The U.S. streaming industry is entering a new phase of competition, according to the latest JustWatch Q3 2025 report. The analysis, based on the viewing behavior of over 20 million U.S. users, reveals that market leaders Amazon Prime Video and Netflix are gradually losing ground as challengers like Disney+, Hulu, HBO Max, and Apple TV+ continue to gain traction.
Prime Video and Netflix maintained the top two spots with 20 percent and 19 percent market shares, respectively, in the US streaming market in Q3 2025. However, both platforms lost 1 percentage point in Q3 2025 and have declined by 2 points year over year, signaling a slowdown in dominance as the market matures and audiences diversify their viewing habits.
Disney+ remains the strongest contender among the challengers with 14 percent share, while HBO Max rebounded to 13 percent after a mid-year dip, defending its lead over Hulu (11 percent).
Apple TV+ held steady at 8 percent, outperforming struggling Paramount+, which slipped to 6 percent amid rising competition.
Peacock Premium (2 percent), Starz (1 percent), and other smaller services (6 percent) round out the market, with BritBox emerging as a standout performer with 126 percent year-over-year growth.
Year-on-year data highlights shifting dynamics:
Prime Video (–2 pp YoY) and Netflix (–2 pp YoY) both lost share after peaking in early 2025.
Disney+ (+2 pp YoY) and Hulu (+1 pp YoY) strengthened their foothold, benefiting from consistent content investments.
HBO Max remained stable at 13 percent, showcasing resilience following its rebranding and content lineup expansion.
Apple TV+ maintained an 8 percent share, improving its relative ranking as competitors like Paramount+ declined (–3 pp YoY).
The growing parity among major SVOD (Subscription Video on Demand) platforms reflects a shift toward a more fragmented and competitive market, where user experience, exclusive content, and bundled offerings increasingly determine viewer loyalty.
Baburajan Kizhakedath
