President Trump Says He Needs to See Netflix’s Market Share. We Did the Math. It’s a Problem.
Last weekend, President Donald Trump was asked about Netflix purchasing Warner Bros. Here’s what he said:
“I know, I know the companies very well. I know what they're doing, but I have to see I have to see what percentage of market they have. We have to see the Netflix percentage of market paramount, the percentage of market. I mean, none of them are particularly great friends of mine. You know, I just I want to I want to do what's right. It's so very important to do what's right.” (CNN, 12/8/25)
So we did the math.
FlixPatrol tracks the most popular streaming services in the world. As has been well-reported, Netflix has the most subscribers by far — presently, around 300+ million subscribers. Amazon Prime is in a distant second with 200 million subscribers.
Streaming Service and Market Share
Netflix, 31.9%
Amazon Prime Video, 21.2%
Disney+, 13.9%
HBO Max, 13.5%
Paramount+, 8.4%
Hulu, 6.8%
Peacock, 4.3%
Apple TV+, 3.2%
At #1, If Netflix were permitted to purchase Max/Discovery+ at #4, their tally would dominate the market, just as President Trump may have feared – with nearly as many subscribers as the next six competitors combined:
Netflix + HBO Max: 45.4%
Next Top 6 Streamers: 54.6%
To be sure, many households subscribe to multiple streaming services, meaning that the total size of the streaming subscriber base may be smaller – and even more concentrated – than the sum of the numbers above.
Also interesting, but little considered, is the #2 streamer – Amazon Prime – is not a “pure streamer.” In fact, most Amazon Prime members – 79% by one survey – are members for the benefit of free shipping, not the streaming service. Consequently, if you look at streaming market share solely through the prism of “pure streamers,” then Netflix is even more dominant – controlling well over half of market share.
Netflix + HBO Max: 57.6%
Next Top 5 Pure Streamers: 42.4%
The current DOJ and FTC antitrust guidelines, which have been maintained by the Trump administration, are clear. A company with a marker share greater than 30% should be presumptively unlawful. Whichever way you slice it, a combined Netflix-Warner Bros. streamer would far exceed the level of power that any one company should be allowed to hold meaning the deal would be bad for consumers, the media industry, and the country.
The numbers don’t lie. A Netflix-Warner Bros. merger would create an irreversible streaming behemoth with the market power to command prices, drive out competition, and dominate the new age of media consumption.
