Netflix continues to lose subscribers, and its market share is spiraling down, inching closer to its rivals, precisely Amazon Prime Video, which takes the second spot.
The largest streaming service, Netflix, has already foreseen dwindling numbers moving forward, and we are consistently seeing that happen.
Netflix Continues to Lose Subscribers
A news story by 9to5 Mac reports that the market share of Netflix in the United States is gradually falling as streaming service competition continues to heat up.
Despite that, Netflix, which houses massive shows like Stranger Things and Squid Game, still gets the highest market share among US streaming platforms.
But if Netflix's numbers continue to go down, it might say goodbye to its long-time reign at the top spot anytime soon.
9to5 Mac notes in its report that the figures from the streaming guide platform, JustWatch, show that Netflix just lost 2% of its market share in the second quarter.
As such, the streaming platform, which brought us Don't Look Up, gradually lost more subscribers from April to June of this year. So, in total Netflix now only holds roughly 21 percent of the market share pie.
Netflix's Nightmare
The top brass of Netflix has previously admitted that it would be a bleak year for the streaming service as it continues to struggle financially.
The Netflix co-Chief Executive Officer (CEO) Reed Hastings has announced that they are bound to get more serious in blocking password sharing, and a new ad-supported tier is on its way.
According to a recent report by The Verge, the other CEO of the giant streaming service Ted Sarandos has officially confirmed that Netflix plans to launch a new ad-supported tier.
The news outlet notes that the move by Netflix to include ads in its service comes after the streaming giant has started constantly losing its users.
Amazon Prime Nears Top Spot
Meanwhile, the figures from the JustWatch report show that Amazon Prime Video is only a single percent away from taking first place in the streaming service race, thanks to its 20 percent market share.
Read Also : 'Stranger Things' Gets 1 Billion Hour Views on Netflix, 'Squid Game' Still Tops the List
How About HBO Max and Disney+?
HBO Max and Disney Plus go head to head as well in a single-digit fight at the third and fourth spot, respectively. The Disney streaming platform takes 14 percent share, whereas Warner Media sits at third with 15 percent.
Hulu takes the fifth spot, flaunting a 10 percent share. On the other hand, Apple TV Plus and Paramount Plus take the sixth and seventh place respectively, with a single-digit percentage.
Related Article : Think Your Netflix Was Hacked? Here's How to Tell and What to Do Next
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Written by Teejay Boris
