Our latest Entertainment on Demand data shows that Australia’s streaming market experienced another significant shakeup during the final quarter of 2025, with new data from Worldpanel by Numerator showing clear winners — and emerging challenges — across the sector.
Between October and December 2025, Prime Video and Paramount+ recorded the strongest subscriber growth, fuelled by holiday retail momentum, compelling content slates, and the rising appeal of lowercost ad-supported tiers. Meanwhile, shifts in viewing behaviour suggest Australians are reassessing the number of services they hold as price rises continue across the category.
Prime Video strengthens its leadership during the holiday rush
Prime Video once again took the top spot for new subscriber acquisitions in Q4 — a position it has consistently held for the past four years. With Amazon’s holiday retail traffic surging around Black Friday and Boxing Day, the platform saw Prime household penetration climb to 37%, while increased cross-promotion successfully nudged more Prime members into using Prime Video.
The data shows an increasing share of Australians are choosing Prime Video because they genuinely love the brand. This sentiment has grown from 16% to 20% year-on-year and is reflected in stronger retention: quarterly churn has dropped to just 6%, now equal to Netflix — the lowest in the market.
Local content is also gaining traction. Titles such as The Narrow Road to the Deep North, Top End Bub and The Test continue to draw new audiences, reinforcing the platform’s expanding Australian footprint.
Paramount+ powers ahead with strong promos and hit shows
Paramount+ maintained its momentum with 13% year-on-year growth in Q4, remaining among the top platforms for new subscriber share. While premium content including Landman and Tulsa King remains the strongest acquisition driver, value for money rose sharply as a key motivator, with one in four new subscribers citing it as a reason for joining.
The platform’s Black Friday promotions also played a crucial role, with more customers reporting direct email offers leading to signups. Half of new Paramount+ subscribers opted for the lowercost AVoD tier — up from one-third a year earlier. While AVoD satisfaction trails its ad-free tier, overall value-for-money ratings remain exceptionally strong across both groups, second only to Prime Video.
The challenge for Paramount+ is retention: churn remains persistently high at 15–20%, meaning longterm growth will depend on holding the new audiences it’s attracting.
HBO Max grows fast — but may face a major shakeup
HBO Max continued its rapid expansion, growing active penetration to 12% of VoD households by Q4, up from 5% at launch earlier in the year. Thanks to Foxtel’s inclusion of HBO Max’s AVoD tier for cable customers, access penetration reaches as high as 23%.
If Foxtel customers begin using the service more consistently, HBO Max could surpass Stan and Paramount+ in total household reach. However, the platform’s independent future in Australia may be uncertain. Netflix’s proposed acquisition of Warner Bros. Discovery could see HBO content folded into the Netflix interface — a move aligned with Netflix’s longstanding focus on a unified user experience.
If completed, this merger would lift Netflix and HBO Max’s combined reach from 72% to 75% of Australian VoD households, with the strongest gains expected among viewers aged 55+. The potential end of WBD’s long-running licensing agreements with Foxtel would also reshape the Australian streaming landscape. For now, the industry is watching closely as the deal progresses.
Key Q4 2025 Australian VoD Insights
- The number of Australian households with at least one streaming service fell slightly to 8.0 million, driven by declines in paid adfree subscriptions.
- Stacking rates stabilised at 3.3 services per household, down from the Q2 peak of 3.4.
- Nearly half of VoD households now have at least one AVoD subscription, up from 37% a year earlier.
- AVoD tiers accounted for a third of all new sign-ups, highest among Prime Video (65%), followed by HBO Max and Paramount+.
- Total category monthly spend rose to $52 per household, up from $50 a year earlier despite migration to cheaper tiers.
- Prime Video and Paramount+ held the largest share of new subscribers (13% each), followed by Stan at 11%.
- Cricket became the most-watched live sport, driven by international matches and The Ashes, with strong performance from 7Plus and Kayo.
- Stranger Things was Australia’s most-watched and mostenjoyed title of the quarter, followed by Paramount+’s Landman.
Andrew Northedge, Consumer Insight Director, Worldpanel by Numerator
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