A survey has revealed most Netflix subscribers have no intention of subscribing to Disney+ or Apple TV+ – with those that do want to try them out having no plans to cancel their existing streaming service with Netflix.
Piper Jaffray surveyed Netflix subscribers in September, with CNBC reporting that the firm discovered the content giant could have a stronger position in the streaming wars than initially thought.
Despite both Disney and Apple launching new streaming services imminently, the survey of around 1500 subscribers showed they don’t want to swap their Netflix plan for one from the competitors.
An analyst from Piper Jaffray 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.
‘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.’
Currently, Piper Jaffray has an overweight rating on Netflix, along with $440 a share as a price target. Wednesday trading saw Netflix shares fall by 0.6%, closing at $286.03 a share. July forecasts for Netflix were almost universally optimistic on the Street, but this has changed since stock dropped almost 30%, causing its 2019 gains to disappear.
