Competition Heats Up as Disney+, Hulu, HBO Max, and Apple TV+ Close the Gap on US Market Leaders
JustWatch is releasing the latest streaming market share report for the United States, analyzing user activity and platform interest during the third quarter of 2025. The following insights are based on aggregated behavior from over 20 million monthly U.S. JustWatch web and app users.
Key Takeaways
- Market leaders losing dominance: Prime Video (20%) and Netflix (19%) command the largest shares, but both lost 1 percentage point in Q3 and two points year over The decline reflects rising competition and a maturing market.
- Challengers closing in: Disney+ (14%) remains the strongest contender, while HBO Max (13%) rebounded from last quarter’s dip to defend its positioning from Hulu (11%) in the race for fourth place.
- Mid-tier shake-up: Paramount+ (6%) continues to lose share amid growing competition, slipping 3 points year over year. Platforms such as Apple TV+ and Peacock Premium are holding steady or showing slight growth.
Market Development Snapshot
| Platform
(Q3 2025 Share) |
Quarterly Development
(Q2 → Q3 2025) |
Annual Development
(Q3 2024 → Q3 2025) |
| Prime Video (20%) | –1 pp | –2 pp |
| Netflix (19%) | –1 pp | –2 pp |
| Disney+ (14%) | 0 pp | +2 pp |
| HBO Max (13%) | +1 pp | Stable (< ±0.5 pp) |
| Hulu (11%) | 0 pp | +1 pp |
| Apple TV+ (8%) | Stable | Stable |
| Paramount+ (6%) | –1 pp | –3 pp |
| Peacock Premium (2%) | Stable | +1 pp |
| Starz (1%) | Stable | +1 pp |
| Others (6%) | +1 pp | +2 pp |
SVOD Market Shares in Q3 2025
The top two leaders in streaming this quarter are:
- Amazon Prime Video – 20%
- Netflix – 19%
Followed by Disney+ (14%), HBO Max (13%), and Hulu (11%), followed by Apple TV+ (8%), Paramount+ (6%), Peacock Premium (2%), Starz (1%), and other services (6%).
Market Development Overview
Prime Video (20%) and Netflix (19%)
- Quarterly development (Q2 → Q3 2025): Both leaders lost traction this quarter (–1 pp each vs Q2 2025) as their dominance continues to soften.
- Annual development (Q3 2024 → Q3 2025): After peaking in March 2025 at 22% and 21%, both have gradually declined (–2 pp each YoY), reflecting a steady slowdown as competition intensifies and audiences diversify across platforms.
Disney+ (14%) and Hulu (11%)
- Quarterly development (Q2 → Q3 2025): Growth cooled slightly this quarter, but both remain stable and unchanged from last quarter.
- Annual development (Q3 2024 → Q3 2025): Disney+ and Hulu continue to rise year over year (+2 pp and +1 pp respectively). Disney+ now stands as the strongest challenger to the top two, while Hulu maintains consistent upward momentum within the mid-tier.
HBO Max (13%)
- Quarterly development (Q2 → Q3 2025): Gained +1 pp this quarter, reclaiming ground lost in Q2 and defending its market position from Hulu and Apple TV+.
- Annual development (Q3 2024 → Q3 2025): Stable YoY at 13%. After a brief mid-year dip, HBO Max’s recovery highlights its ability to sustain engagement and maintain a strong mid-tier position.
Apple TV+ (8%)
- Quarterly development (Q2 → Q3 2025): Apple TV+ remained steady quarter over quarter, maintaining its share while other mid-tier competitors experienced
- Annual development (Q3 2024 → Q3 2025): Apple TV+ also held its market share steady at 8% year over However, its relative positioning improved due to ongoing volatility and declines from Paramount+.
Paramount+ (6%)
- Quarterly development (Q2 → Q3 2025): Down –1 pp, continuing to lose share amid tougher mid-tier competition.
- Annual development (Q3 2024 → Q3 2025): Down –3 pp YoY (from 9% in Q3 2024). After a strong start to 2025, Paramount+ has struggled to maintain momentum as rivals like Disney+, Hulu, and HBO Max strengthen their positions.
Peacock Premium (2%), Starz (1%), and Other Platforms (6%)
- Quarterly development (Q2 → Q3 2025): Peacock Premium and Starz remained stable this quarter, while smaller “Other” platforms collectively gained +1 percentage point.
- Annual development (Q3 2024 → Q3 2025): Peacock Premium increased by +1 pp year over year, and other smaller platforms grew by +2 pp overall, led by BritBox, which recorded the strongest relative growth at +126% YoY.
Sourcing this report
Insights are derived from the streaming activity of more than 20 million U.S. JustWatch users. Learn more at: https://www.justwatch.com/us/streaming-charts
Methodology
JustWatch’s Market Shares are calculated based on user engagement on our website, TV, and mobile apps. User interest in the United States is measured by adding movies or TV shows to their watchlist, clicking out to a streaming service or filtering multiple streaming services and marking titles as “seen”.
Note: Figures have been rounded to the nearest whole percentage point. Platforms with fluctuations smaller than ±0.5 pp are classified as stable or unchanged.
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