The Netflix juggernaut continues to trounce its competitors, with the streaming service now in 1 million Australian homes.
Research released today by Roy Morgan shows Netflix reached the milestone just seven months after launching in Australia, attracting 70,000 new subscriptions in October alone and looking on track to meet its target of being in one-third of homes within its first seven years of operation.
Other streaming on-demand services are struggling to keep up, with Netflix’s nearest rival Stan announcing last week it had amassed only 450,000 sign-ups.
Australian competitor Quickflix is in a dire state, recently cutting more than 20% of its staff as its shares plummeted to $0.0001.
The video-on-demand phenomenon is not only having a having an impact on its commercial competitors.
Roy Morgan media general manager Tim Martin says movie and television downloading have declined since the services began business in Australia.
“It is notable that the younger, tech-savvy people most likely to download TV shows and movies have been the quickest to subscribe to Netflix and the overall rate of downloading has declined,” Martin says.
The data also shows fewer Australians are buying or hiring DVDs.