CTV Report
Netflix Outspends Streaming Competitors on Content
by Frankie Karrer2 min read
Abstract
- Netflix invested $15.3 billion in content and production in 2024, outpacing all other streaming platforms.
- Disney’s combined streaming services — Disney+, Hulu, and ESPN+ — allocated $8.6 billion for content, while Warner Bros. Discovery (Max and discovery+) budgeted $6.4 billion, NBCUniversal’s Peacock $5.2 billion, and Paramount+ $4.4 billion.
- Netflix remains the top standalone streaming service in the U.S. with 79 million domestic subscribers, but when combining Disney+, Hulu, and ESPN+, Disney claims the largest U.S. subscriber base at 87 million.
Netflix continues to lead the streaming industry in content investment, spending $15.3 billion in 2024 — nearly twice what Disney+ invested at $8.6 billion. Warner Bros. Discovery followed with $6.4 billion, while Peacock and Paramount+ invested $5.2 billion and $4.4 billion, respectively. It’s likely Netflix’s large global subscriber base of 223 million that allows the streaming company to maintain strong profit margins at 28% — significantly higher than competitors like Warner Bros. Discovery (7%) and Disney (4%). Meanwhile, Paramount+ operates at a 7% loss, and Peacock reports a 36% loss, partly due to its higher content spend per subscriber, averaging $142 compared to the $51 to $62 range of other major platforms.
In terms of U.S. subscribers, Netflix remains the largest single streaming service with 79 million users. However, The Disney umbrella of platforms, including Disney+, Hulu, and ESPN+, combined have the largest audience at 87 million. Warner Bros. Discovery holds 57 million U.S. subscribers, while Paramount Global and NBCUniversal come in at 46 million and 36 million, respectively. Despite financial challenges for some of these streaming platforms, these numbers help highlight the continued expansion of Connected TV as streaming services invest heavily in content to meet growing audience demand.
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