Over the past two years, the streaming video industry has seen a shift in focus to sustainable growth. After multiple quarters of double-digit acquisition growth, followed by spikes in churn as new consumer behaviors emerged, the U.S. streaming market continues to show signs of maturity. Looking across the entire category, Antenna observed 47.7M Gross Additions and 41.8M Cancels to Premium and Specialty SVOD services in Q2’25, resulting in 6M Net Additions for the quarter.
Premium SVOD services still account for a majority of all subscriber acquisitions within the industry. Taking a closer look at the market share for Premium SVOD Gross Additions, we can see that acquisition growth is pretty evenly distributed across the services. In Q2’25, Antenna estimated Max* with 15% of Premium SVOD Gross Additions, 14% for Hulu and Paramount+, 13% for Peacock, 12% for Apple TV+ and Disney+, and 11% for Netflix.
The shifts in share among the services were small, moving just a point or two from the previous quarter. Three of 9 services in the category (Netflix, Peacock, and Max) saw slight increases in their share of Gross Additions from the previous quarter, while 5 of 9 services (Apple TV+, Disney+, Hulu, Paramount+, and Starz) saw slight declines or remained flat in Q2’25.
As previously noted, streamers are getting better at managing churn, and Antenna estimates the Weighted Average Monthly Churn Rate for Premium SVOD in June 2025 at 4%. The relatively even distribution of market share across the category illustrates that competition in the category is robust and requires even greater focus on customer retention.
For more detailed information on Antenna’s methodology and definitions of core metrics, please visit http://www.antenna.live/methodology.
* Max changed to HBO Max in July 2025.
