Consumers have plenty of options when it comes to streaming platforms. New traffic data could point to one winner and a close second place performer when it comes to the streaming sector.

What Happened: Streaming giant Netflix Inc (NASDAQ:NFLX) has dominated the sector for many years and new internet traffic points to the trend continuing.

Netflix global streaming traffic is rising in recent weeks, according to Similarweb data.

The latest data shows global streaming traffic up 13%, 11% and 7% year-over-year for the weeks of Aug. 2, Aug. 16 and Aug. 30 respectively.

The latest year-over-year increases are more in line with figures from May and June, with mid to high double-digit moves. In July, data pointed to single-digit year-over-year global traffic increases.

The Walt Disney Company (NYSE:DIS) is also seeing a trend in the right direction, with the Disney Bundle listed as steady by Similarweb.

The Disney Bundle is made up of Disney+, Hulu and ESPN+, three streaming platforms from the media giant.

Global traffic was down slightly or up slightly for the weeks tracked in August. While a negative year-over-year change isn't what Disney is hoping for, it comes after the company saw year-over-year declines of 5% or more in multiple tracked weeks earlier this year.

Netflix and Disney both beat out global streaming traffic from other content platforms, which Similarweb said is made up of YouTube TV, HBO Max, Prime Video and other streaming options for consumers.

Why It's Important: Netflix and Disney are among the largest streaming companies globally, and the traffic data points to the two companies as potential winners in the sector.

The strong outperformance compared to peers could also benefit Netflix and Disney, as consumers become more selective about the number of streaming platforms they subscribe to, offering an advantage to platforms with multiple options.

A recent Benzinga reader poll showed that 54% of readers would drop a service if the price goes up by 5% to 10%. Netflix was listed as the streaming platform Benzinga readers were least likely to cancel.

Global traffic data for Disney will be interesting to track in the later part of 2024 with an upcoming price increase happening in October.

The company will raise the cost across several plans, including the Disney Bundle of the three streaming platforms going up by $2 per month. The Disney Trio Basic with ads will go from $14.99 to $16.99 per month, and the Disney Trio Premium without ads on Disney+ and Hulu will go from $24.99 to $26.99.

Disney has put an emphasis on its streaming sector for future growth, and in the third quarter saw the streaming segment post its first quarterly profit earlier than expected.

Analysts have been praising Netflix's future growth initiatives with a focus on live sports that includes the rights to NFL games and World Wrestling Entertainment content, along with future price increases for the ad-supported plan.