11 Best Streaming Stocks To Buy Now

Published December 27, 2022 at 1:06 pm EST Updated August 31, 2026 at 8:42 pm EDT

In this article, we will discuss the 11 Best Streaming Stocks To Buy Now.

Almost every three decades, Hollywood undergoes a complete transformation. The shift from silent movies to talkies in the 1920s, the boom of broadcast television in the 1950s, the “I Want My MTV” cable from the 1980s, and the internet-based streaming services in the 2000s are all examples of these seismic transformations. The introduction of YouTube in 2005 by a group of ex-PayPal employees can be considered the spark of the streaming service era. YouTube, only after a year of its launch, was acquired by Alphabet Inc. (NASDAQ:GOOGL) for $1.65 billion, which seemed like an unnecessary investment at the time as the company had not generated any substantial profit, although, for corporations like Netflix, Inc. (NASDAQ:NFLX) and Amazon.com, Inc. (NASDAQ:AMZN), it was clear that streaming is the next frontier in media entertainment.

There are currently more than 200 streaming services available for consumers worldwide that offer all sorts of media entertainment, including videos, music, games, etc. With time, the streaming market is getting crowded and competitive, and companies are trying to be at the top by following new trends and ideas that might give them an edge over the others. One such trend is the localization of content that caters to the audience of a specific region through translations and subtitles of their favorite content in their respective languages. For instance, Amazon.com, Inc. recently launched localized versions of its Amazon Prime in Indonesia, Thailand, and the Philippines to get its hold on Southeast Asia’s biggest market. Original content has also been the focus of these streaming services as an extension to localized content. Recently, original content production by streaming platforms has become popular. The Oscar-winning Korean movie “Parasite” by Amazon Prime, one of the most viewed Korean TV series “Squid Games” and the first German Netflix Show “Dark” by Netflix, Inc. are a few examples of original content produced by streaming platforms.

The shift to digitization after the outbreak of COVID-19 also served as a tailwind for the streaming industry. The subscriber count of streaming services skyrocketed during the pandemic as the world was almost entirely bound to their homes which increased the demand for streaming service providers. During the pandemic, Netflix, Inc. reached a milestone of 200 million subscribers, and Disney+, which is owned by Warner Bros. Discovery, Inc. (NASDAQ:WBD), hit a subscriber count of 100 million.

In the coming years, the streaming service industry will continue to grow as the demand for both new content as well as revamped, and rebooted content keeps fueling the growth of the industry. In 2021, the global market size of the streaming service industry was valued at $375.1 billion. The market is forecasted to grow at a CAGR of 18.45% to reach $1,721.4 billion by 2030.

Our Methodology

We selected 11 best streaming stocks to buy now based purely on hedge fund sentiment towards those stocks. We have assessed the hedge fund sentiment from Insider Monkey’s database of 920 elite hedge funds tracked as of the end of the third quarter of 2022. Hedge fund popularity is a metric used by stock market investors to see how top money managers view certain stocks. We have ranked the stocks in our list in ascending order of hedge fund popularity.

11 Best Streaming Stocks To Buy Now

11. Roku, Inc. (NASDAQ:ROKU)

Number of Hedge Fund Holders: 33

Founded in 2002, Roku, Inc. (NASDAQ:ROKU) is a leading provider of streaming media and entertainment solutions. The company offers a range of products and services, including streaming media players, a streaming platform, and advertising solutions. Roku, Inc.’s streaming media players allow users to access a wide range of streaming content, including movies, TV shows, and live sports, on their TVs. The company’s platform is available on a variety of devices, including smart TVs, streaming sticks, and set-top boxes.

On November 18, 2022, Jason Helfstein, an analyst at Oppenheimer, increased his price target on Roku, Inc. to $70 from $58 while keeping an Outperform rating on the stock. The company recently announced cost-cutting measures and is laying off 5% of its workforce to inhibit expense growth.

In addition to Roku, Inc., Netflix, Inc., Alphabet Inc., and Amazon.com, Inc. are included in our list of 11 best streaming stocks to buy now.

As per Insider Monkey’s database, 33 hedge funds owned stakes in Roku, Inc. at the end of the third quarter. ARK Investment Management remained the leading stakeholder of the company at the end of Q3 2022.

Saga Partners mentioned the company in its Q2 2022 investor letter. Here is what the fund said:

The Portfolio first bought Roku in Q3’20. It was a company we followed closely given our investment in The Trade Desk and its importance in connected television (CTV). Roku continued to impressively grow its CTV market share and it took some extra work to understand the underlying dynamics causing Roku’s success. I think there is some misunderstanding surrounding the connected television landscape. Since I haven’t written extensively on the topic in past letters, I thought it would be helpful to provide a little more background on the underlying dynamics of the space below… (Click here to see the full text)

10. DISH Network Corporation (NASDAQ:DISH)

Number of Hedge Fund Holders: 40

DISH Network Corporation (NASDAQ:DISH) provides satellite television and Internet services to consumers and businesses. DISH Network Corporation offers a range of television packages to suit different needs and budgets, including basic and premium channels, sports packages, and international programming. The company also provides high-speed Internet services, as well as home security and automation products.

On November 3, 2022, Douglas Mitchelson, an analyst at Credit Suisse, reduced his price target on DISH Network Corporation to $35 while keeping an Outperform rating on the company’s share. After the third quarter results, the analyst believes that the investors will remain doubtful until DISH Network Corporation proves its worth as a postpaid service provider with swift subscriber growth.

According to Insider Monkey’s database, 40 hedge funds owned stakes in the company at the end of the September quarter. Eagle Capital Management held the biggest stake in DISH Network Corporation at the end of Q3 2022.

9. Paramount Global (NASDAQ:PARA)

Number of Hedge Fund Holders: 40

Paramount Global (NASDAQ:PARA) was formed as a merger of CBS Broadcasting Inc. and Viacom Inc. Paramount Global offers many streaming services, including Paramount+, a subscription service that combines breaking news, live sports, and premium entertainment and Pluto TV, the leading free streaming television service in the United States with 250+ live and original channels.

On November 4, 2022, Bryan Kraft, an analyst at Deutsche Bank, reduced his price target on Paramount Global to $28 while keeping a Buy rating on the stock. According to the analyst, the company’s outlook was impacted by the declining currency and advertisement market.

According to Insider Monkey’s database, 40 hedge funds owned stakes in the company at the end of the September quarter. Berkshire Hathaway held the biggest stake in Paramount Global at the end of Q3 2022.

8. Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Number of Hedge Fund Holders: 61

Headquartered in New York City, Warner Bros. Discovery, Inc. is one of the largest media and entertainment companies in the world, with a portfolio that includes a wide range of content and assets, including television networks, film and television production studios, and digital platforms. In addition to its production and distribution businesses, Warner Bros. Discovery, Inc. also operates a number of television networks and digital platforms, including the cable networks HBO, CNN, and TBS, and the streaming service HBO Max. The company has a diverse revenue stream and generates revenue from a variety of sources, including advertising, subscriptions, and licensing.

On November 8, 2022, Bryan Kraft, an analyst at Deutsche Bank, reduced his price target on Warner Bros. Discovery, Inc. to $35 while keeping a Buy rating on the company’s share. Despite the macro environment challenges, the analyst views Warner Bros. Discovery, Inc. as a leading brand in the video entertainment and streaming industry based on its strong intellectual property and content portfolio.

As per Insider Monkey’s database, 61 hedge funds remained bullish on Warner Bros. Discovery, Inc. at the end of Q3 2022.

Greenlight Capital shared the reasons why it unloaded its shares in Warner Bros. Discovery, Inc. in its Q3 2022 investor letter:

Finally, we sold unsuccessful investments in PLBY and Warner Bros. Discovery, Inc.. We thought both companies were going through substantial corporate transformations. PLBY failed to execute on its strategy and we exited with a 50% loss on our investment. We sold WBD as it faces a more challenging path to executing its integration plan than we expected. It also has a sizable amount of debt. We are trying to avoid levered equities in the current economic environment. We lost approximately 40% on WBD in half a year. Both positions were small.

7. Charter Communications, Inc. (NASDAQ:CHTR)

Number of Hedge Fund Holders: 68

Charter Communications, Inc. (NASDAQ:CHTR) is one of the largest telecommunications companies in the United States, with over 27 million customers as of 2021. Charter Communications, Inc. offers a range of telecommunications and entertainment services, including high-speed Internet, cable television, and telephone services. The company operates a nationwide network of fiber optic and coaxial cables that it uses to deliver its services to customers. In addition to its consumer services, Charter Communications, Inc. also provides business services, including internet, phone, and video services to small and medium-sized businesses.

On December 14, 2022, Kutgun Maral, an analyst at RBC Capital, reduced his price target on Charter Communications, Inc. to $460 while keeping an Outperform rating on the stock. The analyst is bullish on the company based on the commendable outlook related to its network upgrade and expansion plan, presented during the company’s investor meeting.

At the end of Q3 2022, 68 hedge funds in Insider Monkey’s database were long Charter Communications, Inc.. Harris Associates remained the leading stakeholder of the company at the end of Q3 2022.

In its Q3 2022 investor letter, Weitz Investment Management, an asset management firm, highlighted a few stocks, and Charter Communications, Inc. was one of them. Here is what the fund said:

Liberty Broadband’s primary asset is a 26% stake in Charter Communications. Charter is not sitting still; the company is adapting via footprint expansion into underserved areas, price-advantaged mobile line growth, and so on. Charter’s hefty free cash flows are valuable in the hands of proven, astute capital allocators. Time will tell, but to paraphrase country music artist Merle Haggard, we do not yet think cable’s good times are really over for good.

6. Comcast Corporation (NASDAQ:CMCSA)

Number of Hedge Fund Holders: 73

Headquartered in Philadelphia, Pennsylvania, Comcast Corporation (NASDAQ:CMCSA) is one of the largest media and telecommunications companies in the world, with a portfolio that includes a wide range of content and assets, including television networks, film and television production studios, and digital platforms. Comcast Corporation is known for its cable television and high-speed Internet services, which it provides to consumers and businesses through its Xfinity brand.

On October 27, 2022, Jeffrey Wlodarczak, an analyst at Pivotal Research, reduced his price target on Comcast Corporation to $42 from $47 while keeping a Buy rating on the stock. According to the analyst, the company’s third-quarter results were strong and met market expectations, and the stock remains inexpensive.

73 hedge funds were long on the company’s stock at the end of the third quarter, according to Insider Monkey’s database. First Eagle Investment Management had the biggest long position in the company at the end of Q3 2022.

5. The Walt Disney Company (NYSE:DIS)

Number of Hedge Fund Holders: 112

Founded in 1923, The Walt Disney Company (NYSE:DIS) is a leading media and entertainment company known for its iconic franchises, including Mickey Mouse, Star Wars, and Marvel, and its theme parks, which include Disneyland and Walt Disney World. The Walt Disney Company produces and distributes a wide range of content, including movies, television shows, and animated films, and has a strong presence in the streaming market with its streaming service, Disney+. In addition to its production and distribution businesses, the company also operates a number of television networks and digital platforms, including ESPN, ABC, and Freeform.

On November 22, 2022, Ivan Feinseth, an analyst at Tigress Financial, reduced his price target on The Walt Disney Company to $177 while keeping a Buy rating on the company’s stock. According to the analyst, the continued production of blockbuster content and the shift toward creativity with the return of its former CEO will keep fueling The Walt Disney Company’s growth.

At the end of Q3 2022, 112 hedge funds in Insider Monkey’s database were long The Walt Disney Company. Fisher Asset Management remained the leading stakeholder of the company at the end of Q3 2022.

4. Netflix, Inc. (NASDAQ:NFLX)

Number of Hedge Fund Holders: 115

Headquartered in Los Gatos, California, Netflix, Inc. has become one of the most popular streaming services in the world, with over 208 million subscribers as of 2021. Netflix, Inc. offers a wide range of content, including movies, television shows, documentaries, and original programming. In addition to its streaming service, Netflix, Inc. also offers DVD rental by mail and has a distribution deal with cable and satellite television providers.

On November 15, 2022, Jessica Reif Ehrlich, an analyst at BofA, resumed coverage of Netflix, Inc. with a price target of $370 and a Buy rating on the stock. According to the analyst, Netflix, Inc. is a leading brand in a still-growing video-on-demand streaming sector. She believes that the company’s risk/reward is commendable, based on its solid path for subscriber growth outside of the United States and potential growth from video-on-demand advertising.

115 hedge funds were long on the company’s stock at the end of the third quarter, according to Insider Monkey’s database. Fisher Asset Management had the biggest long position in the company at the end of Q3 2022.

Artisan Partners made the following comment about Netflix, Inc. in its Q3 2022 investor letter:

Netflix, Inc. and Vertex Pharmaceuticals were two of our top contributors. Shares of Netflix got some relief after being under pressure in the first half of 2022. Media and entertainment stocks in general have been out of favor as investors grapple with the long-term economics of streaming services and slowing subscriber growth—what should be viewed as a normal feature of a maturing market. Our view is streaming is a scale and intellectual property business that will result in a few large winners, and we believe Netflix will be among this group. We initiated our position in Netflix in Q1 after shares fell by more than half due to concerns about subscriber growth and increasing competition from streaming upstarts. The stock then suffered a second down leg in April after the company reported subscriber losses for the first time in its history. Then in July, the company reported its second consecutive quarter of subscriber losses, but the nearly 1 million subscribers lost were much lower than the 2 million that management had forecast, and shares rallied on the news. For patient investors, there is reason for optimism that subscriber growth will turn around. The company has plans to crack down on password sharing and is launching a lower cost advertising supported tier. Our investment case is focused on an undemanding valuation, massive scale, a continued shift in time and attention from linear TV to streaming, and a financial condition which gives management the flexibility to operate unconstrained during a transition period for the business. We also believe Netflix can leverage its massive global scale of 200+ million subscribers into positive free cash flow through steady pricing increases and content spending controls.

3. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 140

Headquartered in Cupertino, California, Apple Inc. (NASDAQ:AAPL) designs and develops a wide range of consumer and professional technology products, including smartphones, tablets, laptops, desktop computers, smartwatches, and home automation products. Apple Inc. is best known for its iPhone, which is one of the most popular smartphones in the world. The company also manufactures and sells a range of other products, including iPads, Macs, Apple Watch, and AirPods. Apple TV+ is a streaming subscription service owned by Apple Inc..

On December 12, 2022, Martin Yang, an analyst at Oppenheimer, reduced his price target on Apple Inc. to $170 while keeping an Outperform rating on the company’s stock. The analyst anticipates a quicker return of iPhone production in Zhengzhou and believes that the relaxation of China’s zero-Covid regulation will alleviate the production capacity restrictions heading into 2023

At the end of Q3 2022, 140 hedge funds in Insider Monkey’s database were long Apple Inc.. Berkshire Hathaway remained the leading stakeholder of the company at the end of Q3 2022.

2. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 196

Alphabet Inc. is one of the world’s largest and most successful technology conglomerate companies, with Google as its major holding company. Google’s search engine is the most widely used search engine in the world. The company also offers a range of other products and services, including email, cloud storage, maps, advertising, and hardware products. Google TV is a streaming platform that provides a range of tv shows and movies on smart TV and other streaming devices.

On November 30, 2022, James Lee, an analyst at Mizuho, reduced his price target on Alphabet Inc. to $135 while keeping a Buy rating on the stock. The analyst believes that the street is too optimistic about the stock, and Alphabet Inc. needs to announce a cost reduction plan in order to meet expectations.

As per Insider Monkey’s database, 196 hedge funds had stakes in Alphabet Inc. at the end of the third quarter.

1. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 269

Founded in 1994, Amazon.com, Inc. is best known for its online marketplace, allowing customers to purchase a wide range of products from various merchants. The company also offers a range of other products and services, including streaming video and music, cloud storage, and home security. Amazon Prime is a paid subscription service offered by Amazon.com, Inc. that provides users access to streaming of movies, TV shows, music, and other perks. The service is designed to make shopping on Amazon more convenient and rewarding for its customers.

On December 19, 2022, Mark Mahaney, an analyst at Evercore ISI, reduced his price target on Amazon.com, Inc. to $150 while keeping an Outperform rating on the stock. The analyst’s estimates are below the market as the confidential data sources point toward weak demand for cloud computing and online shopping. However, the analyst still views Amazon.com, Inc. as an attractive stock for long-term investors.

According to Insider Monkey’s database, 269 hedge funds owned stakes in the company at the end of the September quarter. Fisher Asset Management held the biggest stake in Amazon.com, Inc. at the end of Q3 2022.

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