Did you enjoy watching movies or live streaming during the COVID-19 pandemic? If so, maybe you’re curious about how the streaming product hype during the pandemic.
One of the most significant effects of the pandemic is the streaming business, which has added millions of subscribers. Some companies have seen an increase in revenue as a direct result. Despite the fact that people continue to spend more money on Subscription TV, a Strategy Analytics report shows that the difference between streaming services and Subscription TV is rapidly closing.
Americans spent $90.7 billion on traditional Subscription TV in 2020, an 8% decrease from the previous year. The amount spent on streaming increased by 34% year over year to $39.5 billion simultaneously.
According to this rate, streaming services will account for $76.3 billion in 2024, surpassing Subscription TV, which will only account for $74.47 billion. By 2026, only 40% of the total video budget will come from Subscription TV, according to the report.
The pandemic has also contributed to an increase in video streaming subscribers as more people stay at home and watch videos on demand. Streaming service subscribers first surpassed pay-TV subscribers in 2019, totalling 92.64 million households to 81.63 million households for subscription TV.
On-demand Streaming services
In the 15th annual Digital Media Trends report from Deloitte, 82% of consumers reported using at least one or more paid video streaming services. Between October 2020 and February 2021, the churn rate for video streaming services is consistently getting around 37%.
The majority of people have been spending the past year at home due to the pandemic, and 57% of them stated that video streaming is one of their top three sources of entertainment. As they can switch to a different service provider, the survey also revealed that people are prepared to cancel subscriptions if prices rise.
Since the coronavirus outbreak, streaming services have seen a surge in popularity. They will also profit in the upcoming months because there are few open entertainment options. As a result, these are some streaming videos that were popular during the pandemic, according to some sources:
Apple, Inc.: After launching its streaming services last year, Apple TV has experienced high growth. According to the company, more than 30 million people subscribe to TV.
Netflix, Inc.: In the world of streaming, NFLX is regarded as a pioneer. It has been making significant investments to expand its library of original shows.
Amazon.com, Inc.: Along with being a major player in e-commerce, AMZN also provides a number of other services. One of the market leaders in the streaming industry is Amazon Prime, a membership program that offers access to the streaming of movies and TV shows as well as other services.
Astro Fibre: You can access Astro programming while maintaining a high-speed internet connection with Astro Fibre, the company's own internet service provider (ISP) from Malaysia.
