How Netflix survived the streaming wars to stay the subscription video king

LOS ANGELES -- Four years ago, Netflix was faced with a formidable challenge to its dominance. Competitors including Walt Disney Co. and Warner Bros. Discovery invested billions of dollars to chip away at Netflix's market share by launching splashy shows on their own streaming services.

For a time, it seemed that Netflix was vulnerable. The company lost subscribers for two straight quarters in 2022 despite gargantuan spending, raising concerns that its growth had plateaued.

But lately the tide has turned. Netflix has managed to maintain its position as the leader in subscription streaming, with 260 million paying customers worldwide, far more than its direct competitors. Netflix added more than 13 million subscribers during the fourth quarter. The Los Gatos, California-based company's stock has surged roughly 90% during the last year.

As a result, many analysts have made a bold proclamation in recent months. The so-called are over, they say. Netflix has won. more of their programs to Netflix, including HBO's "Six Feet Under" and "Insecure," after years of holding onto their big action movies and popular shows for their own platforms.