Streaming services have been around for a while now, but their popularity has surged in recent years. According to a recent survey, only 28% of people strongly preferred to watch a movie in a theater, while 15% said they preferred to stream it. By 2020, this number is expected to rise to 36%.
Streaming services have taken over movie theaters
The rise of streaming services has forced movie theaters to find alternative ways to meet audiences’ entertainment needs. Instead of renting out seats to expensive, high-production films, streaming services make it possible for people to watch a movie on their own schedule. This trend has also given big-name studios a chance to make more money without relying on theaters. Streaming services, such as Netflix, Amazon Prime, and Disney+, offer a convenience that many people appreciate.
Although the movie theater industry has recovered in recent years, the damage has been done. Global box office receipts in 2021 will be 48% lower than they were in the last three years prior to the pandemic. Meanwhile, subscriptions to streaming services like Netflix grew at an unprecedented rate. The Netflix stock has eroded nearly half of its value since October last year, as a result. In a future where streaming services are the norm, movie theaters will need to adjust to compete with them.
Another solution to the problem is to lower the price of admission. The movie theater experience has become more expensive than ever, with a premium experience costing upwards of $25. By lowering the price of admission, theaters could compete with streaming services for consumers.
Streaming services are taking over smaller theaters
It’s no secret that movie theaters are facing a new threat: streaming services. The rise of these services has accelerated the transformation of the media industry. Stay-at-home audiences have fueled the growth of home entertainment. By 2020, streaming subscriptions will increase by 50 percent. However, while theaters may eventually lose out to streaming services, the future of the industry isn’t bleak.
Streaming services are quickly becoming the preferred way for Americans to see new movies. A recent study by Statista found that nearly half of US adults had at least one streaming service. This number is set to rise to nearly seventy percent by 2021. Streaming services are also changing how moviegoers view their favorite films.
In addition to taking over smaller theaters, streaming services are also giving smaller theaters a tougher time competing with big-name theaters. Most moviegoers head to a movie theater to see the latest blockbuster, but streaming services offer films that are more independent and foreign than blockbusters.
One way to combat this is to lower the price of tickets. While movies have never been more expensive, a premium experience at a theater can run up to $25. For the rest of us, we want to enjoy them and we aren’t ready to give up on them. Streaming services are the future.
Streaming services are replacing traditional moviemaking
While streaming services have been around for years, their popularity has skyrocketed in the last few years. According to recent surveys, two out of every five Americans would rather stream a movie than see it in a theater, and as many as 15 percent would prefer to watch it online. That number is expected to increase to more than three out of every five adults by 2020.
Although the emergence of streaming services has complicated the traditional moviemaking process, it also has opened new doors for creators and actors. Streaming platforms have provided a home for projects that were once considered fringe or unprofitable. For example, British-born actor JD Hunt has credits on the TV series Adulting as well as the upcoming series The Underground.
Another benefit of streaming services is that they are owned by the same people who make and distribute movies. Previously, studios had to pay licensing fees to show their movies, but with the advent of streaming services, the studios can sell their content to consumers at lower prices. This allows these services to charge less for their content and provide more choices.
Streaming services also offer free trial periods. These trials may only last a week or so, but after that, they will charge your credit card automatically. However, some streaming services do not charge installation fees, so you can cancel your subscription any time before your billing cycle.
However, one drawback that we still see in the streaming world is that it has access to limited geographic locations such as the biggest named YouTube TV is not available for users in Mexico, the UK, and Canada which is holding the streaming services back from taking the full control of entertainment world.