2025 Was the Year When Peak Streaming Died – So What’s Next?

Whether you look at Netflix or at Disney+, 2025 was undeniably the year that peak streaming died. That seems like a strange thing to say; Disney+ has received more popular and critical acclaim than at any time since Hamilton, courtesy of Andor Season 2, while Netflix has had a bumper year with KPop Demon Hunters and Stranger Things Season 5. The problem is, those triumphs have concealed a major shift in the industry, something that’s only visible when you look at the details.

Andor creator Tony Gilroy revealed he was told “streaming is dead” by Disney execs, and had to fight for the show’s budget after having a blank check for Season 1. The Duffer brothers, meanwhile, told Yahoo that Stranger Things was “lightning in a bottle” because they “don’t know how many more opportunities there are going to be to tell stories of this length on that size canvas.” Listen to the creators, and they clearly sense that the tide has turned for streaming. 2025 was the year when peak streaming ended.

Streaming Has Failed To Live Up To Its Promise

When Disney+ launched in 2019, bosses expected this to secure the company’s future. CEO Bob Iger had always known it was a risk, as he recounts in his 2019 biography The Ride of a Lifetime. He remembered telling studio leads “I want you to pay less attention to the business at which you’ve been very successful, and start paying attention to this other thing. And by the way, you have to work on this new thing along with these other very competitive people from other teams, whose interests don’t necessarily line up with yours. And one more thing, it won’t make money for a while.”

Disney’s streaming business only began to make a profit in Quarter 3, 2024. It did so because the House of Mouse changed to a different model, reducing streaming output (especially in core franchises like Star Wars and Marvel). Meanwhile, Disney launched an ad tier, returning to something like the old network model – and using pricing to encourage subscribers to choose this ad tier, because that is how Disney+ makes money. Disney is now pivoting back to the big screen, explaining why Gilroy had to fight for his budget.

In truth, the streaming industry was never sustainable. The primary focus has traditionally been simply on retaining subscribers, which means a company is effectively spending money to stand still. The budgets were insane, and by 2024, there were hints many studios were beginning to step back. HBO began licensing programs over to Netflix after years of insisting they were only available on its own platform. Fast-forward to the end of 2025, and Netflix is fighting Paramount to take ownership of HBO Max and all its content.

The Streaming Wars Are Over

“The streaming wars are over,” the Bank of America observed in December, reviewing Netflix’s potential purchase of Warner Bros. and HBO Max. They are indeed over, but that deal is simply the final piece of evidence. The proof can be seen in the reduced budgets and declining amount of content coming out each month, while we no longer seem to be seeing new streaming services launch. Analysts have long been expecting platforms to shut down, and there had been predictions that 2026 would be a year of consolidation. We now know those were accurate.

We’re moving to a new era, one where streamers are focused on profitability and efficiency. The goal now is engagement, in keeping subscribers online for as long as possible, and potentially in capitalizing on that engagement with ad tiers. In November, Netflix switched to a new metric to capture ad viewership, signifying the importance of these ad tiers. The streaming giant has now partnered with more than 50 global ad measurement vendors, and plan to roll out whole new formats worldwide by Quarter 2, 2026.

Don’t Count The Box Office Out Just Yet

Disney is still in the streaming business, but that’s no longer the focus; major studios are under orders to “ramp up” theatrical production, and the impact can already be seen on Star Wars and the MCU. Marvel is shifting to just one or two live-action TV shows a year, while only one live-action Star Wars series is known to be in the works at all (Ahsoka Season 2). This is in spite of the fact that the MCU and Star Wars are central to the Disney+ offering, the most notable drivers of viewership (bar Percy Jackson, Disney+’s only successful “new” franchise).

Netflix is traditionally wary of theatrical, and CEO Ted Sarandos continues to insist that viewers want to watch films at home on the small screen. For all that’s the case, we’re seeing an increasing number of Netflix movies and TV shows arrive at theaters. KPop Demon Hunters‘ singalong release was a hit for the streamer, Greta Gerwig’s Narnia film secured a theatrical release, and the Stranger Things Season 5 finale is releasing at cinemas too. Many in the industry are concerned that Netflix will pull Warner Bros. movies out of theaters, and with good reason – but the streaming giant does seem increasingly interested in theatrical.

All this means it looks as though the industry is about to rebalance a little, and potentially back towards theaters. It’s difficult to say how marked this rebalance will be, given it also occurs during a cost of living crisis when people are starting to spend less at cinemas, but the signs are there all the same. The end of peak streaming has the potential to boost the box office once again, breathing new life into a form of entertainment that many had written off. Only time will tell whether this trend continues.

What do you think? Leave a comment below and join the conversation now in the ComicBook Forum!

7 Great Mind-Bending Sci-Fi Movies You Can Stream On Netflix Now