As one of the few companies to perform well during COVID-19, Netflix have achieved some pretty significant financial milestones this year, while continuing to pump out original content. Despite the arrival of new, well-funded platforms such as HBO Max, Disney Plus and Peacock, Netflix is still the streamer to beat, something that’s now been confirmed by a Nielsen report that demonstrates just how much it dominates viewing time over its rivals.
According to the stats company’s Q2 2020 Total Audience Report, Netflix accounts for a remarkable 34% of total streaming time over the last three months, putting it far ahead of the next-closest competitor in YouTube’s 20%. By contrast, Hulu can only claim an 11% share, with up-and-comer Disney Plus already clawing out a 4% chunk of the online audience.
Another notable highlight from the Nielsen analysis is that streaming now represents 25% of total television viewing, a 6% spike from the end of 2019. This change is presumably due to the number of people stuck at home during the lockdown with lots of free time to catch up on their subscriptions, but also reflects how Netflix and co. have transformed the entertainment industry in the past decade.
It’s similarly worth noting that the demographics of who’s watching these services is changing, with people above 55 now contributing 26% of all streaming minutes, a 7% rise from 2019. Furthermore, there’s good news for companies joining an already crowded market, as only 2% of adults have reduced their choice of services over the quarter, compared to 25% of viewers adding new paid options.
We’d expect Netflix to continue to enjoy success through the rest of 2020, with time spent watching content possibly going up again, depending on changes related to the pandemic. With a bumper collection of original titles rolling off the production line to join recent hits like The Umbrella Academy, the media giant will be hoping to break new records for popularity and revenues heading into 2021, with growth showing little sign of slowing down.
