We’re less than a month away from the launch of Apple TV+, and new data from Piper Jaffray indicates that Netflix still has a strong hold on the market. According to a survey conducted by the firm, Apple TV+ and Disney+ haven’t yet won over many Netflix subscribers.
In a new investor note today, Piper Jaffray stated that its surveys show that roughly 75 percent of Netflix subscribers do not intend to subscribe to either Apple TV+ or Disney+ (via CNBC). On the other hand, the majority of those who do subscribe to Apple TV+ or Disney+ also plan to maintain their Netflix subscription.
The trend among Netflix subscribers, according to Piper Jaffray, is to subscribe to multiple streaming services and look to reduce overall spend on traditional TV. In the long run, this trend could be good news for Apple TV+.
“Our survey suggests that the majority (75%) of Netflix subscribers do not intend to subscribe to either Disney+ or Apple TV+. For those that do expect to use one of these offerings, the vast majority expect to also maintain their Netflix subscription,” Piper Jaffray analyst Michael Olson said.
“Most existing Netflix subscribers appear to be trending towards multiple streaming video subscriptions, especially as many continue to reduce their spend on traditional TV offerings,” he added.
Netflix’s stock has taken a hit over recent months as the competition from Apple TV+ and Disney+ looms. Piper Jaffray, however, is holding steady with its bullish view of Netflix and a price target of $440 a share. NFLX closed today at $268.03.
The survey findings from Piper Jaffray echo Tim Cook’s beliefs on the streaming TV industry. In an interview yesterday, Cook said that many people are using multiple services, and that Apple is “trying to become one of them.”
Apple TV+ will launch on November 1st for $4.99 per month. Disney+ will launch on November 12th for $7 per month. Do you plan on subscribing to either of them? What over streaming video services do you subscribe to? Let us know down in the comments!
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