Apple TV+ expands its presence in the streaming market

Apple TV+ has seen a significant surge in its market share in the U.S. streaming industry during the second quarter of 2024, surpassing Paramount+ and closely trailing Hulu. This growth marks a substantial increase from just three years ago when the streaming service held a much smaller portion of the market.

Initially met with skepticism upon its launch in 2019 for focusing on original content rather than acquiring an extensive library of existing movies and TV shows, Apple TV+ struggled to gain traction in the market. In the second quarter of 2021, it held a mere 3% share of the U.S. market. However, fast forward to Q2 2024, and Apple TV+ has significantly expanded its reach, capturing 9% of the U.S. market, as reported by analysts from JustWatch.

JustWatch’s latest report highlighted Apple TV+’s notable increase in market share, stating that the streaming service has managed to capture the attention of the U.S. audience with a 1% rise in shares. Despite this growth, Apple TV+ still has ground to cover compared to industry giants like Amazon Prime Video and Netflix, each holding 22% of the U.S. market, attracting more than double the viewership.

Despite being a smaller player in the streaming landscape, Apple TV+ has managed to release a series of successful shows that have garnered widespread acclaim. Notable hits include the global phenomenon “Ted Lasso,” along with other popular titles like “Severance,” “Silo,” “The Morning Show,” and “For All Mankind,” which have maintained their popularity over time.

Recent additions to Apple TV+’s lineup, such as the success of “Dark Matter” and the popularity of “Presumed Innocent,” have further contributed to the growth of the platform’s market share in Q2 2024. Additionally, the introduction of new series during the summer season has continued to attract viewers to the service.

While access to Apple TV+ content typically requires a subscription, priced at $9.99 per month with a seven-day free trial, viewers can also access the service through any tier of the Apple One subscription bundle. As Apple TV+ continues to expand its offerings and strengthen its position in the competitive streaming market, its success in attracting viewers with original and compelling content remains a key factor in its continued growth and market share advancement.