Netflix lost the biggest Emmy to Hulu — but its customers couldn't care less (NFLX)

Reed Hastings, co-founder and CEO of Netflix, delivers a keynote address at the 2016 CES trade show in Las Vegas, Nevada January 6, 2016. REUTERS/Steve Marcus

Sunday night at the Emmy Awards, Netflix again missed out on the biggest prize of the evening. But, according to Mark Mahaney, an analyst at RBC, Netflix is still crushing its streaming competition across the globe with its content.

Hulu's set a record as the first video streaming service to walk away with the Emmy for best drama series for "The Handmaid's Tale," which won four total awards. Though it didn't win the headline prize, Netflix raked in 20 awards, second only to HBO's 29. Hulu won 10.

Mahaney said that Netflix's content is some of the strongest globally and it's giving the company a key advantage over its competitors.

"We continue to believe that Netflix can grow its subscriber base in the U.S. by continuing to improve its content offerings and proving out its value proposition to users – all the while increasing its profitability," Mahaney wrote. Mahaney said that the company's strong content offerings are what is driving the high penetration percentages.

Netflix's content is loved by its customers, with 67% of subscribers saying they are "extremely" or "very" satisfied with Netflix. Subscribers were surveyed by Mahaney and RBC, and a record 36% of those surveyed said that Netflix's content is improving over its already strong position. The group also found that 53% of those surveyed said they had used Netflix in the past year, which was 28 points ahead of Hulu, 36 points higher than HBO Now and 21 points ahead of Amazon.

Even though Netflix doesn't have the hottest show of the year, its customers are still happy with its award-winning content and are not likely to switch to one of its competitors, according to Mahaney.

Netflix is up 0.73% on Monday and has gained 44.03% this year.