased by an astounding 84 percent, according to the business. No one can say for sure whether this is a worldwide trend, but as Deadline points out, increased churn doesn’t always indicate that subscribers are cancelling their subscriptions completely.
On the contrary, subscriptions to on-demand video services climbed by 11 percent in the UK last year, indicating that the growing cost of living isn’t as big of a factor in people’s streaming habits as previously assumed.
According to Omdia’s Senior Director Maria Rua Aguete, “Consumers prefer to decrease other expenditures than their personal enjoyment at home when faced with growing prices.” They have been able to afford more services because of the reductions in other expenditures that have taken place,” according to our study.
Netflix’s negative subscriber curve may be turned around in the coming months if the streaming service can establish that it’s a service worth returning to.
Subtly charming pop culture geek. Amateur analyst. Freelance tv buff. Coffee lover