With Paramount’s hostile takeover bid for Warner Bros. Discovery (WBD) now joining Netflix’s previously announced definitive agreement to acquire Warner Bros., the streaming wars have spawned a real-life political drama of its own—as stakeholders across the industry watch old media (Paramount) attempt to trump new media (Netflix).
Netflix called Paramount’s play “entirely expected” and remains confident their deal for WBD’s studio assets will close as planned. But regulatory hurdles remain, primarily around antitrust concerns. Would a combined Netflix + Warner Bros. be a monopoly?
Streaming Consolidation Comes With Consumer Upside
Like every other emerging media market before it, the streaming industry follows a familiar pattern: startups enter, a flood of players compete, legacy companies jump in, and eventually there’s consolidation. As the streaming market matures, expect more consolidation to come.
But don’t be quick to declare this bad news for consumers. Contrary to the prevailing narrative, if Netflix’s deal for Warner Bros. crosses the finish line, I believe it would benefit streaming consumers through combined cost savings, easier content access, and shorter theatrical windows—all things consumers, en masse, want. Why?
Consumers will pay less for “both” services: Traditionally, Netflix has been a lone wolf when it comes to cost-saving bundles—it doesn’t offer them. But if the company owns Warner Bros., a Netflix + HBO Max bundle is all but certain, similar to Disney’s Disney+/Hulu pairing. Another possible outcome: Netflix absorbs HBO Max’s content into one giant streaming service. Either way, the combined cost will be less than paying for both separately.
A single UI makes content more accessible: Disney’s “one app” experience is expected to launch in 2026. Beyond back-end efficiencies, it will help consumers more easily discover content. Netflix will likely follow suit. Instead of maintaining separate Netflix and HBO apps, there will be one—while still offering subscription options. Since Netflix is known for its ease of use and recommendation engine, subscribers to either or both services get benefit.
Movies will get streaming releases sooner: Anxiety over the future of movie theaters has spiked in recent days, leaving Hollywood in panic mode. While Netflix plans to maintain Warner Bros.’ theatrical releases, it could favor shortening streaming windows—a welcomed move. According to data from Forrester’s upcoming The State Of Streaming, 2025 report, most online adults we surveyed say that when a movie they’re excited about premieres only in theaters, they’ll wait to watch it until its streaming release.
Still, Consumers-At-Large Worry About Possible Price Hikes
Today, Forrester conducted a quick “pulse check” poll in its ConsumerVoices Market Research Online Community* to gauge sentiment and preferences if the Netflix + Warner Bros. deal were to happen. About 500 people across generations responded from the US, UK, and Canada. We segmented respondents into four groups and asked for their open-ended thoughts about a possible Netflix + Warner Bros. company:
Dual subscribers are literally split. With 18% of poll respondents subscribing to both Netflix and HBO Max, reactions vary. Some are optimistic about possible cost savings, convenience, and a richer content library, while others worry about price hikes, loss of choice, and monopolistic consolidation. Excitement about a combined app is tempered by anxiety over long-term costs and diminished competition.
HBO Max-only subscribers are mostly apprehensive. Just 4% of poll respondents, this group worries that the merger will reduce competition, raise prices, and potentially degrade HBO Max’s quality or availability. While a few hope for more content, most are uneasy about monopolistic outcomes and the fate of their preferred service.
Netflix-only subscribers are cautiously optimistic. Representing the largest respondent segment at 39%, some welcome the prospect of more content and convenience, but many fear subscription price increases and reduced consumer choice. While there’s hope for a better library, skepticism about the consumer benefit and worries about monopoly power are common.
Non-subscribers are primarily indifferent. Comprising 38% of our poll respondents, their concerns center on monopolistic power, reduced competition, and higher prices. Some fear negative impacts on theaters and film quality, while a few see potential for more content or lower costs—but overall, apprehension and detachment dominate.
Streaming Consumers Generally Support The Netflix + Warner Bros. Deal
Using the same ConsumerVoices poll (referenced above), we narrowed the dataset to just those who subscribe to Netflix, HBO Max, or both. Results show that while many respondents disagree with various statements about the Netflix + Warner Bros. deal, most agree—especially Gen Z.
I support Netflix’s acquisition of Warner Bros. (45% Agree | 16% Disagree)
Netflix’s acquisition of Warner Bros. will benefit consumers. (39% Agree | 23% Disagree)
By adding Warner Bros. film and TV libraries and HBO and HBO Max programming, Netflix users will have more high-quality titles from which to choose. (73% Agree | 5% Disagree)
I would prefer if Netflix would release Warner Bros. films straight to streaming, instead of theatrical distribution. (39% Agree | 26% Disagree)
*Note: This poll was administered to a random sample of 292 online adults in the US, UK, and Canada who subscribe to Netflix, HBO Max, or both in Forrester’s qualitative ConsumerVoices online community. This data is not weighted to be representative of total country populations.
Be on the lookout for Forrester’s The State Of Streaming Services, US 2025 — a data-heavy report filled with insights and trends about the eight major US streaming services, with a focus on consumer usage, ad tolerance, price sensitivity, and more.
Forrester clients: Let’s chat more about this via a Forrester guidance session.
Special thanks to Forrester’s Tyler Castro for gathering the data for this post.
