Ampere: Disney+, Hulu Union share 30% of top 100 programming

Eric Grunwedel

November 21, 2022

New data from Ampere Analysis claims that the combined Disney+/Hulu offering will account for about 30% of the top 100 titles of any US subscription streaming service — well ahead of Netflix’s 23% market share.

The 100 titles include shows from Disney’s Marvel Studios or Lucasfilm and Hulu originals such as “Murder Only in the Building” and “The Handmaid’s Tale.”

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One of the main goals of former Disney CEO Bob Chapek was to consolidate ownership of the streaming platform Hulu, which also includes the online television service Hulu + Live TV. Disney now owns 66% of Hulu, while NBCUniversal owns 33%. According to Brian Roberts, CEO of parent company Comcast, the latter is also interested in full ownership of the platform.

Comcast and Disney entered into an agreement dated January 1, 2024, which gives Disney the option to acquire the remaining 33% of the shares for at least $27.5 billion. Capek wanted to speed up the sale date, a strategy that is now on the shelf.

The merger seems logical to Ampere analysts, as Disney’s share of Hulu’s content has grown significantly, indicating that the company continues to invest heavily in the platform. Since September 2016, the share of the Disney-owned Hulu catalog has tripled, from 6% of all movies and TV shows to 19% by September 2022.

At the same time, major studios without streaming platforms have reduced their contribution to Hulu’s content inventory (down from 81% in 2016 to 71% in 2022), while studios with their own streaming services have generally maintained or reduced their contribution. Specifically, aggregated content from NBCUniversal, Paramount Global and Warner Bros. Discovery now accounts for less than 10% of all TV shows and movies on Hulu.

“The threat of new popular or critically acclaimed titles leaving Hulu for competing platforms is a concern as engaging content is critical to retaining subscribers, especially as the domestic SVOD market nears saturation,” said Ampere analyst Kristen Tamisin. “This risk makes Disney’s case for combining Hulu and Disney+ into one platform stronger.”

Meanwhile, Hulu’s continued removal of content from third-party content owners to support new services like Peacock, Paramount+ and HBO Max poses a threat to Hulu’s competitiveness, according to Ampere. The streamer has already lost titles like America’s Got Talent (from Peacock), movies and TV shows set in the Star Trek universe (from Paramount+) or Family Matters (from Max).

If the big studios take back their proprietary content, Hulu could lose 10% of its total catalog. That number rises to 37% of Hulu’s top 100 titles, according to Ampere.

“On the other hand, the complementary catalogs of Disney+ and Hulu mean that the combined platform will offer a greater variety of content — similar to other major players in the market — than the two stand-alone platforms currently offer,” Tamisin said. “While the Disney brand has long been associated with family-friendly content, Hulu has a broader appeal to a wider audience, offering a wide range of genres and more adult-oriented titles.”