It’s clear that Netflix remains the leading streaming platform. But when looking at the latest data, it’s equally clear that the service has seen its dominance begin to slip.
As explored in Luminate’s 2025 Year-End Film & TV Report, the most-watched streaming original TV season of the year (by viewing time) did not come from Netflix in 2025, a first since the launch of Luminate’s Streaming Viewership (M) data. In fact, the service’s highest-ranking title — Stranger Things Season 5 — clocked in at no. 4 for the year.
Meanwhile, the latest season of Love Island USA became the first unscripted streaming original to top the yearly chart, bolstered by its hefty 37-episode season.
It should be noted that Stranger Things S5 has continued to accrue significant viewership (the series finale dropped on the final day of Luminate’s 2025 measurement window) and easily outstrips Love Island when ranked by estimated views (minutes streamed divided by runtime). But engagement and time spent are the most valuable metrics in streaming these days, and it’s undeniable that Netflix is facing more formidable competition for viewers’ time.
Case in point: Though not to be overstated, the Big Red N also saw significant slippage in its share of U.S. original content viewing. Netflix dropped below a 60% share in the U.S. for the first time last year, though there was no single service that broke out as a challenger.
Indeed, the emerging new reality of the streaming world is one in which the top hits are spread across a more diverse range of services than ever before. Not only Love Island at Peacock but The Pitt at HBO Max and Landman at Paramount+ — with the latter managing the rare feat of having two seasons reach the top 10 — showed viewership strength scarcely seen outside of Netflix in years past.
Of course, Netflix leadership can take comfort in the fact that its rivals can only boast individual hits, while the top platform’s hold on viewers is still strong. (Netflix did notably account for six out of the top 10 most-watched original seasons.) But when it comes to the top original content, perhaps the streaming wars aren’t truly over after all.
To dig deeper into these trends and much more, download the full 2025 Year-End Film & TV Report from Luminate.
