The next few months could see a bonanza of bundles hit the streaming marketplace. Customers are eagerly awaiting the promised combination of Disney+, Hulu and Max that will arrive sometime this summer, and the Venu Sports joint venture channel package is still currently scheduled to arrive this fall. But will we see more bundles that include Netflix, the largest streaming service of them all in terms of subscribers? Probably not, at least no new bundles with competing streaming giants like Disney+, Max, or Prime Video, according to a shareholder letter sent by Netflix earlier this week.

Key Details:

• In the letter, Netflix said it wouldn’t partner with these services because it already offers a better customer experience.
• Netflix has bundled with Apple TV+ and Peacock in the StreamSaver bundle, suggesting perhaps it doesn’t see them as terribly threatening.
• Every bundle Netflix has joined has been unavailable to the general public, and only accessible by a select group of customers.

It was a little strange to see Netflix call out its competitors by name in the shareholder letter, but that’s exactly what the streamer did. Netflix revealed in its quarterly earnings report this week that it had gained another 8 million subscribers in the second quarter of 2024, and in its accompanying note to shareholders, it didn’t hold back on why it was not involved in any bundle discussions with other large streaming services.

“We haven’t bundled Netflix solely with other streamers like Disney+ or Max because Netflix already operates as a go-to destination for entertainment thanks to the breadth and variety of our slate and superior product experience,” the letter reads. “This has driven industry leading penetration, engagement and retention for us, which limits the benefit to Netflix of bundling directly with other streamers.”

Essentially, Netflix won’t be joining with those streaming services because it doesn’t see any point. It’s basically the same point I made when I argued in May that Netflix should avoid joining any such bundles; it already has the content and branding to draw a huge audience of its own. Why would it need other streamers?

Disney+, Max, and Prime Video are the only streamers on the market besides Netflix to be near or above 100 million subscribers — Disney+ has 153.6 million, while Prime Video has over 200 million and Max has 99.6 million — and there’s essentially no reason for Netflix to lend the strength of its platform to them and help them build scale faster with low-cost bundles.

But Hasn’t Netflix Joined Bundles Already?

Netflix was indeed one of the first streaming services to kick off this summer’s wave of bundling, as it joined with Peacock and Apple TV+ to create the StreamSaver bundle for Xfinity TV and internet customers. This package allows Xfinity-subscribed viewers to stream ad-supported Peacock and Netflix, as well as ad-free Apple TV+ for just $15 per month. But both Peacock and Apple TV+ are confirmed or estimated to be below 50 million subscribers, and it’s reasonable to assume Netflix doesn’t see either as a threat to its long-term prospects.

Netflix and Peacock announced a new bundle this week, one that’s available to Verizon subscribers. Customers who go through the Verizon +play aggregation platform can get a full year of Netflix's ad-free Premium tier free when they pay for a yearlong Peacock Premium subscription ($79.99) at full price. Netflix is also available in a bundle with Max on the +play service.

But a common thread runs throughout the bundles Netflix has joined so far: exclusivity. None of these products are available to the general public; StreamSaver can only be purchased by Xfinity TV and internet customers, and any Netflix deals on +play are similarly exclusive to Verizon mobile or broadband subscribers. For the majority of global customers, the only way to get Netflix is to sign up for the service by itself, and that’s just how the company wants it.

Bundles involve revenue splitting and other complex corporate math, and why do that math if you don’t have to? That’s the position Netflix finds itself in. There’s no reason for the streamer to join bundles with competitors like Disney+, Max, or Prime Video that are available to the general public, and even though it would be a boon to customers who are increasingly frustrated at trying to figure out which streamer has which shows, audiences should expect Netflix to continue going it alone in the future.