Netflix Doubles Subscriber Growth of Rivals in 2024

Netflix and the streaming services of NBC, Paramount Global, and Warner Bros. Discovery have all seen notable increases in paid U.S. subscribers in 2024, distinguishing themselves in an increasingly competitive market. This surge in subscribers comes as more TV watchers cut the cord with traditional cable services in favor of streaming options, intensifying the battle for paid viewers among streaming giants.

According to Antenna, a platform that tracks paid subscriber numbers for advertisers, Netflix has emerged as the fastest-growing streaming service this year. From December 2023 to May 2024, Netflix added a staggering 2.6 million subscribers, nearly doubling the growth of NBC’s Peacock, the second fastest-growing service, which saw an increase of 1.38 million paid subscribers. This remarkable growth underscores Netflix’s enduring dominance in the streaming market. Warner Bros. Discovery’s Max and Paramount Global’s Paramount+ also reported positive subscriber growth, with 609,947 and 357,465 additions, respectively. These gains highlight the appeal of these platforms, which have leveraged popular live content and new episodes of highly anticipated shows to attract viewers.

Peacock, for instance, has benefited from streaming Olympic trials ahead of the 2024 Paris games and offers a range of legacy shows like “The Office,” “Parks and Recreation,” and “Suits” that continue to attract binge-watchers. Netflix has maintained its lead with significant releases such as the live roast of Tom Brady, the much-anticipated third season of “Bridgerton,” and the popular series “Fool Me Once.” Each of these streaming services has capitalized on exclusive and compelling content to drive subscriber growth, setting them apart from competitors.

Antenna’s ranking of the fastest-growing streaming services is based on the number of U.S. subscribers, excluding trial users and certain bundled deals like those offered through Walmart+ for Paramount+ or T-Mobile for Netflix. Antenna compiles data from various sources, including digital purchase and cancellation receipts, banking information, and other data points, to determine the number of paying subscribers, cancellations, and trial users for each service.

Netflix remains the largest streaming service worldwide, reporting nearly 270 million paid subscribers globally in the first quarter of 2024—a 16% increase over the same period the previous year. The company posted a first-quarter revenue of $9.37 billion, up 14.8% year-over-year. As the first service to offer video-on-demand, Netflix pivoted to original programming in 2012 with groundbreaking shows like “Lilyhammer,” “Orange Is The New Black,” and “House of Cards.” Since then, it has faced increasing competition as other companies invest billions to launch their own streaming platforms and produce exclusive content. This shift has led to a significant transformation in the industry, with former Netflix staples like “The Office” moving to their original broadcast networks’ streaming services, such as Peacock.

Notably, four of the five most-streamed shows from January to May 2024 were on Netflix. “Fool Me Once” dominated January with 6.5 billion minutes watched, while “Young Sheldon,” available on both Netflix and Max, topped the charts in February. Netflix originals continued to shine, with “Love Is Blind” and “Bridgerton” becoming the most-watched shows in March and May, respectively. In April, Amazon Prime Video’s “Fallout” briefly interrupted Netflix’s streak as the most-watched show across all streaming platforms.

In stark contrast, services like Starz, Apple TV+, Hulu, and Disney+ have struggled, losing subscribers over the same period. By the end of May, these four services combined had 90 million paid subscribers, significantly fewer than the 144.4 million subscribers reported by Netflix, Peacock, Paramount+, and Max. This disparity highlights the challenges faced by some streaming platforms in retaining and growing their subscriber bases amidst fierce competition and changing viewer preferences.