Tradition of cinema and theaters is long gone, and the world is now moving forward with online content streaming platforms. Well, if you didn’t get this right away then let me name it for you, Netflix is one example of what we call the online content streaming services. These services have taken most of the content industry, and from shows to movies, everything is distributed to the world through these mediums. Just an example of these statements is that you can find around 7000+ shows and movies over Netflix.
For companies in every industry, this year has been very impactful, and the entertainment industry is no exception. It is fair to assume that no area of the entertainment industry has been left unscathed, with theatres shutting their doors, film sets going on indefinite delays, and halls, stadiums, and other event centers remaining under lock and key. In this new normal situation, streaming services help us to do fun without going out. They stock up so many new shows and movies for us to spend our whole lockdown at home.
This year is a great time for streaming services as their demand increased a lot, which directly impacts their revenue. According to a Streaming Editor at StreamingRant, “Things have changed much since the past few years and people now prefer watching content through online streaming services. According to the trends we see most of the content will be distributed by online streaming services, and people will only consider this as the source of their entertainment.”
The Evolution of Online Streaming Industry
Before we get going with the increasing popularity of the streaming services let’s have a look at some of the things that are important to be known about online content streaming. This whole new phase of the entertainment industry started in 2007 when Netflix began shipping DVDs directly to customer’s doorsteps.
Over the period of time, services such as Netflix have been able to get over from their mailing service and build an app for instant viewing on any platform with improvements in technology and enhancements to Wi-Fi networks. The industry has been revolutionized by this technology and has taken over how people consume media.
With time this business starts spreading, and so many competitors introduce themselves in the market such as Amazon, Hulu, Disney+, and the list goes on. To remain competitive in the market of entertainment, major media companies are now moving towards streaming and upgrading new technology.
Even through new streaming services are coming up, there are a few streaming services dominating the industry for a long time. Of course, with the increase in streaming services, some large entertainment companies are starting to see a decrease in revenue. Over the past five years, DVD rentals and sales have continued to decline, and families have started to cut cable for streaming services
The Change in Streaming Landscape Amid Pandemic
Currently, the streaming services took a new boost. Since the world has been under a lockdown due to the Covid-19 global pandemic, services like Netflix have seen a great spike in their viewership. According to research done by OfCom, a communications company in the UK, Adults are spending 45 hours a week on online streaming services. The on-screen time of people has been doubled in the pandemic, and it is now 1 hour 11 minutes per day. Also, 12 million new people have signed up for services like Netflix, Hulu and Amazon.
Also, the report stated that viewing figures for video streaming have raised to 71% in 2020 as compared to 2019. These stats have clearly stated that one of the things that have changed completely is how people are watching shows and movies.
They have completely shifted to online streaming services mainly because they cannot walk out of their home as well as they have shifted their sources for getting to the entertainment. Well, predictively, we will see the world completely shifting from cinemas to watching stuff online through these mediums, and this is what we expect as the future of the entertainment industry.