U.S. Streaming Market Report – Acquisition Scenarios for Warner Bros. Discovery
Using engagement data from 20 million monthly U.S. JustWatch users, we modeled how the subscription video-on-demand (SVOD) landscape could shift if either Netflix or Paramount acquired Warner Bros. Discovery (WBD).
All figures are based on JustWatch user interactions between January 1, 2025, and late 2025.
Key Findings
- Netflix + WBD: A combined 33% U.S. SVOD market share, creating a clear market leader (next closest competitor: Prime Video at 21%).
- Paramount + WBD: A combined 20% U.S. SVOD market share, positioning the merged entity as a strong competitor to Prime Video (21%) and Netflix (20%).
- Studio films:
- Paramount + WBD would control 29% of U.S. movie streaming interest with their studio films (excluding licensed titles).
- Netflix + WBD films together would reach 23%.
- Original series:
- Netflix + WBD would command 20% of U.S. streaming interest with their original series (excluding licensed titles).
- Paramount + WBD would reach 7%.
U.S. SVOD Market Shares (Jan–Sep 2025)
Based on SVOD engagement on JustWatch, here is the current U.S. platform landscape:
| Platform | SVOD Market Share (Q1 - Q3 2025) |
|---|---|
| Prime Video | 21% |
| Netflix | 20% |
| Disney+ | 13% |
| HBO Max | 13% |
| Hulu | 11% |
| AppleTV+ | 8% |
| Paramount+ | 7% |
| Peacock Premium | 2% |
| Starz | 1% |
| Others | 4% |
Scenario 1: Netflix Acquires WBD (HBO Max)
Combined SVOD Market Share: 33%
A hypothetical Netflix + Warner Bros. Discovery platform would control 33% of U.S. SVOD engagement (Netflix 20% + HBO Max 13%), placing the combined service far ahead of Prime Video (21%).
Scenario 2: Paramount Acquires WBD (HBO Max)
Combined SVOD Market Share: 20%
An acquisition by Paramount would create a combined service with 20% of U.S. SVOD market share (Paramount+ 7% + HBO Max 13%)—on par with Netflix (20%) and just behind Prime Video (21%).
Studio Film Streaming Popularity
To assess the strength of Warner Bros. Discovery’s movie catalog, we analyzed U.S. streaming interest (Jan 1 – Nov 11, 2025) in films produced by Warner Bros. Pictures, New Line Cinema, Paramount Pictures, and Netflix.
- Warner Bros. Discovery films: 19% of U.S. movie streaming interactions
(notable titles in 2025: Sinners, Weapons, A Minecraft Movie) - Paramount Pictures: 10%
(notably the Mission: Impossible franchise) - Netflix original films: 4%
(KPop Demon Hunters being a top 2025 title)
Scenario Takeaway
- Netflix + WBD films would account for 23% of movie streaming interactions (producer-only, excluding licensed titles).
- A Paramount + WBD studio combination would control nearly 29%, creating a major force in U.S. film streaming.
Most Popular Warner Bros. Discovery Studio Films on SVOD in 2025 (U.S.)
Original Series Streaming Popularity
How strong is streaming interest in exclusive originals from Netflix and HBO?
On the series side, we measured U.S. streaming interest in original series from Netflix, Paramount+, and HBO.
- Netflix originals: 15%
(notably Squid Game in 2025) - HBO originals: 5%
(The Last of Us, The White Lotus) - Paramount+ originals: 2%
(MobLand)
Scenario Takeaway
- A Netflix–HBO combined service would own 20% of all U.S. original-series streaming interest.
- A Paramount–HBO combination would control 7%.
Most Popular HBO Original Series in 2025 (U.S. SVOD interactions)
Methodology
How we measure streaming interest
- Data from 60M monthly users globally, including 20M in the U.S.
- Interactions include:
- Adding titles to a watchlist
- Clicking out to a streaming platform
- Filtering by specific services
- Marking titles as “seen”
- SVOD market shares are based on U.S. interactions between January 1 and September 30, 2025.
- Title streaming popularity (films and original series) is based on U.S. interactions between January 1 and November 11, 2025.
- Co-productions are attributed to each producing studio, so totals across studios may overlap.
- The dataset was collected on November 12, 2025.
Attribution
When using this data please credit:
Source: JustWatch – The global streaming guide
Please link to this page or our streaming charts:
https://www.justwatch.com/us/streaming-charts
About JustWatch
JustWatch is the world’s largest streaming guide, serving 60 million users across 140 countries. We aggregate movies, series, and sports from hundreds of platforms, helping fans quickly see where to watch legally and discover their next favorite title. Headquartered in Berlin, JustWatch builds products that make streaming simpler, smarter, and more fun.
Press & research inquiries
press@justwatch.com