Americans Tune Out New TV, Embrace Free Streaming
In the realm of entertainment, we find ourselves in a time characterized by asymmetrical information. Technology companies possess an abundance of data, far exceeding their capacity to utilize it effectively, while the average individual or business partner finds themselves with minimal access to this wealth of information. Engage with any Hollywood producer, agent, or lawyer, and you will hear their frustrations regarding the increasing difficulty in measuring success and the limited understanding they possess compared to Netflix Inc. or Amazon.com Inc. The exact value of Stranger Things to Netflix remains unknown, for instance. We possess sufficient information to comprehend what is effective, what is ineffective, and what is evolving. We have analyzed multiple years of Nielsen viewing data — sufficient to provide an in-depth perspective on our changing viewing habits. Several important considerations. This does not represent the complete viewership data. We are examining US streaming, particularly during the weeks when shows featured in the Nielsen top 10 charts. Netflix releases its own data, which we have also examined; however, this does not assist us in comparing the streaming leader to other competitors. Additionally, Nielsen assesses Hollywood content — apologies to YouTube — and our data concluded in early November, meaning we lack the complete picture for 2025. It may come as a surprise that Ozark has surpassed Stranger Things, but it’s important to note that Netflix has only made available two seasons of Stranger Things since 2020, the year Nielsen began releasing this streaming data. The fifth and most recent season was released too late for inclusion. It is also important to highlight that Netflix is responsible for all 10 of these shows.
The streaming service that has captured the most attention in recent years is… YouTube. The streaming service owned by Alphabet Inc. surpassed Netflix to become the most popular option on TVs a few years ago and has continued to maintain its lead since then. It has now surpassed the combined size of Netflix and Amazon. YouTube has dedicated the past few years to expanding its viewership on television platforms. Its success has prompted Instagram to follow suit, while Netflix is exploring competition in emerging categories such as video podcasts. Numerous Hollywood producers are seeking to nurture new shows and talent on YouTube, as every major streaming service and brand engages with leading online content creators regarding potential collaborations. Netflix plans to utilize a version of this chart should its agreement to acquire the studio and streaming operations of Warner Bros. Discovery Inc. lead to antitrust litigation. Free streaming services are expanding at a faster rate than their paid counterparts. YouTube has emerged as the fastest-growing network on television; however, it is not the sole contender. The ascent of YouTube is indicative of a broader phenomenon – the expansion of free, advertising-supported streaming services. The Roku Channel has emerged as the fastest-growing streaming service following YouTube, with Tubi closely trailing behind. Let us examine two complimentary services — Tubi and Roku — alongside the subscription offerings from Comcast Corp. and Warner Bros. They were of identical size a couple of years ago. At this moment? Tubi and Roku are nearly double in size.
The emergence of free services is logical when one reflects on the changing demographics of the streaming audience. When Nielsen’s monthly gauge reports debuted in May 2021, streaming accounted for 26 percent of TV viewing. During that period, subscription-based platforms like Netflix, Hulu, and Disney+ represented the predominant share. Many of the initial users of streaming services were younger individuals residing in affluent urban areas. As streaming permeated nearly every aspect of US society, it drew in a larger number of price-sensitive viewers — individuals who are abandoning cable or exchanging broadcast TV for alternative free options. Paid services have also become significantly more costly. The average price of the major streaming services — even with the cheaper, advertising-supported versions — has surpassed the cost of cable. Subscribing to the advertising-supported versions of all the major streaming services — including Paramount+, the full Disney bundle, Peacock, Fox One, BET+, and AMC+ — would amount to nearly $100. That is a significant factor contributing to the fact that free services now represent over 40 percent of streaming time. This deserves more attention. Disney achieved the most successful launch into the streaming arena among traditional entertainment companies. It attracted tens of millions of customers in its inaugural month and debuted with a significant original hit show. However, Disney has experienced a decline in recent years. The company was once poised to challenge Netflix for viewership. Currently, individuals dedicate approximately half the amount of time to Disney compared to Netflix. Amazon is closely pursuing Disney. The Amazon figures encompass the Channels business — videos from various services viewed within the Amazon platform. Thus, it is not entirely a direct comparison. However, it remains true. The most compelling counterargument I’ve encountered is that Disney is deliberately taking its time to integrate three applications — Disney+, Hulu, and ESPN — into a single platform, intending to launch a significant marketing campaign once the process is complete. Even if that were true, this process has been unfolding over the course of years. Years in which Disney is increasingly lagging behind.
There are positive developments for Disney as well. It remains the reigning champion in the realm of cinema. The streaming movie that has garnered the highest viewership in the past six years is… Moana. This elucidates the rationale behind Disney’s decision to transform a TV series into a movie sequel, subsequently leading to the production of a live-action film. Disney+ has become the platform for many of the most popular streaming movies in recent years. Nearly all of these films are animated, and the vast majority premiered in theaters initially. The sole Netflix original film featured on the list is KPop Demon Hunters (more on that later). Netflix accounts for approximately two-thirds of streaming successes. Numerous methods exist to assess Netflix’s influence in comparison to its competitors. It boasts the highest number of subscribers, exceeding 300 million, and outperforms all other Hollywood streaming services in terms of sales and profit. Nielsen provides us with yet another insight. Netflix is responsible for the majority of the hit shows. Approximately two-thirds of the original programs featured in Nielsen’s top 10 lists originate from Netflix. It’s more than just shows. Reflect on films. Disney holds the rights to the biggest hits, yet audiences dedicate significantly more time to viewing films on Netflix. Over fifty percent of the films featured on Nielsen’s top 10 lists in the past five years were viewed on Netflix. And in case you overlooked our initial chart, viewers continue to engage with a significant amount of classic television on Netflix. It possesses a unique talent for transforming nearly any show into a success. Reruns that achieved modest success on other platforms transform into significant hits on Netflix. The Office and Parks and Recreation consistently held positions as some of the most-watched shows on streaming during their time on Netflix. When Universal transitioned them to Peacock, they vanished from the top 10 lists. The reverse occurred with Suits, which ascended to the top 10 rankings only after its transition to Netflix. Paramount Skydance Corp. will utilize these types of charts to argue that Netflix’s acquisition of Warner Bros. constitutes anti-competitive behavior. Netflix’s position is weakening. Netflix’s portion of streaming viewership — along with its streaming successes — has indeed decreased over time. Let me clarify, Netflix continues to dominate with the majority of the biggest hits. However, it no longer encompasses all of them. Every prominent streaming service consistently secures shows in the top 10. Netflix’s overall share of streaming viewership has fallen below 20 percent. One of the reasons for this is the desire to incorporate a major studio, along with HBO. Bluey. The Australian kids’ show overshadowed all competition except for Grey’s Anatomy.
Last year, it held the title of the most-watched show on streaming platforms. Licensing Grey’s Anatomy over a decade ago stands as one of Netflix’s most astute decisions. Paramount+ demonstrates a robust performance with the beloved children’s classic, SpongeBob SquarePants, while Hulu makes its mark with Bob’s Burgers. It’s quite surprising that streaming services have not generated a significant number of new hits for children or animated series, especially considering that reruns of these genres consistently dominate each year. Notably missing from this list is CoComelon, which previously held the title of the most-watched kids’ show on streaming. In 2022, it ranked as the third most-popular show across all streaming platforms, and it maintained a position in the top five in 2023. However, that was the same year that Bluey took its place. Although CoComelon continues to dominate YouTube, it is beginning to exhibit signs of weariness on streaming platforms. It will be intriguing to observe whether it diminishes further or experiences a resurgence upon its transition to Disney+. It is important to note that we did not measure the entire year, which is one reason for Bluey’s decline. The original streaming show that garnered the highest viewership in 2025 is… Squid Game. The concluding episodes of the Netflix thriller attracted a significant viewership in the US, marking it as the sole foreign language series to reach the pinnacle of the charts. Stranger Things is poised to lead the year-end data. It achieved the largest opening week of any show in streaming history. Stranger Things would rank eighth on this list based on just one week of viewing for four of the season’s eight episodes. How astonishing is that? Nonetheless, Netflix holds a significant share of the leading original shows, though it is not without competition. Amazon has launched two titles: Reacher and The Summer I Turned Pretty, while Peacock has introduced Love Island, and Apple has released Severance. This information ought to be of significance to Hollywood. All of these shows are not new series. Three of them — Squid Game, The Summer I Turned Pretty, and You — are concluding. This marks the first occasion in several years that none of the 10 shows debuted anew. This situation is even more concerning when taking into account that 2023 was affected by the Hollywood labor strikes. Returning series such as Stranger Things and The White Lotus would undoubtedly rank among the top 10 if they were considered, indicating that the top 12 lacks fresh entries.
Apple TV draws only a small portion of viewers compared to even lesser-known streaming platforms such as Peacock and Paramount+. It is not present in the public versions of Nielsen’s monthly gauge charts and constitutes less than 1 percent of the top 10 shows featured on the four weekly Nielsen charts over the past five years. It is beginning to gain some traction for its original series, yet it still falls short compared to its competitors. HBO Max ranks low because HBO originals are classified as acquired titles according to Nielsen’s calculations. The White Lotus emerged as one of the top 10 original streaming shows of the past year. The most-viewed film on streaming platforms this year was.. K-Pop Demon Hunters. It surpassed the combined popularity of the next three largest films. This is the largest original film in the history of streaming. Recall our previous list of the most popular streaming movies from recent years; it primarily featured children’s titles that are repeatedly watched. Upon closer examination within a specific year, the list reveals some notable differences. Children’s films continue to dominate the rankings, yet there is a notable increase in original productions — four Netflix originals have made the cut. Additionally, there is more to explore for adults with The Accountant 2, Wicked, and Back in Action. To contextualize KPop Demon Hunters, one should consider its standing alongside the most popular Netflix original movies to date. It is more than twice as popular as the next biggest contender, Glass Onion.
