Netflix is the most-watched SVOD service, accounting for one-third of total viewing hours. However, as more services join the pack, Netflix is facing competition for new subscribers. Indeed, Netflix only received 8.4% share of new SVOD subscribers during Q2 2021, down from 14.2% the previous year. This is per the latest data from Kantar.
As the world re-opens, new SOVD subscribers have dropped significantly from 12.9% of US households in the second quarter of 2020 to 3.9% this year. While two-thirds (67%) of the 95.8 million SVOD-enabled households in the US (74.6% of all households) – or about half of all US households – subscribed to Netflix in Q2 2021, the platform fell behind other top SVOD services when it came to new subscribers.
Prime Video accounted for one-quarter (24.2%) of new subscribers, nearly double that of last quarter’s top performer, HBO Max (12.5%).
Discovery+ accounted for 1 in 10 (9% of) new subscribers after only its second quarter in operation, and ranks alongside Netflix when it comes to ease of setting up service on a device and simplicity of sign up. Disney+ – which accounted for 11.6% of new subscribers for the quarter – ranks best overall for subscribers being able to find something to watch. Discovery+ outperforms Netflix on this touchpoint.
As more services become available, more subscribers become “super stackers” with access to three or more services. However, it appears Prime Video subscribers are less likely to stack subscriptions than with other services – their average stacking rate only increased from 2.6 to 2.8 year-over-year, compared to the industry’s increase from 3.1 to 3.8. This could be due to Prime’s above-average scores on ease of use (48% vs 44% industry), amount of original content (44% vs 41%) and value for money (44% vs 41%).
You can read the full report here.