The Announced WarnerMedia Merger Would Create the Third Largest Player in the U.S. SVOD Market

Yesterday’s announcement (link) that WarnerMedia and Discovery Inc. will combine their operations would create the third largest entity in the U.S. Streaming Market by Share of total Subscriptions, pending completion.

Share of Total Subscriptions

HBO Max and Discovery+, under one combined company, would own 13% of all Premium SVOD Subscriptions in the U.S. as of April 2021. This is behind The Walt Disney Company, whose three streaming services (Disney+, Hulu, ESPN+) claim 40% of Share, and Netflix, who owns 28% of Share (down 7pts from April 2020).

Share of New Demand

In terms of new demand, measured by Gross Subscriber Adds, a combined Discovery+ and HBO Max would own 28% Share in the YTD 2021 period. This is just behind The Walt Disney Company, which leads the market with 30% Share of Gross Subscriber Adds across its three services. To note, Netflix’s Share YTD is 7%, partially driven by preexisting scale in the U.S. market.

Brendan Brady is a Content Strategy Associate at Antenna, a measurement and analytics company providing insight into purchase behavior and subscription metrics across the new media landscape.