Netflix is now the second largest TV group in Europe, with no ceiling in sight for the streaming service.
According to a report from Ampere Analysis, Netflix is now second only to Comcast in terms of 2020 revenue.
Comcast, which owns and operates Sky Group, still is the clear leader and accounted for 12% of TV group market share, with Netflix in second at 6.1%.
The streamer has overtaken German pubcaster ARD, which accounted for 5.7% of the 2020 TV group market share by revenue, with the BBC in fourth at 4.2%. Vivendi-owned Canal+ Group was the fifth largest with 3.2%.
Beyond that, the breakdown becomes more granular, with France Televisions, Vodafone, RTL Group, Liberty Global, Deutsche Telekom, Mediaset, RAI and Amazon, all having between 2-2.8% of the market.
The remaining 46.6% of TV group market share is attributed to ‘Other’.
Explaining Netflix’s rise, Ampere principal analyst Tony Maroulis noted that past decade has seen Netflix rapidly grow on the continent, with it surpassing US$1 billion in revenue in 2016 and having the largest subscriber base in Europe by 2017.
The analyst said: “While Netflix has enjoyed success across the continent, local broadcasters are facing increased pressures. The coronavirus pandemic has thrown the TV advertising market into decline, compounding and accelerating the woes of traditional and established brands. And while Netflix’s pockets are getting deeper, local entities are struggling to compete.
“Over the next few years, Netflix alone is set to be better funded than many leading commercial broadcasters, and its scale means that it is able to produce quantities of high-quality content that most of its local competitors cannot match. This global vs. local imbalance will further accelerate the online viewing shift, which is now beginning to shift to older demographics as well as young.”