1、Asia Pacific Equity Research05 November 2025J P M O R G A NAustraliaEmerging CompaniesMichael James AC(61-2)9003-Don Carducci(61-2)9003-George Stewart(61-2)9003-Alan Liang(61-3)9633-J.P.Morgan Securities Australia LimitedCurrent SVOD subscriptions?(%of respondents)0%6%11%12%13%19%23%27%51%52%89%0%10

2、%20%30%40%50%60%70%80%90%100%NoneOtherBingeHBO MaxKayoAppleTV+StanParamount+Amazon PrimeDisney+NetflixSource:J.P.Morgan Australian Streaming Survey.Ranking SVOD services%of number 1 ranks(EXCL.Netflix&Disney)Most UsedValueContentPlatform#1PrimePrimePrimePrime#2StanStanPara+Stan#3OtherOtherStanOther#

3、4KayoAppleTV+OtherPara+#5Para+BingeAppleTV+AppleTV+#6AppleTV+Para+HBO MaxHBO Max#7BingeHBO MaxBingeBinge#8HBO MaxKayoKayoKayoSource:J.P.Morgan Australian Streaming Survey.In our 6th edition of Streaming Insights:Stan is the 5th most popular service(behind Netflix,Disney,Prime and Paramount+),but ran

4、ks 4th(ahead of Paramount+)across best value,best platform,and most used.Stan Sport subs growth is driven by Premier League viewers with capacity for ongoing price inceases clear across this subscriber cohort.More generally,consumers have increased subscription baskets over the last 12 months.Netfli

5、x and Disney are the two most popular platforms;with Amazon Prime ranked next across:most used,best content,best value and best platform.Greater subscriptions;slight decline still expected over next 12 months:The average number of subscriptions is now 3.1;up from 2.9 in Mar-25.There is still an expe

6、ctation for subscription numbers to fall in the coming 12 months.Monthly cost of subscriptions increasing:38%of survey participants have a monthly subscription basket cost between$25-$50.This is lower than the Mar-25 survey.Concurrently,there has been an increase in the number of subscription basket