Americans Are Watching Fewer New TV Shows and More Free TV

Americans are settling into streaming habits that should worry Hollywood executives, as new Nielsen data analyzed by Bloomberg reveals that not a single new original series cracked the top 10 most-watched streaming shows in 2025 -- the first time this has happened since Nielsen began publishing streaming data in 2020.

The shift extends beyond original programming as free, ad-supported streaming services are growing faster than their paid counterparts. YouTube has become the most-watched streaming service on American televisions, now larger than Netflix and Amazon combined. The Roku Channel and Tubi have nearly doubled in size over the past two years, while Peacock and Warner Bros.' streaming services have stagnated at roughly half their free competitors' viewership share.

Netflix still dominates when it comes to hits, accounting for about two-thirds of original programs appearing in Nielsen's weekly top 10 lists. But that dominance is eroding -- the company's share of streaming viewership has fallen below 20%. Meanwhile, Disney's streaming services haven't increased their share of TV viewing in three years, and Amazon is closing in. The most-watched original series of 2025 was Squid Game's final season, followed by returning shows Wednesday and Love Island.

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