Forrester just published The State Of Streaming Services, US 2025 — a data-rich report packed with insights and trends on eight major US streaming services, focusing on consumer usage, ad tolerance, price sensitivity, and more. To build this report, we analyzed nine Forrester surveys representing over 100,000 online adults. The result? Eighteen charts and 240 data points that tell the story of a streaming market at a critical turning point.

The Battle For Warner Bros. Discovery Has Just Begun

This report publishes at a pivotal moment for the streaming market, with the fate of Warner Bros. Discovery (WBD) — and the industry at large — hanging in the balance. Will Netflix close its definitive agreement to acquire Warner Bros.? Will Paramount trump Netflix with its hostile takeover bid for all of WBD? Or will an entirely different outcome emerge? This battle within the broader streaming war is only beginning. Expect more drama to play out for the better part of 2026 as questions abound.

Using data from Forrester’s The State Of Streaming Services, US 2025 report, let’s address the most burning market question.

Will Netflix + Warner Bros. Create A Streaming Monopoly?

Forrester’s data tells a different story than the prevailing monopoly narrative. While Netflix still leads in favorability, its dominance is waning. Of the eight major US streaming services Forrester analyzed, only two saw declines in monthly usage since 2023: Netflix and HBO Max. Others, including Prime Video and Hulu, posted notable gains.

In fact, HBO Max ranked second to last in monthly usage, just above Apple TV and below Peacock. Should Netflix close its Warner Bros. acquisition, adding HBO Max to its portfolio will no doubt reinforce its position as the leading streamer. But make no mistake: Competition remains fierce, and streaming rivals are closing in.

But Paramount+ isn’t one of them. The service faces a Gen Z challenge — ranking second to last in monthly usage among that group and a distant fifth across all generations. For Paramount+ to scale, it needs quality mass, which is one reason Skydance Media (Paramount’s parent company) is pushing so aggressively to acquire WBD.

Forrester clients: Download our The State Of Streaming Services, US 2025 report, and let’s chat more about it via a Forrester guidance session.