Netflix: How the Streaming Giant Stacks Up Against Other Major Platforms

by Taylor Cunningham

While Netflix has suffered several hits this year concerning subscribers,stockholders, and original content, it’s still holding as the most competitive streaming service on the market.

As of June, the company still boasted higher numbers than any of the competition with 220.67 million subscribers around the world. However, it is one of the only streaming services that has lost business this year. Since December 2021, nearly 1.2 million customers have unsubscribed from Netflix.

Meanwhile, the other notable services—such as Disney+, Hulu, HBO Max, Paramount +, and Peacock have been watching their numbers rise.

Disney + appears to be Netflix’s biggest competitor. The company added almost 8 million new subscribers in only three months. In April, it reported 137.7 million subscribers. And the Disney+, Hulu, and ESPN+ bundle reported 205.6 million that same month.

Warner Bros. owned HBO, HBO Max, and Discovery +have lured 1.7 million customers to their platforms with a combined count of 92.1 million subscribers. The number jumped by 1.7 million in two months.

Between December and June, Paramount+ gained more than 10 million, bringing its total to 43 million subscribers. Peacock reported 13 million paid subscribers, despite its free platform. And Hulu only gained 300,000 customers in three months. It currently has 45.6 million subscribers.

Netflix Suffers Worst Year in Over a Decade

The reports come after Netflix suffered its first subscriber loss in over a decade. And the loss fueled a costly lawsuit for the company.

After losing a staggeringly high amount of subscribers earlier this year, the company promised shareholders that the decline was only temporary and that the numbers would rise by the next quarter. However, that didn’t happen. So the shareholders filed a suit.

As Variety reported in May, the claimants alleged that Netflix lied about its subscriber growth for over six months. As a result, investors watched stock prices plummet. So they asked for “compensatory damages in favor of Plaintiff and the other Class members against all defendants, jointly and severally, for all damages sustained as a result of Defendants’ wrongdoing.”

Netflix had publically shared that a suffering economy, excessive password sharing, and the war in Ukraine were to blame for its problems. CEO Reed Hastings warned that the company could lose another two million subscribers. However, he had a few plans that he believed would reverse the problems.

Shortly after, the streamer’s stock value had a massive one-day drop. And with that, Hastings admitted that subscriber numbers were lower than expected, which prompted shareholders to take action.

In total, Netflix’s stock value dropped 67%. On November 17th, it was selling for $691.69 a share. On May 4th, the day of filing, the worth had fallen to $204.01 apiece.