Streaming Titans: Subscriber, Revenue and Profit Comparison After Q2 Earnings

As Hollywood moves away from quarterly subscriber metrics, the latest second-quarter earnings reports reveal that all five major media companies saw streaming revenue rise, with most platforms now serving as key growth engines. All major platforms also turned or grew their profits, except for Peacock. Comcast executives, however, told Wall Street that Peacock is “approaching” profitability next quarter.

Netflix continued to dominate among the major players in subscribers, revenue and profitability. Disney remains the legacy media competitor best positioned to challenge Netflix’s streaming dominance. The competitive landscape could shift significantly if Warner Bros. Discovery’s proposed merger with Paramount is finalized.

On a combined basis, a merged Paramount-WBD would have 219.6 million subscribers—just 200,000 shy of Disney’s latest combined total of 219.8 million across Disney+, Hulu and ESPN+. The merger is slated to close by the third quarter, though growing opposition from Hollywood and state attorneys general could delay or derail the process.

If the deal is not completed by September 30, WBD shareholders will receive a 25-cent per share “ticking fee” for each quarter until closing. If the merger fails due to regulatory hurdles, Paramount will pay WBD a $7 billion termination fee.

These latest figures suggest that media companies are successfully implementing stricter financial discipline around their streaming businesses, ensuring long-term sustainability. However, the declining transparency in subscriber disclosures indicates that the streaming industry is maturing in this area, shifting focus toward engagement metrics instead.

This analysis excludes Apple TV and Amazon’s Prime Video, as neither breaks out quarterly streaming subscriber, revenue or profitability data. During Amazon’s first-quarter earnings call, chief financial officer Brian Olsavsky stated that Prime Video has grown into a “large and profitable business in its own right.” The company previously reported that its ad-supported tier reaches more than 315 million monthly viewers globally. According to an NFL presentation shared with the FCC, Prime Video has roughly 180 million subscribers, though Amazon has not publicly confirmed this figure.

Meanwhile, Apple Services vice president Eddy Cue has stated that Apple TV has “significantly more” than the 45 million subscribers estimated by analysts, though he did not provide a specific number.

Streaming Subscriber Numbers: Netflix and Disney Lead the Pack

Netflix and Disney, which have stopped disclosing quarterly subscriber figures, remain the leaders in total subscribers. As of their most recent disclosures:

• Netflix: 325 million subscribers (last reported in January 2025)
• Disney: 219.8 million subscribers (combined across Disney+, Hulu and ESPN+)