Global Streaming Intelligence · 2025

OTT Revenue & Profitability

Annual revenue in USD billions — who's winning the streaming wars?

Netflix #1
$45.2B
Op. Income $13.3B 301M subscribers
Dominant global leader. Highly profitable standalone business.
Netflix · #1 Global Leader
301M subscribers worldwide. Operating income of $13.3B makes it the only pure-play streamer that is massively, consistently profitable.
YouTube Premium #2
~$15B
Profit → Alphabet
Part of Google/Alphabet — profit rolled into parent company.
YouTube Premium · Google's Giant
Revenue rolled into Google/Alphabet parent. Subscription + ad revenue combined. Profit is absorbed into Alphabet's broader business unit.
Amazon Prime Video #3
~$14B
Profitable Bundled with Prime
Part of Amazon Prime bundle — bundled profit model.
Amazon Prime Video · Bundle King
Bundled with Amazon Prime membership. Standalone streaming profit is hard to isolate — revenue is partially subsidised by the broader Prime ecosystem.
Hulu #4
~$11B
Profitable under Disney 55.5M subs · US only
Disney's DTC division turned positive, Hulu a key contributor.
Hulu · Disney's US Star
55.5M subscribers, US-only. Disney's direct-to-consumer segment turned profitable in 2025. Hulu drives a significant chunk of that turnaround.
HBO Max / Max #5
~$9B
Merging into Netflix WBD Acquisition 2025
Post-WBD acquisition, now merging into Netflix ecosystem.
HBO Max / Max · Major Transition
Now merging into Netflix post the Warner Bros. Discovery acquisition in 2025. Brand in flux but content library (HBO, DC, CNN) remains extremely valuable.
Apple TV+ #6
~$8B
Profitable Apple Services division
Revenue rolled into Apple Services $100B+ division.
Apple TV+ · Prestige Play
Revenue folded into Apple Services, a $100B+ division. Profitable but not disclosed separately. Strategy is prestige content to sell hardware, not maximise streaming revenue.
Paramount+ #7
~$6.5B
Near Break-even UFC deal key driver
Approaching profitability in 2025 · UFC deal is the key driver.
Paramount+ · UFC Boost
The UFC rights deal is a key driver pushing Paramount+ toward profitability. Sports rights are proving essential for streaming sustainability in 2025.
Peacock #8
~$5B
–$217M Q3 2025 Still loss-making
Only major streamer still in the red · NBCUniversal owned.
Peacock · Still in the Red
The only major streamer still losing money at scale. Q3 2025 loss of $217M. Olympic coverage and sports rights are the growth thesis.
JioHotstar #9
~$2.5B
India #1 300K hrs content
JioCinema + Hotstar merger · India's dominant platform.
JioHotstar · India's Streaming Crown
Result of the JioCinema + Hotstar merger. India's #1 platform with 300K+ hours of content. IPL cricket rights drive massive engagement spikes.
Total Market Revenue
~$116B
Combined top 9 platforms · 2025
Netflix Market Share
39%
Of top 9 combined revenue
Profitable Platforms
7 of 9
Only Peacock still loss-making