• by Wayne Friedman , Staff Writer, July 16, 2025

Major streaming players are seeing increasing benefits from returning seasons of major TV series -- less so from theatrical movies now making their debuts on connected TV platforms, according to Parrot Analytics.

Netflix continues to lead with around six million gross global subscription additions -- driven by those returning series, according to Parrot analysis. This includes the likes of its blockbuster “Squid Game” series.

These results are up versus a gain of 3.7 million subscribers a year ago.

Warner Bros. Discovery (HBO Max, discovery+) is close behind at 5.5 million in the second quarter this year -- nearly three times higher than the gain of 2.0 million a year ago in the second quarter. Disney has seen smaller improvements, to a little over 2.5 million (versus 1.9 million a year ago).

For Warner Bros., the big series this quarter included the major HBO Max shows -- “The Last of Us” and “The White Lotus.”

“[This] is a significant feat, consistent with management’s message of focusing on their high quality content IP,” the Parrot analysis authors say. “WBD has the potential to replicate this success in the new markets they are adding in the next few quarters.”

At the same time, theatrical movies debuting now on streaming -- as a main reason for new subscriber sign-ups -- have declined over previous quarters.

Disney+ continues to be a big, active player over the last year and a half -- now at an estimated gain of five million subscribers due to the pull of new movies, down from 6.5 million in the same period the year before.

Netflix is down to four million from six million, while WBD is at 2.1 million, down from 4.8 million.

Disney’s big movies in the current second quarter included last year's summer hit “Deadpool & Wolverine”. Other big new subscriber attractions include “Alien: Romulus”, “Moana 2” and “Avengers: Endgame.”

According to Bernstein Research, which hosted a webinar from Parrot Analytics: “Disney streaming success remains dependent on the success of its movies at the box office. Since the theatrical industry naturally consists of hit or miss products/titles, it is natural for Disney to experience some inconsistency in terms of streaming subs growth.”