Are Netflix orignals losing ground to the competition?
Are Netflix orignals losing ground to the competition?
New data from Luminate shows that Netflix original shows are losing viewership and market share.
Netflix may be the leader in global streaming, but even this juggernaut service is not completely invincible. New data from Luminate’s Streaming Viewership report shows that Netflix original shows and movies are seeing declines in viewership, and the streamer’s original TV shows are also losing market share to other services. While the world’s largest streamer still dwarfs its competition, this could indicate that Netflix is doing something wrong, but it could also be a sign that the service’s competitors are starting to catch up.
Key Details:
- Viewership down, but share up: Netflix original movies gained 12% viewership market share in 2024.
- TV slump: Both viewership and market share of Netflix original TV shows have fallen in 2022.
- Flexing their muscle: Smaller streamers like Paramount+ and Peacock have been gaining on Netflix.
Luminate measured both viewership and viewership market share in its latest data release, and focused in on Netflix’s standing when it comes to original shows and movies. For the purposes of Luminate’s data, the research firm is considering something to be an “original” if it comes from the same company that owns the streamer, even if it did not first appear on streaming. So “Wicked” would be an original for Peacock, even though it debuted in movie theaters.
Luminate’s numbers show that viewership of Netflix original movies fell to 87.4 million minutes total in 2024, a decline of 12% since 2022. That may seem like bad news, but Netflix was actually able to increase its viewership share by 12% year-over-year. The main reason for the market share increase is declines at Disney+, which once laid claim to 40% of the original movie viewership market, but has declined to 16.2% as of 2022.
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This data is actually a startling reflection of how Disney has suffered at the box office in the past few years, and how that has carried over to streaming. Struggles at the box office thanks to decreasing interest in the Marvel Cinematic Universe, a dearth of Star Wars theatrical releases, and a string of flops has led the once-dominant studio to lose a big chunk of its original movie viewership market share, and the company is certainly hoping that the success of “Moana 2” on Disney+ continues.
On the TV side of things, the picture is less rosy for Netflix. Annual viewership of originals fell 39% from its level in 202, when it reached 280.6 million minutes. Viewership market share for Netflix original TV shows has dipped from 46.2% in 2022 to 36.4% in 2024. That is still the largest of any streamer, but it shows that Netflix may be somewhat vulnerable.
Paramount+ is one of the biggest risers, jumping from 9.1% market share in 2022 to 17% in 2024. Peacock has also experienced a large increase in original viewership share, going from 3.5% to 8% in the same time frame.
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Paramount has been leaning into its most popular franchises in recent years, with shows like “Dexter: Original Sin” and “Yellowstone” spinoffs such as “1923” becoming almost regular releases for Paramount+.
Juxtapose that with Netflix, which has been increasing its focus on live events as opposed to making franchises out of its most popular originals. Netflix is now home to weekly, live episodes of “WWE Raw,” and became an NFL partner for the first time in 2024 when it agreed to stream two live games on Christmas Day. The streamer is now trying to compete in a live sports space where Peacock has been active for years, and may be devoting its focus to that programming segment while it tries to catch up.
The release schedule itself could be playing a role in Netflix’s original series viewership drop-off, as well. Two of the most popular Netflix originals of all time — “Stranger Things” and “Wednesday” — last released new seasons in 2022, when Luminate’s data shows the streamer at the top of the heap. Well, guess which two shows are due to release new seasons in 2025?
When I analyze the data from Luminate, I see very few reasons for panic from Netflix’s perspective. The streamer may not have had an original show hit the same way that “Stranger Things” or “Wednesday” did for a couple of years, but it’s still leading in terms of original viewership marketing share. The company has always had faith in its content pipeline to churn out something new that viewers will inhale, and that faith has mostly been rewarded in its history.
My advice to streamers like Peacock and Paramount+ that have gained market share in the last few years? Keep doing what you’re doing, and enjoy your time in the sun. Netflix will be back with another mega-hit that tips the scales back in its favor soon enough, and it’s about to become a much bigger player in the live events sphere of influence, as well.
Netflix
Netflix is a leading subscription-based video streaming service that offers on-demand access to an extensive library of over 3,000 movies, 2,000+ TV shows, and a growing collection of acclaimed Netflix originals. Renowned for producing groundbreaking content, Netflix has become a cultural powerhouse with hit originals like “Stranger Things,” “Wednesday,” “Squid Game,” “The Crown,” “Tiger King,” “Bridgerton,” “The Witcher,” and “Black Mirror.”