--- title: "Netflix vs Hulu Statistics 2026: Viewer Growth Data" date: 2026-08-09 author: "Sofia Ramirez" featured_image: "https://sqmagazine.co.uk/wp-content/uploads/2026/06/netflix-vs-hulu-statistics.jpg" categories: - name: "Technology" url: "/technology.md" tags: - name: "Statistics" url: "/tag/statistics.md" --- # Netflix vs Hulu Statistics 2026: Viewer Growth Data Netflix closed 2024 with **301.6 million** paid memberships against Hulu’s **52.0 million** total in Q4 fiscal 2024, a head-to-head gap that frames every other number in the streaming rivalry. Both platforms stopped publishing those counts in 2025, so the comparison now runs on revenue, margin, ad share, and viewing data pulled from official filings. The figures below cover subscribers, revenue, ARPU, viewing share, ad tiers, pricing, content, profitability, and ownership through Q2 fiscal 2026. ## Key Takeaways - [Netflix](https://sqmagazine.co.uk/netflix-statistics/) held **301.6 million** paid memberships at the end of 2024, while Hulu ended Q4 fiscal 2024 with **52.0 million** total paid subscribers (47.4 million SVOD-only plus 4.6 million Live TV). - Netflix generated **$39.0 billion** in full-year 2024 revenue, up **16%** year over year, against Disney’s Entertainment Direct-to-Consumer revenue of **$22,776 million** for fiscal 2024. - Netflix posted operating income of **$10.4 billion** at a **27%** operating margin in 2024, compared with Disney’s full-year DTC operating income of **$134 million**, up from a **$2,612 million** loss in fiscal 2023. - Netflix reported global ARM of **$11.70** per month in 2024, while [Hulu](https://sqmagazine.co.uk/?p=22645) SVOD-only ARPU was **$12.54** per month in Q4 fiscal 2024 on a different measurement basis. - Netflix captured **8.5%** of U.S. TV viewing time in December 2024, with Hulu fourth among streaming services at **2.5%**, per Nielsen’s The Gauge. - Netflix stopped reporting paid memberships from its Q1 **2025** letter, and Disney announced in August 2025 it would stop reporting Disney+ and Hulu counts. ## Editor’s Choice - Netflix full-year 2025 revenue reached **$45.2 billion**, up **16%** year over year. - Hulu’s last reported total was **64.1 million** paid subscribers in Q4 fiscal 2025, up **23%** year over year. - Netflix hit **9.0%** of U.S. TV viewing in December 2025, a new platform record. - Disney’s full-year DTC operating income climbed to **$1,327 million** in fiscal 2025. - Netflix added **18.9 million** paid net adds in Q4 2024 alone, a record quarter. - Disney+ and Hulu crossed a **10.6%** combined operating margin in Q2 fiscal 2026, its first double-digit quarter. ## Recent Developments - **March 2026:** Netflix raised U.S. prices across all plans, with Standard without ads moving to **$19.99** per month and Premium to **$26.99** per month, the second increase in less than two years. - **May 2026:** Disney+ and Hulu combined streaming operating income hit **$582 million** in Q2 fiscal 2026, up **88%** year over year. - **April 2026:** Netflix reported Q1 2026 revenue of **$12.25 billion**, up **16%** year over year, and maintained full-year guidance of **$50.7 billion** to **$51.7 billion**. - **October 2025:** Hulu’s ad-supported on-demand plan rose from **$9.99** to **$11.99** per month, a **20%** increase, with Hulu plus Live TV moving to **$89.99** per month. - **August 2025:** Disney announced it would no longer report quarterly subscriber numbers for Disney+ and Hulu. ## Netflix vs Hulu Subscriber Statistics Netflix operates a single global service while Hulu remains U.S.-only, so part of the subscriber gap is geographic rather than competitive. The raw counts still tell the story of scale: Netflix’s quarterly net adds in late 2024 rivaled Hulu’s entire base. - Netflix global paid memberships at the end of 2024: **301.6 million**. - Netflix average paying memberships for full-year 2024: **277.7 million**, up **15%** year over year. - Netflix paid subscriber milestone at Q4 2025: **325 million** globally. - Hulu total paid subscribers in Q4 fiscal 2024: **52.0 million** (47.4 million SVOD-only plus 4.6 million Live TV). - Hulu total paid subscribers in Q4 fiscal 2025: **64.1 million**, up **23%** year over year. - Hulu SVOD-only subscribers in Q4 fiscal 2025: **59.7 million**. - Netflix Q4 2024 paid net adds of **18.9 million** alone exceeded more than a third of Hulu’s entire 52.0 million base at the time. | Metric | Netflix (end 2024) | Hulu (Q4 FY2024) | |---|---|---| | Total paid subscribers | 301.6 million | 52.0 million | | Geographic scope | Global | U.S.-only | | SVOD-only | n/a | 47.4 million | | Live TV bundle | n/a | 4.6 million | | Last reported count | Q4 2024 (then milestones only) | Q4 FY2025 (64.1 million) | Source: Netflix Q4 2024 Shareholder Letter, The Walt Disney Company FY2024 and FY2025 earnings ## Netflix vs Hulu Revenue Statistics Netflix’s revenue lead is wider than its subscriber lead because Hulu’s figures are not disclosed on their own. Disney folds Hulu into its Direct-to-Consumer segment alongside Disney+ and ESPN+, so the closest public comparison pits Netflix against the entire Disney DTC line. - Netflix full-year 2024 revenue: **$39.0 billion**, up **16%** year over year. - Netflix full-year 2025 revenue: **$45.2 billion**, up **16%** year over year. - Netflix Q1 2026 revenue: **$12.25 billion**, up **16%** year over year. - Disney DTC full-year fiscal 2024 revenue: **$22,776 million**, up **15%** year over year. - Disney DTC full-year fiscal 2025 revenue: **$24,614 million**, up **8%** year over year. - Disney+ and Hulu combined Q2 fiscal 2026 revenue: **$5.49 billion**, up **13%** year over year. - Netflix 2024 operating income: **$10.4 billion** at a **27%** margin. > **By the numbers:** Netflix reported $39.0 billion in 2024 revenue versus Disney’s $22,776 million Direct-to-Consumer line, which still bundles Disney+ and ESPN+ alongside Hulu. No Hulu-only revenue figure exists in any Disney filing, so the gap between the two brands is wider than these segment totals suggest. Netflix vs Hulu Revenue FY2024 to FY2025 ($) ANNUAL REVENUE · Source: Source: Netflix Q4 2024 Shareholder Letter, 10-K; Disney FY2024/FY2025 earnings ANNUAL REVENUE · SQ MAGAZINE ANALYSIS Netflix vs Hulu Revenue FY2024 to FY2025 ($) Annual streaming revenue, USD (FY2024 vs FY2025) Netflix · Q4 2024 FY2024 FY2025 50B 40B 30B 20B 10B 0 Netflix Disney DTC SOURCE Source: Netflix Q4 2024 Shareholder Letter, 10-K; Disney FY2024/FY2025 earnings ## Netflix vs Hulu ARPU Statistics ARPU is where the two companies stop being directly comparable. Netflix reports ARM, average monthly revenue per membership, while Hulu reports ARPU per paid subscriber, two different denominators. The numbers below sit close in the U.S. but should be read as directional, not exact equivalents. - Netflix global average monthly ARM in 2024: **$11.70**. - Netflix UCAN (U.S. and Canada) ARM in 2024: **$17.20** per month, up **6%** year over year. - Netflix EMEA ARM in 2024: **$10.96** per month, up **1%** year over year. - Hulu SVOD-only ARPU in Q4 fiscal 2024: **$12.54** per month. - Hulu Live TV plus SVOD ARPU in Q4 fiscal 2024: **$95.82** per month. - Hulu SVOD-only ARPU in Q4 fiscal 2025: **$12.20** per month. - Hulu Live TV plus SVOD ARPU in Q4 fiscal 2025: **$100.02** per month. - Comparable U.S. gap: Netflix UCAN ARM of $17.20 exceeds Hulu SVOD-only ARPU of $12.54 by roughly a third in comparable U.S. markets. | ARPU / ARM measure | Q4 FY2024 | Q4 FY2025 | |---|---|---| | Netflix global ARM | $11.70 | not reported | | Netflix UCAN ARM | $17.20 | not reported | | Hulu SVOD-only ARPU | $12.54 | $12.20 | | Hulu Live TV + SVOD ARPU | $95.82 | $100.02 | Source: Netflix 10-K, The Walt Disney Company FY2024 and FY2025 earnings > **The methodology gap matters:** A Netflix membership can cover multiple profiles and an extra-member add-on, while Hulu counts each paid subscription. Treat the two ARPU figures as parallel, not interchangeable. ## Netflix vs Hulu TV Viewing Share Statistics Viewing share captures engagement that subscriber counts miss, and here Netflix’s lead over Hulu is roughly three to one. Nielsen’s The Gauge measured both separately through 2024 before folding Hulu into a combined Disney figure. - Netflix U.S. TV viewing share in December 2024: **8.5%**, nearly a full percentage point higher than November. - Hulu U.S. TV viewing share in December 2024: **2.5%**, fourth among streaming services. - December 2024 ratio: Netflix held roughly 3.4 times Hulu’s viewing share. - Netflix U.S. TV viewing share in December 2025: **9.0%**, a new platform record, with viewership up **10%** month over month. - Total streaming share of U.S. TV in December 2024: **43.3%**. - Total streaming share of U.S. TV in December 2025: **47.5%**, the largest share of TV ever reported in The Gauge. - Reporting change: from the January 2025 Gauge, Disney+, Hulu, and ESPN+ were aggregated as Disney Streaming, so Hulu is no longer tracked separately. Netflix vs Hulu TV Viewing Share U.S. TV viewing (December 2024) DEC 2024 SHARE · Source: Source: Nielsen The Gauge, December 2024 and December 2025 DEC 2024 SHARE · SQ MAGAZINE ANALYSIS Netflix vs Hulu TV Viewing Share U.S. TV viewing (December 2024) U.S. TV viewing share by platform, December 2024 Nielsen · 2024 50 40 30 20 10 0 8.5% Netflix 2.5% Hulu 43.3% Total streaming SOURCE Source: Nielsen The Gauge, December 2024 and December 2025 Across our 50-plus platform statistics pages, engagement depth tends to matter more than headline user growth, and viewing share is the cleanest engagement proxy available for streaming. The [streaming subscriber and market share data](https://sqmagazine.co.uk/streaming-statistics/) tracks how that share splits across the wider field. ## Netflix vs Hulu Ad Tier Statistics The ad-tier story is one of asymmetry. Hulu has carried ads since its 2008 launch and led premium streaming in ad time through 2024, while Netflix only switched ads on in November 2022 and is now scaling faster than any rival. - Hulu’s share of AVOD streaming ad time in 2024: **13%**, ranking first among premium streaming platforms. - YouTube’s ad time share in 2024: **11%**, second behind Hulu. - Hulu’s ad time share growth over 2024: **20%**. - Netflix ad-plan sign-ups in Q4 2024: over **55%** of new sign-ups in ad-supported markets chose the ads plan. - Netflix ad-plan membership growth in Q4 2024: nearly **30%** quarter over quarter. - Netflix ad tech platform U.S. launch: April 1, 2025. - Netflix 2025 ad revenue: approximately **$1.5 billion**, based on analyst estimates and company disclosures. - Netflix 2026 targeted ad revenue: approximately **$3 billion**, roughly double year over year. - Disney reported **112 million** combined ad-supported monthly active users across Hulu, Disney+, and ESPN+ in the U.S. and Canada in January 2025. > **Worth noting:** Hulu accounted for 13% of AVOD and FAST ad time in 2024 from a 16-year head start, while Netflix went from a standing start in November 2022 to over 55% of Q4 2024 sign-ups choosing its ad plan. One platform defends an incumbent ad business; the other is building one at speed. | Ad metric | Netflix | Hulu | |---|---|---| | Ads launched | November 2022 | 2008 | | 2024 AVOD ad time share | scaling | 13% (#1) | | Ad-plan sign-up mix (Q4 2024) | over 55% | mature | | Estimated ad revenue (2025) | $1.5 billion | within Disney DTC | Source: Netflix Q4 2024 and Q4 2025 letters, StreamTV Insider, Variety, CNBC ## Netflix vs Hulu Pricing Statistics Pricing is the clearest sign of how aggressively Netflix is monetizing. It raised U.S. prices twice in 14 months while Hulu raised once, and the two now sit nearly level at the ad-free tier but diverge at the entry ad tier. - Netflix U.S. pricing as of March 2026: Standard without ads **$19.99** per month, Premium **$26.99** per month, Standard with ads **$8.99** per month. - Hulu U.S. pricing as of October 2025: ad-supported **$11.99** per month, ad-free **$18.99** per month, Hulu plus Live TV **$89.99** per month. - Netflix January 2025 increases: Standard with ads rose from **$6.99** to **$7.99**, Standard without ads from **$15.49** to **$17.99**, and Premium from **$22.99** to **$24.99**. - Netflix March 2026 increases: Standard with ads rose from **$7.99** to **$8.99**, Standard without ads from **$17.99** to **$19.99**, and Premium from **$24.99** to **$26.99**. - Netflix ad-tier trajectory: the ads plan rose from $6.99 to $8.99 in 14 months, close to a 30% increase. - Hulu October 2025 increase: the ad-supported plan rose from **$9.99** to **$11.99**, a **20%** increase, while ad-free held at **$18.99**. - Entry ad-tier gap: Hulu’s $11.99 ads plan sits well above Netflix’s $8.99 at the entry ad tier. | Tier | Netflix (Mar 2026) | Hulu (Oct 2025) | |---|---|---| | With ads | $8.99 | $11.99 | | Ad-free | $19.99 | $18.99 | | Live TV | n/a | $89.99 | Source: CNBC, Variety, Netflix and Hulu pricing pages At the ad-free tier, Netflix at $19.99 and Hulu at $18.99 for ad-free sit within roughly $1 per month of each other, so the headline price war now plays out mostly at the cheaper ad-supported end. ## Netflix vs Hulu Content Library Statistics Library size is the one comparison without official numbers. Neither company publishes title counts, so the figures below come from independent catalog trackers and should be read as estimates, not disclosures. - Netflix U.S. library, 2025: approximately **7,865 titles**, per independent catalog tracker What’s On Netflix, not an official Netflix disclosure. - Hulu U.S. library, April 2026: approximately **7,250 titles**, per an independent catalog tracker, not an official Hulu disclosure. - Neither platform publishes official title counts, so every library figure here is a tracker estimate. - Netflix originals released: approximately **597 in 2025** and **589 in 2024**, tracked by What’s On Netflix. - Disney content investment guidance for fiscal 2026: **$24 billion** across Entertainment and Sports. - Engagement signal: Netflix held roughly 3.4 times Hulu’s U.S. TV viewing share in December 2024, distinct from raw title count. | Library metric | Netflix | Hulu | |---|---|---| | Estimated US titles | ~7,865 (2025) | ~7,250 (Apr 2026) | | Source type | Tracker estimate | Tracker estimate | | Library strength | Original content | Current-season network TV | | Official count published | No | No | Source: What’s On Netflix (catalog estimates), independent catalog trackers Netflix leans on originals while Hulu’s edge is next-day access to current-season network television through its studio ties, so a flat title count understates how differently the two libraries are built. ## Netflix vs Hulu Profitability Statistics Profitability is where the gap is closing fastest. Netflix has run high streaming margins for years, but Disney’s DTC segment swung from a multi-billion-dollar loss to profit in two fiscal years. - **Netflix 2024 operating income: $10.4 billion** at a **27%** operating margin, up about 6 percentage points year over year. - Disney DTC fiscal 2023 operating loss: **$2,612 million**. - Disney DTC fiscal 2024 operating income: **$134 million**, up from a **$2,612 million** loss in fiscal 2023. - Disney DTC fiscal 2025 operating income: **$1,327 million**. - Disney+ and Hulu Q2 fiscal 2026 operating income: **$582 million**, up **88%** year over year, at a **10.6%** operating margin. - **Two-year DTC swing:** Disney DTC moved from a $2,612 million loss to $1,327 million income, a turnaround of almost four billion in two fiscal years. > **The takeaway:** Netflix earned **$10.4 billion** in 2024 operating income at a **27%** margin, a level Disney’s streaming arm is still chasing. Disney+ and Hulu reached a **10.6%** combined operating margin in Q2 fiscal 2026, tightening the profitability race from a standing loss just three years earlier. | Profit measure | Netflix | Disney DTC / Disney+ & Hulu | |---|---|---| | FY2023 operating result | profitable | -$2,612 million | | FY2024 operating income | $10.4 billion | $134 million | | FY2025 operating income | n/a (margin ~27%+) | $1,327 million | | Latest operating margin | 27% (2024) | 10.6% (Q2 FY2026) | Source: Netflix Q4 2024 Shareholder Letter, The Walt Disney Company FY2024, FY2025, and Q2 FY2026 earnings ## Netflix vs Hulu Ownership and Structure Ownership explains why the financials look so different. Netflix is a pure-play streamer, while Hulu is now a wholly owned piece of a much larger Disney portfolio. - Netflix (NFLX) trades on NASDAQ as a standalone company that operates only streaming. - Hulu is **100%** owned by The Walt Disney Company as of fiscal 2024. - Approximately **$8.61 billion** for Comcast’s **33%** Hulu stake, based on a guaranteed floor valuation of **$27.5 billion**. - June 2025 settlement: Disney paid an additional **$438.7 million** to Comcast to settle the appraisal process. - Approximately **$9 billion**, implying an overall Hulu enterprise valuation of roughly **$27 billion**. - Hulu sits inside Disney’s Direct-to-Consumer segment rather than reporting as a standalone entity. | Structure | Netflix | Hulu | |---|---|---| | Public listing | NASDAQ (NFLX) | Owned by Disney (NYSE: DIS) | | Ownership | Standalone | 100% Disney (FY2024) | | Acquisition cost | n/a | ~$9 billion total | | Reporting segment | Single streaming product | Disney Direct-to-Consumer | Source: CNBC (June 2025 Comcast settlement coverage), The Walt Disney Company filings Because Hulu reports inside Disney’s [Direct-to-Consumer segment data](https://sqmagazine.co.uk/direct-to-consumer-brand-statistics/), its standalone strategy increasingly mirrors Disney’s broader bundle, including the Disney+ and Hulu app merger. ## How Netflix and Hulu Measure Success Both companies redefined success in 2025 by retiring the subscriber count as a headline metric. Netflix moved first, Disney followed within months, and Nielsen’s reporting change compounded the loss of Hulu-specific data. - **Netflix reporting change:** From its Q1 2025 letter, Netflix stopped reporting paid memberships and ARM by region, citing revenue and operating margin as its primary metrics. - **Disney reporting change:** From August 2025, Disney stopped reporting quarterly subscriber numbers for Disney+ and Hulu, calling those metrics less meaningful to evaluating performance. - **Netflix engagement framing:** Netflix names engagement and time spent as its best proxy for customer satisfaction. - **Disney margin milestone:** Disney+ and Hulu crossed a **10.6%** combined operating margin in Q2 fiscal 2026. - **Nielsen data loss:** From the January 2025 Gauge, Disney streaming services were aggregated into one total, ending separate external Hulu viewing data. > **Why it matters:** Within a single 12-month window, Netflix (Q1 2025), Disney and Hulu (August 2025), and Nielsen (January 2025 Gauge) all stopped publishing or breaking out the numbers that used to define the streaming scoreboard. The rivalry’s public metric shifted from how many subscribers to how much revenue and margin. ## Is Netflix bigger than Hulu? Netflix is larger than Hulu by every current public metric. It held **301.6 million** global paid memberships at the end of 2024 against Hulu’s **52.0 million** subscriber base, and out-earned Disney’s entire DTC segment, **$39.0 billion** to **$22,776 million** in fiscal 2024. Geography drives part of the gap, since Hulu operates only in the U.S. while Netflix runs globally, but Netflix also led U.S. TV viewing share, **8.5%** to **2.5%,** in December 2024. ## Does Hulu have more subscribers than Netflix in the U.S.? Netflix still leads inside the United States. Netflix reported roughly **$17.20** monthly ARM across its U.S. and Canada region in 2024, a region that carries on the order of 80 million memberships, versus Hulu’s **52.0 million** paid subscribers in Q4 fiscal 2024. Hulu’s domestic base grew to **64.1 million** by Q4 fiscal 2025, narrowing but not closing the U.S. gap. ## Conclusion Netflix entered this year with **$45.2 billion** in annual revenue and a **325 million** subscriber milestone, while Hulu’s last reported **64.1 million** subscribers sit inside a Disney DTC segment that turned **$1,327 million** in operating income. The headline subscriber gap that opened this comparison, 301.6 million against 52 million, is now a frozen snapshot rather than a live scoreboard, because both platforms stopped counting in 2025. The streaming rivalry has shifted from subscriber count to revenue, margin, and engagement, and on those measures Netflix leads while Disney’s Hulu-bearing streaming arm closes the profitability gap fast. Revenue, margin, and engagement now define streaming success in place of the subscriber tallies both companies retired this year.