Netflix leads U.S. SVOD rankings for second year as HBO Max overtakes Paramount+

Netflix maintained its position as the leading subscription streaming service in the United States for the second consecutive year, while HBO Max moved ahead of Paramount+ in the latest rankings of subscription video-on-demand (SVOD) providers.

Parks Associates released its annual “Top 10 List of US SVOD Services” on Nov. 10, using estimated subscriber counts through September 2026 from its “Streaming Video Tracker” research service.

The five highest-ranked services retained their positions from the previous year, with Netflix leading Prime Video, Hulu, Disney+ and Peacock. HBO Max climbed to sixth place, followed by Paramount+, Apple TV, YouTube Premium and ESPN Select.

Netflix reached 67% of U.S. internet households, up from 64% a year earlier, according to Parks Associates. The research firm identified subscriber retention, pricing and advertising revenue as continuing challenges for the streaming provider.

Advertising accounted for 3.3% of Netflix’s total revenue in 2025, and the company subsequently reduced its advertising revenue projections, Parks Associates reported.

Apple TV also expanded its household reach, increasing to 22% of U.S. internet households from approximately 20% in the third quarter of 2025. The service received 28 awards at the 78th Primetime Emmy Awards, leading all networks and streaming platforms in total wins for the first time.

HBO Max’s move ahead of Paramount+ reflected the competitive importance of established programming libraries and original content, according to Michael Goodman, director of entertainment research at Parks Associates.

Advertisement

“HBO Max couples a deep library of legacy titles, including The Sopranos, The Wire, Game of Thrones, and Friends, with hit new originals such as The Pitt and House of the Dragon,” Goodman said.

“Gaining access to HBO Max’s award-winning content library is one of the things that made Warner Bros. Discovery (WBD) attractive to Skydance.

Now that the acquisition is complete, the focus shifts to content strategy, bundling, and pricing, as well as how much the company can invest in streaming growth while managing significant acquisition debt,” Goodman said.

Advertising-supported subscriptions represented a substantial portion of the audiences for Disney+ and Hulu. Parks Associates found that 58% of Disney+ subscribers and 69% of Hulu subscribers used ad-supported tiers, providing revenue opportunities beyond subscription fees.

The research also found that 54% of U.S. internet households subscribed to five or more SVOD services, although overall household video spending remained relatively stable.

“The next phase of SVOD competition will be defined by how effectively providers balance subscription pricing, advertising revenue, and customer retention,” Goodman said.

“Our research shows that 54% of US internet households subscribe to five or more SVOD services, yet household video spending is relatively stable. Consumers are willing to maintain multiple subscriptions, but providers cannot assume that more subscriptions will translate into more spending,” Goodman said.

Parks Associates’ “Streaming Video Tracker” identified 275 SVOD services, 141 advertising-based video-on-demand services and 60 free ad-supported streaming television (FAST) platforms in the U.S. market.

The tracker also categorized 243 premium SVOD services, 85 transactional video-on-demand services, 110 FAST channels, 55 ad-supported SVOD services and eight virtual multichannel video programming distributors.

The firm planned to present additional findings at its ninth annual “Future of Video: Business of Streaming” conference, scheduled for Nov. 17-18 in Marina del Rey, California.

Advertisement