In the second quarter of 2023, Netflix and Stan's market shares continue to slide, with Paramount+ and smaller streaming platforms benefitting.
Thanks to data provided by streaming search engine JustWatch, we can finally see just how well each streaming service is doing in Australia for the second quarter of 2023.
Netflix's market share slid one point down to 26% from the last quarter. Stan saw its market share dwindle to 8%, also down 1%. These declines were offset by a 1% growth for the market share of Paramount+, and another 1% for "Other" platforms (including Apple TV+, BritBox, Hayu, Kayo ...).
Looking back a year ago, Netflix saw a change of -2%, Amazon Prime -1%, Disney+ no change, Stan -2%, Binge +2%, Foxtel Now -2%, Paramount+ +2%, and Others +3%.
In terms of changes in market share through 2023 so far, this is reflected in the second set of graphs shown below:
The graph above allows us to see a clearer trend forming for Netflix and Stan, both declining, and Paramount+ and Others, both increasing their market shares. The others seem to be holding steady.
Let's now take a look at the global trend.
Globally, Netflix seems to be clawing back some of its lost market share through the addition of the free tier plan, as well as a crackdown on password sharing. There seems to be more of a consolidation globally as smaller players exit the market, and this could happen here as well, with Stan being the most vulnerable at the moment. It's also worth nothing Apple TV+'s growing global market share - the tech company has invested heavily in original programming, with some notable successes such as "Ted Lasso", "Silo", "Severance", and "Foundation".
