HBO Max, Hulu, and Paramount+ Lead Subscriber Gains in Q2

In Q2 2025, streaming services lost roughly 41.8 million subscribers, but they gained 47.7 million subscribers. Analytics firm Antenna estimates those numbers, which suggests 6 million new additions across all providers. That makes it the second-best quarter in the last five.

Which services grew the most?

Antenna estimates HBO Max accounted for 15% of the gross adds, while Hulu and Paramount+ took 14% each. Peacock accounted for 13% of the gross adds, with 12% each for Disney+ and Apple TV+.

What’s Up With Netflix?

Antenna’s numbers suggest Netflix’s momentum is slowing down. That explains why the company stopped announcing subscriber numbers. Over the last two years, Netflix’s position among new adds has placed 3rd three times, 4th twice, and 5tth once. But in 2025, Netflix has never risen above 7th place among new additions.

This suggests that most of the people who want Netflix already have it. The cheaper ad-supported plan helped make that possible in 2022. The ever-rising prices are also taking a toll. Netflix raised its prices on the ad-free plan this year ($17.99) after 3 years holding at $15.49.

Again, Netflix isn’t losing subscribers on the whole. It’s a remarkably sticky subscription, but the momentum has definitely slowed.