Ampere Analysis has quantified what we've long observed -- older seasons of Netflix series typically receive a huge catchup boost when new seasons drop. 

The British research company looked at Netflix's two massive 2023 ratings data drops, specifically examining older seasons of shows that had new episodes drop in the second half of 2023. 

On average, viewership for these shows increased by 86% in the second half of the year vs. the first half. 

French crime thriller Lupin had the biggest viewership bump, Ampere said, claiming 165 million viewing hours in H2 for seasons 1 and 2, following the Oct. 5 drop of season 3. In H1, those first two seasons of Lupin only generated 33 million viewing hours. 

For Netflix series that didn't have a fresh season drop in 2023, audience engagement dropped by 46% vs. 2022.

The phenomenon seems to apply mainly just to scripted series, with unscripted shows only receiving a 7% boost from the debut of new seasons.

“Although new releases draw the largest viewership for Netflix, continuing series also reignite interest in older content from existing and new fans," said Joe Hall, senior analyst at Ampere Analysis, in a statement. "With streaming business models increasingly focused on ad-supported tiers, viewing volumes are crucial for attracting advertisers and generating ad revenue. This makes returning series an attractive prospect to these companies, as they can help sustain engagement for older seasons long after release.”

Those who subscribe to a bundle of Disney Plus, Hulu and ESPN Plus are 59% less likely to churn out within 12 months of signing up vs. those who subscribe to just Disney Plus, according to new research released by London’s Ampere Analysis. 

In a subscription streaming business that first exploded and now is beset by a core proposition that lets consumers sign up and quit instantly and for free, compelling evidence is all around these days that service bundling is a churn-buster. 

And notably, streaming companies have acted on the data. Disney Plus, Hulu and Max will soon be bundled, for example, and Comcast is already offering Netflix, Peacock and Apple TV Plus at a 35% discount in its $15-a-month StreamSaver package. 

As Ampere illustrates in this graphic, there is only limited usage overlap for these service groupings, suggesting plenty of “runway” for future signups. 

Also, according to Ampere, 42% of U.S. streaming consumers polled said they agreed with this statement: “I often subscribe, cancel and resubscribe to video-on-demand services so that I only pay when there is something I want to watch.”

This “resubscriber” cohort tends to be younger viewers (18 to 44 years old), Ampere said, and is more likely to be in family households.

These folks tend to be heavier media consumers. “However, this wide media diet also means the cohort is 40% more likely than average to exhibit signs of subscription fatigue and 21% more likely to desire unified access to content across different services.” 

Netflix commissioned its highest number of new titles since the third quarter of 2021, while Amazon Prime Video set an all time record for its quarterly content production, according to a report from Ampere Analysis.

In fact, Netflix and Amazon commissioned more than half of all global SVOD original titles in the first financial quarter of 2024, the research company said. 

Ampere noted that the trend was spurred by investment in global content, with both Netflix and Amazon ordering the majority of their originals outside the U.S.

Also Read: Netflix Tops Among ‘Must-Keep’ TV Brands for Fifth-Straight Year

“The market saturation in North America, the growing cost of production, and the lingering impact of the Hollywood strikes have pushed Netflix and Amazon to increase investment in international productions to stimulate subscriber growth,” Mariana Enriquez Denton Bustinza, senior researcher at Ampere Analysis, said in a statement.

“While several studio-backed SVODs have made cutbacks internationally,” Bustinza added. “These two streaming giants are doubling down on their localized global strategy.”

In fact, Ampere predicts that Netflix and Amazon’s international content spending, which has already increased sizably over the past few years, will continue to rise as streamers look to combat slow domestic growth expanding internationally.

"For Netflix, this means catering to a broad subscriber base while leaning on markets whose productions offer the greatest potential for crossover appeal," Bustinza added. "Meanwhile, Amazon’s approach remains more heavily targeted towards key markets such as India, while it leverages its global position to expand further into the theatrical market to generate downstream revenues from its platforms.”

In fact, Ampere claims that Netflix’s Western European commissions already almost achieved parity with North American titles for the first time in Q1 2024.

Asia-Pacific titles also saw a significant increase in popularity, led by India, South Korea and Thailand.

Netflix, which announced in April that it would reduce the quantity of expensive big-budget films it releases, has reportedly upped its international movie orders to compensate in territories like the Nordics, Asia-Pacific and Sub-Saharan Africa.

That makes sense, as a report in June by analytics firm Omdia indicated that, in some international regions like South Korea, Netflix content that's shot locally can attract nearly three times the viewership of English counterparts.

As for Amazon, the majority of its international commissions during the first quarter of 2024 came from India, with 37 total titles.

That’s more than the previous six quarters combined, and a 32% increase from Amazon’s Indian slate in Q2 2022.

Revenue generated by U.S. streaming services will surpass sales from domestic pay TV operators for the first time in the third quarter, Ampere Analysis predicts. 

The London-based research company said total domestic reach for streaming actually surpassed linear pay TV back in 2016. But with streaming's average revenue per user (ARPU) coming in at one-tenth of cable, satellite and telco TV, it's taken a little while for streaming's total revenue to catch up. 

Streaming's reach advantage is well-corroborated. U.S. pay TV penetration only stands at around 64% of U.S. TV homes, according to a survey conducted by Leichtman Research Group back in October. Conversely, in August, LRG found that 83% of U.S. households now have at least one streaming service. 

Ampere says the recent introduction by major U.S. SVOD operators of cheaper ad-supported tiers has markedly increased streaming revenue generation, while rekindling market expansion. The company predicts that these ad tiers will surpass $9 billion in U.S. sales this year, bolstered by the entry of Amazon Prime Video into the partially ad-supported business. 

“Most major streaming services in the U.S. have launched their hybrid advertising tiers, which, along with increasing clamp-downs on password sharing, have been successful at reigniting growth in the streaming market," said Rory Gooderick, senior analyst at Ampere Analysis.

"There is still a way forward for pay TV, however. Disney and Charter’s recent deal in the U.S., which gave almost 15 million Charter subscribers access to Disney Plus' advertising tier, shows how the two businesses can work together to maximise streaming’s reach to domestic subscribers, and highlights the importance of traditional distribution platforms as service aggregators," Gooderick added. "Longer term contracts and the reduction in churn makes this an attractive proposition for streamers, while control over the billing relationship also means there’s something in it for the pay TV provider too.”

Having incurred billions of dollars in annual losses building direct-to-consumer streaming platforms, the major Hollywood conglomerates are close — as in just months away — from profitability on streaming. 

That’s the contention of London’s Ampere Analysis, which claims The Walt Disney Co. will turn the corner as soon as Q1 of next year — two quarters earlier than it originally told investors several years ago.

Warner Bros. Discovery will follow in the third quarter of 2024, Ampere added. And by Q1 2025, Paramount and NBCUniversal will have reached profitability, as well. 

By 2028, Ampere predicts, the major studios will earn between $1 billion to $2 billion annually in earnings before interest and taxes (EBIT) from direct-to-consumer streaming, just based on their current geographical market footprints.

To us, it feels a little counterintuitive against other data we’ve been seeing — including a report released by MoffettNathanson the other day that showed growth slowing for the major subscription streaming services. 

But for its part, Ampere attributes some of the turnaround to “cost rationalization.” Through rigid austerity, for instance, Warner Bros. Discovery reported Q3 DTC adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $111 million vs. an EBITDA loss of $634 million in the third quarter of 2022. 

Direct-to-consumer adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $111 million, compared to a $634 million loss a year ago.

A new embrace of advertising dollars has been key, as well. 

 “The analysis shows that streaming direct is not a broken business model but an important revamp of an existing content exploitation window,” Guy Bisson, executive director at Ampere Analysis, said in a statement. 

“Understanding that this model is on the point of consistent and notable profitability is crucial as the ability of streaming to continue driving content origination and investment has wide implications for the creative sector,” Bisson continued. “Additionally, with studios now able to position streaming correctly as a profit-making direct subscription window that is complimentary to theatrical exhibition, transactional and free television, sectors that had previously been deprioritized should also see a boost. The rationalization of streaming is already seeing renewed support among studios for the theatrical window and revisiting of the content-licensing model.”

The global addressable advertising sector hit $56 billion in revenue last year and will reach $87 billion by 2027, according to a new report published Monday by Ampere Analysis. 

The new data was culled in partnership with GroupM Nexus and Microsoft and based on “over 100 interviews with advertisers, streamers and agencies — and supported by extensive bottom-up market modeling and quantitative consumer research.”

Ampere’s study said that on global average, one-sixth of video advertising budgets are currently being allocated to addressable TV, but that number is closer to one-fifth in “mature” markets like the U.S. 

Ampere says that for younger audiences, addressable is broadly delivering a 25% incremental boost in reach over broadcast TV. 

“This research illustrates the inherent potential of addressable TV as a powerful tool for targeted communication with previously hard-to-reach audience segments,“ Kristian Claxton, managing partner, innovation and strategy at Finecast, GroupM Nexus’ addressable unit, said. “The seamless integration of such capabilities with the storytelling possibilities and brand protection mechanisms inherent in broadcast TV is well demonstrated.” 

The fascinating piece of the research for us is the enduring aspect of linear channels in the farther reaches of the globe. Even as addressable TV expands in girth and revenue share, linear TV advertising will remain largely flat, at least in the near future. 

The steady, decade-long annual spending increases on original shows by the major streaming companies around the world is coming to an end. 

According to London's Ampere Analysis, spending on original programming will increase by only 2% in 2023 vs. the 6% year-over-year spike to $238 billion in 2022. 

Spending growth has been driven by the still-emerging subscription streaming sector, which collectively spent $26 billon on content in 2022. But as these platforms moderate ambitious loss-leader strategies emphasizing quick subscriber/scale expansion, their spending will plateau, too. 

Notably, Netflix -- which accounts for a quarter of all SVOD content spending -- said last year that it would plateau a content budget that reached $17 billion in 2022.

“SVOD services will still see an increase in total content investment in 2023, but a lesser 8% year-on-year growth compared to 25% in 2022," said Hannah Walsh, research manager at Ampere Analysis. "Services will continue to focus on original content to compete in a crowded, cost-sensitive market, but we are already seeing a shift in content commissioning to incorporate a greater volume of cheaper unscripted formats.” 

The 'Tipping Point'

Beyond Netflix, all of the major U.S. subscription streaming services continue to experience heavy losses. Morgan Stanley predicts 2023 will be a "tipping point year" for at least some of them, during which spending will reach unsustainable levels.

“Streamers are raising prices and cutting costs,” Morgan Stanley analysts wrote in a note to clients. “If these moves do not deliver meaningful streaming profits, we see two options (not mutually exclusive): give up and/or consolidate.”

The pain, of course, is being felt even more acutely among linear program suppliers and distributors.

Broadcasters, for example, will collectively see a 3% cutback in original content spending in 2023, Ampere noted.

Two weeks ago, Ampere said that scripted series orders among U.S. programming suppliers were down 24% in the back half of 2022.

The long-awaited end to the TV business' endless expansion of shows, otherwise known as "Peak TV," finally appears at hand. 

According to Ampere Analysis, scripted series orders for shows aimed at U.S. audiences are down year over year in the second half of 2022 -- a stark reversal from their continued record pace in the first six months of the year. 

Orders are off around 40% when compared to the last half of 2019.

The research company projects that the U.S. video business will end 2022 with just 467 scripted series orders, which was one short of the 468 ordered in 2020, a time when production studios were largely shut down amid the pandemic. 

In 2021, 488 scripted series were ordered. The total was 551 in 2019. 

"The second half of the year has really gone off a bit of a cliff," said Fred Black, a research manager at Ampere, told The New York Times.

Also read: Why ‘Peak TV’ Was a Flawed Theory (and John Landgraf Didn’t Invent It)

Industry watchers, led by FX President John Landgraf, have been saying since around 2015 that there are simply too many scripted shows relative to available subscription and ad dollars. 

Operators of subscription streaming services, however, have kept the needle pegged, sacrificing economics for growth of scale. But with Disney incurring an EBITDA loss of $1.38 billion on direct-to-consumer services in Q3, a new austerity seems to be at hand. 

Noted producer Robert Greenblatt, the former chairman of NBC Entertainment and WarnerMedia, told the Times: “It’s part cost-cutting and stock price chaos, and part correction for the buying frenzy over the past five years where series were literally ordered over the phone without any proof of concept.”

Broadcasters had already begun cutting back in the first half of 2022, as did HBO Max, which trimmed new series orders from 44 in the first six months of 2021 to just 28. But with Disney and Amazon increasing scripted series commissions by 28% and 33% respectively, the U.S. television market continued to expand, Ampere said. ■

The so-called "Mountain of Entertainment" is the best value in U.S. subscription streaming, Ampere Analysis says. 

How did the British research company come to make this bold statement?

It calculated the weighted average price U.S. subscribers are paying for each service. Across the $4.99 basic and $9.99-a-month premium no-ads tiers, Ampere calculated that U.S. customers are paying, on average, around $5.94 a month for Paramount Plus, with more subscribers locked into the cheaper plan. 

Next, the research company calculated what it perceives as the actual value of the service, which came out, in Par+'s case, to be $8.62 a month.

"Paramount Plus’ overall content offer is boosted by the breadth of its diverse content catalogue and the popularity of several hit reality TV franchises," the Ampere reported said. "In addition, it is supported by Paramount Global’s long-running crime drama series plus a strong mix of licensed movies and TV shows from other suppliers. Ampere’s analysis suggests Paramount Plus has plenty of headroom for price rises while still remaining competitive with its U.S. streaming peers based on its content offer."

(Paramount Plus' value proposition looks like it could be bolstered further after Paramount CEO Bob Bakish confirmed to investors Tuesday that Par is looking to possibly roll Showtime into its broader SVOD service.)

Meanwhile, Ampere's report -- which was calculated on data gathered from January through July of this year, well before Thursday's launch of the ad-supported Disney Plus -- seems to justify Disney's decision to bump the price of the premium ad-free tier to $9.99 a month. After all, it was delivering $9.42 a month in value to customers from January - July at a weighted average price of only $7.99 a month. 

We're not sure how specific monetary valuations are placed on a platform's flora and fauna of content -- sheer number of widgets? Are viewer tastes accounted for? Paramount Plus' ubiquitous access to The Godfather franchise might entertain and delight, say, a middle-aged user, but is less likely to entice younger ones. 

And it always gets dicey when research companies start analyzing entertainment services with very different business models and content as if you were conducting a side-by-side comparison of disposable razors. 

Take, for example, Ampere's ranking of Amazon Prime Video as the worst value in subscription streaming, delivering only $10.38 worth of value vs. a $14.99 average price. Is Ampere calculating the value of free shipping on things like disposable razors and other goods, as well as other Amazon Prime member benefits, into that cost equation?

Again, one of these things is not like the other. 

Sixty-four percent of original scripted movies and TV shows on the major subscription streaming services are based on previously established IP, according to a new report from Ampere Analysis. 

The share of movies and shows based on established characters and storylines  drops to 42% once non-scripted programming is factored in. 

Still, this kind of risk-averse thinking on behalf of those commissioning video entertainment for the major SVODs seems to be more prevalent in the U.S. -- the international share of movies and TV shows based on established characters and storylines is only 28%, Ampere said. 

The research company also said that nearly half of all Apple TV Plus projects are adaptations of some kind. 

Only 30% of Netflix originals, meanwhile, are based on established IP, the report added. 

With the major streaming companies now spending tens of billions of dollars each year producing original shows,  they're "increasingly turning to pre-existing IP and recognizable franchises and brands to attract and retain subscribers, and reduce the risk associated with commissioning originals," said Cyrine Amor, analyst at Ampere Analysis, in a statement. "Drawing on pre-existing IP capitalises on established and successful content and is more likely to attract subscriber attention and positive reception than new brand content.”

Nearly a quarter of those who quit Netflix, 23%, come back to the top subscription streaming service within two months, according to UK research company Ampere Analysis. 

Industry-wide, the average return rate for all SVOD services within this 60-day period is only 14%. And the only other SVOD rivals that come somewhat close to that threshold are HBO Max and Paramount Plus, which see a 15% return on this so-called "Boomerang Behavior." 

Overall, around 30% of streaming subscribers switch services in any given two-month period.

Ampere doesn't reveal much info about its study, only saying that it observed SVOD users over a 27-month period starting from the beginning of 2020 through the end of Q1 2022. 

Notably, among those who bolted streaming services, the most likely landing spot during that period was Apple TV Plus, with nearly 11% of anklers choosing that option.

Also notable: Apple TV Plus is the subscription streaming service those who leave Netflix are most likely to turn to. Fifty-six percent of quitters don't go anywhere after exiting a service, Ampere says.

“This sub-group of churning streamers are particularly interesting because they represent customers who, rather than simply adding a new service on to their existing in-home bundle, are deliberately transferring spend from one to another," said the study's author, Ampere analyst Ben French.

"As such it shows where each platform needs to look for its direct competition," French added. "Switchers are experimenting with different platform mixes within the home, moving spend to some of the newer and less penetrated services while maintaining a core base of services. It’s some of these newer, smaller services that the incumbent streamers most need to keep an eye on.”

While Disney announced that it finished September with 179 million direct-to-consumer subscribers globally, the media conglomerate was typically coy about its domestic reach. 

But according to new research from Ampere Analysis, Disney's combined subscription streaming assets will reach around 108 million consumers in the U.S. by the end of 2021. That's a notable figure, especially when you consider that Netflix finished the third quarter with 74 million U.S. customers. 

Also read: Disney Unpacks Eye-Popping $33 Billion Programming Plan To Make Disney Plus and Hulu More Enticing

"The Disney Plus, Hulu and ESPN Plus bundle, which offers an $8 per month saving on taking the services individually, is a strong driver for Disney’s overall streaming growth in the U.S., particularly for ESPN Plus," said Toby Holleran, research manager for Ampere Analysis.

Also read: Disney Adds Just 5 Million Streaming Subs in Fourth Quarter

Disney disappointed investors earlier this month with the revelation that it only added 5 million DTC subscribers in its fiscal third quarter, which ended Oct. 2. Disney said last week that it's committing to spend $33 billion on licensing and producing programming in 2022. But Holleran sees renewed growth in the U.S. in the here and now.

"A strong content portfolio from Disney Plus and Hulu, making the most of its key Marvel and Star Wars franchises (on Disney Plus) and FX (on Hulu), as well as the continuation of live sports (on ESPN Plus) has further driven subscription growth this year," the analyst said.

"Additionally, the plan to incorporate Disney Plus and ESPN Plus subscriptions—alongside Hulu’s SVOD service—with a Hulu TV contract from next month will further push the domestic U.S. subscriber base of the three services, reaching around 108 million subscriptions by the end of the year," Halleran added. "Reports suggest that NBCUniversal is considering moving content from Hulu to Peacock in 2022, but because of the combination of attractive bundled pricing, alongside a strong slate of original content scheduled for release in 2022 across Disney Plus and Hulu, Ampere expects the combined suite to experience growth beyond 2021."

The overall streaming pie expanded biggly in 2020, and so did Netflix’s subscriber ranks, which grew by around 40 million users.

But the biggest subscription streaming platform in the world actually saw its global market share decrease from 29% to 20%, an overall decline of 31%, with a flurry of new competitors, including HBO Max and Peacock, entering the SVOD market.

The data comes courtesy of UK research company Ampere Analysis, which provided data to showbiz trade blog The Wrap. 

With the emergences of new subscription services, other incumbents saw drops in market share, too, in 2020. Amazon Prime Video saw its market share decline from 23% to 16%, according to Ampere. (Notably, Ampere said that 54 million Amazon Prime members in the U.S. actively use the Prime Video app.)

The research company added that Peacock, which nationally launched in July of last year, achieved 5% market share by the end fo 2020.

HBO Max, which launched in late May, finished the year with 3% of the market. 

Seventeen percent of U.S. internet users viewed one or more AVOD services in the past month,  vs. just 13% in the third quarter of 2019, according to a survey conducted by UK research firm Ampere Analysis. 

The research company says Tubi, recently purchased by Fox for $440 million, is leading the usage surge, based in large part by its extra-large content library, which features more than 29,000 movies and TV show episodes. 

In fact, according to Ampere, Tubi’s library is only surpassed in the streaming world by Amazon Prime Video (see chart).

Tubi said its monthly active users in August reached 33 million, a 65% year-over-year increase. Usage for other AVODs, including Roku Channel, ViacomCBS-owned Pluto TV and Amazon-owned IMDb TV has also been surging. 

Also notable: AVOD users tend to be older and not as rich as SVOD viewers. Ampere found that 44% of AVOD users were aged 45-64 vs. 36% for AVOD. In the U.S half of AVOD users have household incomes of less than $30,000 compared to just a third of SVOD users 

Streaming services are the only entertainment sector likely to emerge from the coronavirus pandemic unscathed and bigger than before, according to a new report from Ampere Analysis. With a projection of a net loss of $160 billion over the next five years for the entertainment industry, streaming is the only area forecasted to see notable growth.

Ampere notes that the biggest hits will be experienced in 2020 and 2021, with growth slow in the remaining part of its five-year projection period, noting that the majority of sectors in entertainment will suffer a negative impact.

Also read: Up to 60% of Scripted Shows Could Be Delayed Amid Pandemic: Report

Then there is streaming, which Ampere projects to grow by about 12% in revenue over the next five years, as lockdown/self-isolation practices have accelerated the move toward such services.

“Streaming services are likely to come out on top here as viewers are leaning on streaming content providers heavily, just as a slew of new platforms enter the market,” said Guy Bisson, research director at Ampere Analysis. “Yes, there will likely be a temporary post-lockdown backlash. But key to the longer-term prospects is the acceleration of consumer behavioral change, which will benefit streamers.”

Ampere only has two other sectors avoiding the red in its projection: transactional video, with an estimated 1% growth, and public TV, which it estimates will see no growth.

With COVID-19 adding to what was already a struggling market, pay-TV is projected to see a 4% loss from its previous estimate over the next five years. Ampere says the loss of sports has had a significant impact on pay-TV.

In the advertising sector, Ampere estimates significant losses in 2020 and 2021 before bouncing back in 2022, but at a rate lower than previous forecast levels.

This story originally appeared in Next TV sibling publication TV Technology. 

Up to 60% of scripted movies and TV shows set to air and stream later this year could be delayed into 2021. And up to 10% will be scrapped altogether.

These global projections come courtesy of a new report from UK research company Ampere Analysis. (Deadline Hollywood originally reported on the findings.)

Also read: Production Panic: Can the Major SVOD Services Keep Up with Ravenous Audience Demand?

The data is, of course, relevant to Disney Plus, HBO Max, Peacock … and any other service faced with a burgeoning audience that, despite recent loosening of COVID-19 restrictions, is still reliant on its living-room television for most of its entertainment. These services are trying to capitalize on these increased video usage levels, but face an almost ironic challenge—shutdowns of production studios globally have made it hard to produce new shows.

Visit Next TV to read more stories like this one. 

In the second half of 2020, Ampere predicts that programmers will release 5% - 10% fewer new scripted shows per month than previously planned.

More than half of scripted shows planned for release in the second half of 2020 are at risk of delay, the company said.

Also read: Peacock Comes Up with Originals for July 15 Launch (A Look at the Full Slate)

The better news: unscripted programming is less disrupted, and studios should be producing quite a bit of it in the second half of this year.

“There is one certainty among the current uncertainty—that the COVID-19 pandemic will change the TV production industry far beyond the end of the lockdown,” said Fred Black, senior analyst for Ampere Analysis, in a statement. “Initially, we expect delays to cause gaps in scripted TV release schedules, which broadcasters and streaming players will have to fill with other content. However, as delayed productions begin to fill out content gaps in later months, these gaps will begin to close. But this has further ramifications. The knock-on effect of delayed releases is a likely depression of the number of new commissions for some time after the shutdown ends, as commissioners look to fill schedules with delayed projects they have already invested in before signing off new ones.”

Apple TV+ has around 33.6 million U.S. users nearly three months after launch, according to figures published by Ampere Analysis and provided to The Wall Street Journal. 

The tally, if accurate, would rank the technology company’s new streaming service ahead of Hulu, which has 31.8 million subscribers, as well as Disney+, which is pegged by the research firm at 23.8 million users. 

Speaking to Variety, Daniel Gadher, a research manager for the London-based Ampere, referred to its Apple TV+ tally as “very early-stage, initial estimates.” He also said the vast majority of Apple TV+ users aren’t paying the service’s $4.99-a-month fee and are on a promotion that provides a year of free service to those who purchase new iPhone, iPad, Macbook or other Apple gadgets. 

Related: Is It Already Too Late for Apple TV+?

Gadher didn’t elaborate on Ampere’s methodology for the 33.6 million figure. Given that Apple is projected by one analyst to sell 116 million iPhones in the first half of the fiscal year, the figure doesn’t seem all that outlandish. 

Apple TV+ (aka Apple TV Plus) launched on November 1 and currently has a limited library of 12 original titles. 

The majority of U.S. that have adopted streaming, 71%, subscribe to more than one SVOD service, according to a new report by Ampere Analysis.

Only 29% of streaming homes are now defined as “solos”—that is, subscribing to only one subscription video on demand (SVOD) service. That’s down from 41% in 2016. (Ampere describes homes with more than one SVOD service as “stackers.”)

Whether they’re solos or stackers, Netflix is usually included in the configuration of most U.S. household portfolios of SVOD services.

According to Ampere, 20% of U.S. homes are solos subscribing only to Netflix. The next most popular portfolio are stackers using both Netflix and Amazon Prime Video (14%). Nine percent combine Netflix with Hulu, 5% take Amazon only and 1% subscribe to only Hulu.

Notably, as Disney and WarnerMedia prepare major SVOD launches, Ampere said that the number of homes stacking four our more services has remained largely flat in recent quarters.

“As SVOD stacking slows rapidly, there is evidence that households have begun to curate their SVoD bundles,” wrote Toby Holleran, senior analyst at Ampere Analysis. “Will they find additional budget for future services, such as Disney+, or will they swap-out existing services? We know that Netflix has the highest satisfaction score of any U.S. TV service with Amazon and Hulu close behind—placing all three in relatively secure positions. This makes Disney+ most likely to displace the niche streaming services.”