The fierce competition between streaming platforms, often referred to as the “streaming wars,” has been one of the most defining aspects of the entertainment industry in recent years. What once seemed like an endless influx of new services is now beginning to settle, with a few major players emerging as dominant forces. As we approach 2025, it’s clear that the streaming space is stabilising, with Netflix, Disney+, and Prime Video solidifying their positions, while smaller platforms either pivot or struggle to survive.
This consolidation raises key questions: How did we get here, why are the major platforms still thriving, and what does the future hold for consumers and the streaming industry at large?
From Boom to Subscription Fatigue
When streaming first hit the mainstream, it was revolutionary. Consumers were eager to cut the cord on traditional cable TV and embrace the flexibility of on-demand entertainment without commercials. Netflix was at the forefront of this movement, offering binge-worthy series that quickly became cultural phenomena, such as House of Cards and Stranger Things.
As more platforms entered the market, each with exclusive content, the initial excitement gave way to consumer fatigue. While platforms like Disney+ and HBO Max launched with a bang, offering beloved franchises and high-quality originals, the sheer number of available services began to overwhelm audiences. For many viewers, the appeal of streaming began to wane as monthly subscription fees stacked up.
By 2024, viewers had become more selective, subscribing to only two or three platforms on average. This natural narrowing down of services has allowed the biggest names in the industry to thrive, while smaller competitors have faced tough choices: adapt, merge, or risk irrelevance.
The Big Three: Netflix, Disney+, and Prime Video
In the battle for streaming dominance, three platforms have emerged as clear leaders: Netflix, Disney+, and Prime Video. Each has managed to retain loyal subscribers by offering diverse content, strategic partnerships, and unique viewer experiences.
Netflix remains the king of content variety. While its success was initially built on a mix of original series and licensed content, the platform has increasingly leaned into international programming. Hits like Squid Game and Money Heist have proven that global storytelling resonates deeply with audiences. Netflix has also invested heavily in original movies, documentaries, and interactive experiences, which have kept its content offering fresh and engaging. This ability to adapt and innovate has allowed Netflix to grow its global subscriber base year after year.
Disney+, on the other hand, leverages its massive library of beloved content. The platform is home to some of the world’s most lucrative franchises, including Marvel, Star Wars, and Pixar. With ongoing series like The Mandalorian and Loki, Disney+ has become essential for fans of these universes. Additionally, Disney’s bundle offerings, which include Hulu and ESPN+, cater to both families and sports enthusiasts, further strengthening its hold on the market.
Prime Video takes a different approach by using its parent company, Amazon, to its advantage. Prime Video is bundled with Amazon Prime, making it an added bonus for millions of Prime members who may not have subscribed otherwise. This tactic has been particularly successful, helping Prime Video build a broad audience. The platform has also diversified its content, from big-budget series like The Boys and The Lord of the Rings: The Rings of Power to live sports, including Thursday Night Football.
Struggles of Smaller Platforms
While Netflix, Disney+, and Prime Video dominate, smaller platforms have found the competition increasingly difficult. For example Peacock in the U.S., despite offering a free tier and a strong line-up of NBC classics like The Office, has struggled to keep up with the big players. Its original content hasn’t generated the same level of buzz, and without a vast library of must-watch shows, Peacock continues to lag behind.
Paramount+ has faced similar challenges. Although it boasts popular franchises like Star Trek and Mission: Impossible, its content offering lacks the wide appeal of its larger rivals. Paramount+ has tried to boost its value through live sports and nostalgic content, but it hasn’t been enough to significantly increase its subscriber base.
Even Apple TV+, which launched with considerable fanfare, has had a mixed reception. Despite high-profile successes like Ted Lasso and The Morning Show, the platform’s relatively limited catalogue has made it harder to compete in a crowded market. Its focus on prestige content has earned it critical acclaim, but for many viewers, the platform still feels like a supplement rather than a necessity.
The Collapse of Newcomers
One of the most notable casualties of the streaming wars was Quibi, a short-form, mobile-only platform that launched in 2020 and shuttered within six months. Despite securing major investments and big-name talent, Quibi’s failure was a clear indicator that consumers were not looking for radically different formats. Instead, viewers preferred the traditional model of high-quality, long-form content that they could watch on multiple devices. Quibi’s downfall, along with the struggles of newer platforms like Peacock, shows that innovation alone isn’t enough to succeed in today’s streaming environment.
The Future of Streaming: Consolidation and Quality Over Quantity
With the dust settling, the future of streaming appears to be one of consolidation. Mergers between smaller platforms are likely on the horizon, as companies look to pool resources and strengthen their content offerings. There have already been discussions of potential partnerships, such as between Comcast (Peacock’s owner) and Warner Bros. Discovery (owner of HBO Max). These kinds of deals could help smaller services survive by giving them access to more content and a broader audience.
Even for the dominant players, however, growth will not come without challenges. Subscriber numbers have slowed in some regions, and future growth will rely heavily on international expansion. Netflix, Disney+, and Prime Video have all been working hard to increase their global reach, investing in original content for international markets and improving accessibility in regions like Asia and South America. Netflix is also diving into live streaming, most notably with their Christmas Day Live NFL partnership starting in 2024.
Moreover, as viewers become more discerning, platforms may begin shifting from a strategy of sheer content volume to one of quality. The last few years have seen platforms racing to produce original shows and movies at an unprecedented rate. However, with more options than ever before, audiences are beginning to prioritise well-crafted, innovative storytelling over an endless stream of new releases. Platforms that can strike the right balance between quantity and quality are likely to emerge as long-term winners.
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