After the outstanding growth in the streaming industry, the craze of streaming service is looking forward to continuing it in the coming years – mostly due to the global demand for video streaming in general. Everyone has internet access and can stream movies and shows wherever they want, whenever they want. Even those in remote areas have access to internet options such as CenturyLink internet and prefer streaming rather than getting cable TV.
In this article, we are going to shed some light on how streaming has become so popular, and how statistics and economics look like. We will try to bring some researches and scientific forecasts, but this dissection is just to get an idea of how the future of media looks like after the incorporation of streaming.
Also, when we talk about streaming, it covers games, podcasts, music streaming, video streaming whether that is live or recorded content available on the different platforms ready to be watched, and anything that is streamed through the internet.
According to Digital TV Research, the revenue of online shows and movies is expected to get doubled from 2019 to 2025, which translates as it will jump from 83 USD to 167 USD billion, and approximately there will be an addition of 16 billion USD this year.
Generally, the online TV market consists of many segments, the major ones being Subscription (based) Videos on Demand (SVOD), forwarded by relatively new players in the market which include Netflix, Disney+, and Amazon Prime, etc. It is forecast by Digital TV Research that global SVOD’s earnings are about to double up in the coming years, and rise by USD 50 billion between 2019 and 2025.
Cable and Satellite sill has their footmark in almost all the states of America, however, the number is gradually dropping due to some common reasons which include hefty bills and constant increase in prices. Though, some packages such as Silver package Spectrum are designed in such a considerate manner that they cover nearly all needs of the entire household under one bill.
Another streaming market knows as the OTT (over-the-top) market that provides all kinds of media services and contents online bypassing cable, broadcast, etc. However, it only includes the popular SVOD service but also serves as music streaming and video games services.
Among all these one of the top growth, OTT service demand is satisfactory. In this device, customers can easily be able to subscribe or unsubscribe whenever they want moreover they are free to watch whatever they want to and whenever they want to – this is why it has become increasingly popular specifically amongst the younger generation.
It took so many years that have made the SVOD service popular since it has done many efforts to provide a thorough wide range of gears to its customers. To stand out amongst these market competitions, these platforms have had to switch into the production business. The first platform that pursues this strategy was Netflix when “House of Cards” was aired back in 2013.
After that SVOD started following the same strategy, producing amazing content for the subscribers. Once there was a time when premium content was distributed through movies, theatres, or via traditional TV channels but now it is progressively more available directly on these platforms.
After a few years, the music market has started increasing slowly in 2015, due to the favourable outcome of platforms that include Apple Music and Spotify. It is now probably close to the percentage of 2002-2003. Afterwards, in 2019, streaming accounted for 56% USD 11.1 which is out of 20.8 billion total – aggregate recorded music worldwide.
Day by day the concept of streaming is increasing and has been introducing in more and more countries depending on their internet accessibility and streaming apps are region restricted. If we talk about subscription-based gaming, where player’s signup to access a selection of video games from their smartphones, computer, etc. However, this segment is still under process and requires a high amount of data.
Final Thoughts
Audio and Visual content has seen several phases ever since they got into existence. TV and cinema were one of those phases, they are not going anywhere but today streaming is the game changer because we have it at our disposal as long as we are connected with a steady internet connection.
Furthermore, not all, but most of the streaming platforms enable their users to download or save the content for offline- viewing as well – which is incredible. That means going to the cinema for watching a movie, having a remote for viewing your most awaited show on TV, adjusting a laptop for movie nights are on the verge of becoming history – you just have to make a few clicks on your phone or gadgets while you are on the go.
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