The coronavirus has upended all reasonable expectations of the entertainment industry. Leading to adaptation, innovation, and large-scale changes that may or may not be effective in the long term. Nevertheless, Hollywood hopes that some apparent normality can be restored. In this article, we’ll share how big the streaming competition is and it’s benefits for us.
Though this remains to be seen, a significant development in the recent turmoil. So, is the increasing importance of the streaming media industry. By the time COVID-19 breaks out, the so-called streaming media war may have been in full swing. But as resource-rich newcomers continue to gain a foothold, this year should add another layer of drama. With so many high-profile options to choose from, we’ll take a quick look at your expectations for major streaming media.
Although, at first glance, the second wave of entrants seems to give consumers too many choices. So, reduce the quality of market competition, the problem is more subtle. Competition is always good on the industry, the streaming niche isn’t that different on this case.
Competition Advantages and Benefits
Comparing TV and movie streaming with related fields such as music streaming. A crucial difference significantly affects what these services can provide: the licensing structure. Exclusivity contracts aside, songs are regularly licensed for multiple services such as Apple Music and Spotify.
This is usually not the case for streaming video services. Content is usually not host on multiple streaming services at the same time. When content is available from various services. The distribution strategy usually means that the license terms to access the content may vary from platform to platform. For example, although YouTube TV may offer movie streaming, there is no additional charge other than the YouTube TV subscription. Still, the same movie may be rented on Amazon Prime Video.
Netflix And Streaming Competition Benefits
No streamer has benefited more from the global blockade that swept through 2020. Netflix added a record 37 million new subscribers in 12 months. An unprecedented surge in customers has made Netflix the first-ever TV streaming service with more than 200 million global subscribers.
It must be great to be a king.
However, the surge in streaming services has led several companies to take back licensed content from Netflix. Thus shrinking the streaming media library. As compensation, the market leader has been focusing on building an original list and has enjoyed a successful year. Especially in the first and fourth quarters.
The question now is whether Netflix has the necessary IP to maintain its dominance in the streaming war. The most anticipated new original: Cowboy Bebop, adapted from the live-action version of the beloved anime series. Netflix made a big bet on the series, and fans rushed to watch it first.
Disney+’s global paying users have exceeded 85 million in a little over a year, exceeding Disney’s initial five-year goal. Since its original library does not have any breakthrough clicks outside of “The Mandalorian,”. The platform’s rapid growth is even more impressive.
The success so far is primarily due to the power of the Disney franchise brand. Which shows that Disney has an unparalleled upside. Marvel’s WandaVision joined The Mandalorian this year as a true franchise original. Looking to the future, Disney has ambitious plans to create a large number of original works. Related to Marvel, Star Wars, Pixar, and Disney animation.
In theory, this should lead to more incredible subscriber growth, making Disney the only streaming media that challenge Netflix. In addition, the most new original: Rocky, Tom Hiddleston’s upcoming Marvel series, has been for the second season.
Amazon Prime Video
The production stoppage caused by the pandemic allow Amazon Prime Video to spend a surprisingly calm in 2020 beyond the second season of the popular flagship superhero series “Boys.” However, it is that there are more than 35 million domestic Amazon Prime Video users, and the free streaming service seems to be doing well. But in 2021, a lot of new content additions. The new season of the critically acclaimed “The Great Mrs. Maisel” will bring the anchor back to the awards dialogue.
More importantly, the arrival of Amazon’s $1 billion TV adaptation of The Lord of the Rings will be a potentially game-changing debut. The most anticipated new original: Didn’t you hear us say that Amazon has a $1 billion Lord of the Rings TV series on the road?
And Streaming Competition Benefits: Final Words
As more and more people cut off power and seek these streaming services to provide their entertainment, the market has seen a surge in consumer interest. As a result, the cable harness is descending. Statistics show that from 2017 to 2018, the thread cutting rate almost doubled, and the recent Sky is Rising report detailed the growth and success of many streaming media platforms in the entertainment market.
Consumers will not wholly cancel their services but will consider the services they currently have, consider canceling certain services, and then subscribing to other services. In response to the rapid changes in this market caused by new entrants, innovative content, and unique practices, it is natural to re-evaluate these streaming video subscription services.