As the Premium SVOD category continues to mature, growth outside of Q4 remains modest. Antenna observed 44.1M Gross Additions and 40.8M Cancels to Premium SVOD services in Q1'26, resulting in 3.2M Net Additions for the quarter. While that is a step down from Q4'25's 11.9M Net Additions, the seasonal pattern is consistent with what Antenna has recently highlighted: growth for Premium SVOD is not only moderating, but increasingly concentrated in Q4, driven by holiday promotions, tentpole programming, and major sporting events.
Cancels have held in a narrow band for 3 consecutive quarters, a sign that churn across the category continues to stabilize. In a maturing market where growth is increasingly tied to big programming moments, that stabilization is an encouraging signal for the category.
Taking a closer look at the market share for Premium SVOD Gross Additions, 1 in 5 Gross Adds went to Peacock in Q1'26, driven by the streamer's record-breaking performance in February—a month that featured the Milan Cortina Winter Olympics, Super Bowl LX, and the NBA All-Star Game. Only Peacock, Paramount+, and Apple TV increased their share of gross additions compared to Q4’25. Antenna estimates Peacock with 20% of Premium SVOD Gross Additions in Q1’26, Paramount+ with 16%, and Apple TV at 10%, representing increases from the previous quarter at +6pts, +3pts, and +2pts, respectively.
Peacock's Q1'26 market share represents a notable shift from a year ago, when the service accounted for roughly 10% of Premium SVOD Gross Additions in Q1'25. A similar lift in share occurred in Q3’24, where Antenna estimates showed Peacock with 20% of Gross Additions for the quarter, coinciding with Peacock’s carriage of the 2024 Paris Summer Olympics.
For more detailed information on Antenna's methodology and definitions of core metrics, please visit antenna.live/methodology.
