Prime video Beats Netflix as the Number One Market Leader in the U.S. On the other hand Netflix has lost more than 13% of its market share gradually since 2020
According to the data sourced from JustWatch, in Q1 2023, Prime Video has the biggest market share of any streaming platform in the US. Amazon acquires 21% of market share, while Netlfix holds 20%. This is a major shock to Netflix as it held a 3% lead on Prime Video by the end of 2022.
After the two streaming giants, Disney+ and HBO Max are competing with each other for the third place. As of HBO Max holding 15% of market share and the Disney Plus is at 14%.
Rise of Subscription prices of plans and market competition could be the reasons for deduction in Netflix users. Furthermore, Netflix has blamed trends like password sharing and loss of important content to other services.
Under pressure from investors, Netflix recently introduced an ad-supported tier that brings the price of the service down to around $7 per month
Amazon is now working on increase the amount of content offered on its platform, while Netflix is redesigning its businesses.
