By Eftychia Antonopoulou,
The emergence of streaming services has changed traditional media consumption patterns and has completely transformed the entertainment industry. The way people nowadays consume content is fully influenced by new technologies but also society’s fast moving rythms.
The streaming industry is a competitive area, driven by a combination of innovation and controlled by high demand of specific target groups. The world wide video streaming market was valued at approximately 100 billion dollars in 2023, with an expected continuous growth. One of the first platforms to gain popularity was Netflix, which is still ranked as the most popular streaming platform. Since then, the field has become more crowded, with entries like Disney+, Amazon Prime Video, Apple TV+, hulu and more.
There are several trends in the streaming industry that highlight its transformative impact across various dimensions. Firstly, content fragmentation has emerged as a defining feature, driven by exclusive licensing agreements that push consumers to subscribe to multiple services. Additionally, partnerships between studios and platforms as well as creators further shape this professional space. For instance, Disney’s acquisition of Fox significantly boosted its streaming library.
As far as consumer behavior goes, there is a dramatic shift on how audiences and specifically young consumers engage with media. The high demand for flexibility, due to multiple work hours and busy schedules, increases the need of on-demand viewing posibilities. In other words, through these platforms, it is easier for one to enjoy one’s favorite show whenever and wherever, without the perssure to align one’s schedule with the regular TV program. Moreover, platforms are also targeting global audiences. The phenomenon of globalisation and internet dominance has created the need for more multi-cultural and diverse content. Netflix’s Squid Game and Disney’s Indian-focused Hotstar platform exemplify this strategy. Another example of a local show to enter a big platform is Maestro in Blue, a greek production that gained global recognition. It is definitely a positive phenomenon for smaller productions, artists, actors and directors that have the opportunity to showcase their work to a bigger audience that chooses to watch their show. In fact, even with local streaming platforms the benefits are a lot.
On the other hand the rise of streaming services has also economic implications. Subscription-based models have become lucrative, with some platforms integrating advertising to diversify revenue streams. This rise threatens traditional cable and satellite providers, leading to a significant decline in their subscriber bases over the past decade. On the positive side, the surge in original programming has bolstered employment opportunities in the entertainment sector, benefiting writers, producers, and tech specialists.
Technological advancements have been critical in enabling this streaming rise. AI-driven personalization enhances user engagement by analyzing viewer habits to curate tailored recommendations. Additionally, improvements in bandwidth accessibility have made high-quality streaming feasible, even in regions with historically limited internet connectivity.
Despite its success, the streaming industry faces several challenges. Subscription fatigue is becoming a pressing issue as consumers reach their financial limits, pushing platforms to consider more flexible models such as pay-per-view or ad-supported tiers. Content saturation is another concern, with the sheer volume of available content potentially overwhelming audiences and diluting the impact of individual shows and movies. Furthermore, regulatory scrutiny is intensifying, with issues like data privacy and content regulation concerns potentially leading to increased oversight.
We all have had the opportunity to enjoy our favority show or movie through one of these platforms. There are things we like about them and things we would like to change. It is in fact an industry that changes and evolves constantly with new services and content emerging every now and then. Subscribing to these platforms can sometimes feel like making a commitment to spend more time consuming content and that is what should be regulated by each of us. Inspite of this type of entertainment, it is important to explore different ways to have fun and relax in order to avoid being sucked by a screen.
References
- Streaming Revolution: How Today’s Consumers Are Changing The Game. Forbes. Available here
- The 10 most popular streaming services, ranked by subscriber count. Digital trends. Available here
