Study: HBO Max Top Streamer in Satisfaction, Netflix Leads in ‘Must Keep’ Category

It’s been a rough couple of months for Netflix as the streaming service reported losing 200,000 total subscribers during the first quarter of the year with 2 million more expected to unsubscribe during Q2. As a result, the company’s stock has taken a nosedive in recent months falling to less than one-third of its market price in late 2021.

A recent study from research firm Whip Media had a mix of good and bad news for the streamer as the report noted that Netflix has maintained its market dominance even as subscribers rank its value as the lowest amongst subscription video-on-demand (SVOD) services.

Whip Media’s study looked at 2,460 U.S. TV Time app users aged 18-54 for one week earlier this spring. The survey asked consumers which service they would keep if they were only able to retain a single subscription. In Netflix’s case, this “SVOD proposed retention” contrasts with questions about overall satisfaction and how subscribers feel about original- and library-based content their services provide. For example, 76% of Prime Video subscribers are happy with their service yet only 2% of its customers would keep the service if they had to choose only one streamer for their household.

Over 31% of users in the U.S. note that they would keep their Netflix subscription if they were allowed only a single streaming service, with HBO Max coming in second at 19% projected retention. While this would indicate that Netflix subscribers are the most satisfied with their content, the Whip Media study suggests differently.

Less than two-thirds (62%) of current viewers rate that they are either “satisfied” or “very satisfied” with their Netflix service. In comparison to 2021, Netflix dropped 10 points in the category while Disney+ and HBO Max increased in potential retention. This data dovetails with a recent study from Antenna that indicates that consumers who drop Netflix as their primary streamer instead turn to the Disney or Warner Bros. Discovery premiere services.

These dips in Netflix’s popularity may stem from several factors. In April, the company reported a high churn rate (the rate at which subscribers cut ties with a particular service) likely tied to its rate increases earlier in the year. In addition, as means to combat account sharing, the streamer proposed additional price hikes for subscribers that freely give out their passwords.

The most popular kid on the streaming street seems to be HBO Max as overall satisfaction with the service topped out at 94%, a 2-point increase from last year. Disney+ and Hulu also beat out Netflix with 88% and 87% satisfaction rates respectively. This places the OG streamer in fourth, with its 10-point drop placing it securely at 80%.

Meanwhile, Apple TV+ made the most gains moving up 14 points, leaving its 76% trailing just behind Paramount+ at a 79% satisfaction rate. The Whip Media study also points out that original content by Paramount+ and Peacock’s impressive library helped give those up-and-coming streamers somewhat modest gains.