1、Barclays Capital Inc.and/or one of its affiliates does and seeks to do business with companiescovered in its research reports.As a result,investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report.Investors should consider thisreport as on

2、ly a single factor in making their investment decision.Please see analyst certifications and important disclosures beginning on page 18.U.S.MediaStreaming Trends:Q2 2025YouTube is increasingly becoming a direct competitive threatfor premium streaming services.#1 Streaming EngagementIn the US,streami

3、ng viewership share surpassed aggregate broadcast and cable viewing forthe first time in 2Q(Figure 1).This share shift should accelerate later this year with the launchof ESPN and Foxs DTC services.Year-to-date,YouTube has seen an acceleration in its YoYshare gains,whereas other streamers have shown

4、 more volatility.Netflix share of totalviewing has been generally flat to slightly down over the past year and half(Figure 3).Ad supported viewing now accounts for 71%of total streaming viewing.Excluding YouTubeand FAST services(Tubi,Pluto,Roku Channel),53%of the SVOD/AVOD viewing in 1Q25 camefrom a

5、d supported in 1Q25(Figure 2).On a combined linear and streaming basis,WBD experienced the largest share decline,followed by NBC Universal.While Netflix share of total viewing in US is comparable to that ofNBCU,Fox or Paramounts portfolio,it still trails significantly behind Disney andYouTube(Figure

6、 5&Figure 6).Among legacy media companies,Disney stands out with nearly50%of its total viewing coming from streaming(Figure 7).The higher streaming mix hasenabled Disney to better offset linear declines and drive aggregate earnings growth acrosslinear and DTC segments.Equity Research16 July 2025U.S.