Netflix CEO Reed Hastings Kevork Djansezian/Getty Images This year’s Emmys felt like the moment when Amazon Prime became a worthy rival to Netflix.

Last year, Netflix scooped up 31 nominations while Amazon had a grand total of zero. But this year, Amazon vaulted over Netflix in the "wins" category by snagging five Emmys to Netflix’s four — though Netflix still had more nominations.

You could imagine executives at Netflix might worry about this result, as it seems so indicative of Amazon’s rising place in the streaming world.

But there’s one statistic that suggests Netflix shouldn’t start panicking just yet.

Even if Amazon continues to improve the quality of its shows, and to gain more subscribers, that isn’t necessarily a bad thing for Netflix. That’s because many Amazon and Netflix users don’t seem to view subscribing to more than one streaming video service as a problem.

Different kinds of shows

Research firm Ampere Analysis says that in the US, UK, and Germany — three big markets that carry both Amazon and Netflix — around half of Amazon Prime’s user base also has Netflix. That means 11 million households in just three countries subscribe to both.

This could happen for a variety of reasons, not the least of which is that some Amazon Prime customers see the shipping benefits as the main selling point, not the video streaming. But with the quality of Amazon’s shows continuing to improve, we will soon see whether this subscriber overlap is a byproduct of Amazon users’ ambivalence to video, or a central characteristic of the streaming market.

Richard Broughton, the director of research at Ampere, says the overlap comes from each service having its own content niche. Netflix has focused on drama, action, crime and comedy, while Amazon Prime skews more toward documentaries, family and children’s movies. Amazon also has a focus on older titles — 18,000 movies and 4,500 TV shows to Netflix’s 11,300 movies and 5,500 TV shows.

And the differentiation isn’t just in content. Amazon recently made headlines by allowing its users to download movies and TV shows for offline viewing, something Netflix has declared it will never do.

The TV threat

If the trend of “doubling” or “tripling” up on video streaming services continues, and widens, it could push these companies even further from music streaming services. By and large, services like Spotify and Apple Music have aspired to be the one-stop-shop for all your music needs. They may have some superstar no-shows on their services, like Taylor Swift on Spotify, but the general business plan appears to be a comprehensive experience.

This research suggests the video market will be fundamentally different from that vision. And perhaps the main rival for Netflix and Amazon in a friendly streaming market isn't each other, but the traditional TV industry, which could cause trouble for both by withholding licensing deals.

Ampere predicts that Netflix will have at least 130 million subscribers by the end of 2020, and that Amazon will be its closest rival with nearly 50 million video users.