Netflix has managed to increase the number of its subscribers to 207.6 million viewers all around the world. This achievement became possible in 2020 where the streaming company received 8.5 million subscribers in Q4 of that year. Besides, most people are nowadays spending more time at home due to the COVID-19 pandemic. Thus, they will be looking for new ways they can entertain themselves. While some enjoy playing games like gry sloty za darmo, others enjoy streaming their favourite TV shows, movies, and series. Even though Netflix is the mainstreaming service for most people, it faces huge competition from other streamers like HBO Max, Disney+, Apple TV, and so much more.
The global demand for TV programs and movies is increasingly growing. In the latest Parrot rankings, it shows that the popularity of Netflix’s shows was slightly above 50% in the first three months of 2021. In 2020, the ratings were 54%, while in the first quarter of 2021, it was 65%. Moreover, the company expected to add six million new customers in the first quarter of 2021, but this was not the case. Instead, the company gained four million customers. Besides, Netflix is expecting to add one million customers by the end of June.
Despite these new figures, the company does not think that they are in a new competition. According to Reed Hastings, Netflix’s co-chief executive, there is no change in their environment since they have competed with Hulu for 14 years and 13 years with Amazon Prime.
So, Should Netflix Fear Competition?
Even though the company assumes that it has no competition, new streaming companies are coming into the market offering even better services. These newcomers may be providing similar shows to that of Netflix and might be cheaper. What’s more, Netflix is already losing its customers, even though at a slower rate. This proves that there is competition. With people spending time more often at home, then it should indeed fear competition from the following.
Amazon Prime Video
Launched in 2006 by Amazon, Amazon Prime Video is, without doubt, one of the biggest competitors for Netflix. The platform has 150 million subscribers from all over the world and offers thousands of series and movies to watch from multiple devices. Subscribers can buy or rent movies using this platform.
HULU
Hulu is another subscription video service that has been in the market since 2007 and is owned by The Walt Disney Company. As of March 2021, Hulu had 41.6 million users and currently generates $1.5 billion annual revenue.
Disney+
It is an on-demand video subscription service launched in November 2019 by The Walt Disney Company. The platform offers movies and series that are produced by Walt Disney Television and The Walt Disney Studios. Others are from Pixar, Disney, Marvel, National Geographic, and Star Wars brands. Disney+ has 103.6 million subscribers as of 3 April 2021.
Even though none of these other streaming services has attained over 200 million subscribers, it still proves that Netflix has to fear competition, even though not for now. With more streaming ideas coming into the market, then we should expect stiffer competition in the future.
