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Nonetheless, its shares are still down nearly 65 per cent, wiping out roughly $70 billion in market capitalisation and even knocking the share price of its rivals in collateral damage, an indicator of Netflix's outsize influence on the streaming sector as a whole. Its performance was boosted by the nearly 18 billion minutes of Stranger Things that viewers watched, complemented by the nearly 11 billion minutes of combined viewing of Virgin River and The Umbrella Academy.Ī trend among households seems to be to subscribe to a particular service to watch a particular show and then jump ship to another once viewers have finished it Netflix, despite its recent woes haemorrhaging subscribers - shedding a million subscribers this year alone - still gained a market share of eight per cent. HBO Max and Peacock recently said their streaming businesses lost hundreds of millions of dollars in the latest quarter alone. Many are running at a loss as they sacrifice profits for growth, spending heavily on big budget content in an effort to wrestle subscribers away from competitors.Ī trend among households sees customers subscribe to a particular service to watch a particular show and then jump ship to another once they have finished it.
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While streaming is continuing to grow at the expense of more traditional TV, the market itself is getting more and more cutthroat as the big players vie for market share.
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'It's definitely the end of TV over the next five, 10 years.' co-Chief Executive Reed Hastings said last month while discussing the company's latest results.