According to the investment banker's survey of 1,500 Netflix subscribers, roughly 75 percent don't intend to subscribe to the upcoming rival streaming services, although those who do subscribe to Apple TV+ or Disney+ also expect to keep their Netflix subscription going.
"Our survey suggests that the majority (~75%) of Netflix subscribers do not intend to subscribe to either Disney+ or Apple TV+. For those that do expect to use one of these offerings, the vast majority expect to also maintain their Netflix subscription," Piper Jaffray analyst Michael Olson said.The survey should provide some comfort for Netflix investors following news of slowing subscriber growth over the last three months, along with fears about the effect that the new streaming competition will have on the company's stock price.
"Most existing Netflix subscribers appear to be trending towards multiple streaming video subscriptions, especially as many continue to reduce their spend on traditional TV offerings," Olson said.
As CNBC's Michael Bloom notes, optimistic forecasts for Netflix were nearly universal on Wall Street as recently as July, but Netflix stock has since dropped nearly 30 percent and effectively wiped out its 2019 gains.
Amid the challenges, Netflix has been looking at new marketing strategies to help fend off its upcoming rivals. For example, the streaming leader has been offering non-subscribers access to the first episode of its new series, Bard of Blood, for a limited time.
Apple TV+ launches on November 1, with Disney+ arriving a little over a week after, on November 12. Apple is offering a one-year free trial of Apple TV+ to anyone who buys a new iPhone, iPad, Apple TV, Mac, or iPod touch.