(as of Jun 09,2021 00:09:05 UTC – Details)
This essay sheds light on the future of the video streaming services industry and explicates why the traditional movie theater industry will further decline. Moreover, how the movie theater industry can potentially recover by embracing innovative changes is delineated in this essay. Furthermore, how to earn substantial money online so that you can afford to procure video stream subscription services is expounded upon in this essay. The future of the video streaming services industry will not only be characterized by dynamism as it continues to metaphorically evolve, but will also be eminently auspicious for video streaming service providers. In the coming years, more and more people will turn to video streaming services for movies and TV shows, especially as traditional avenues for experiencing movies and TV shows continue to further wane in popularity. “Revenue in the video streaming segment is expected to show a compound annual growth rate of 4.1% from 2020-2024, resulting in a projected market volume of $32,447,000 by 2024” (“Video Streaming (SVoD),” n.d.). As the behemoth video streaming services industry continues to expand, selections of TV series and movies will be further parred down among individual video streaming service providers. These winnowed down selections among individual video streaming service providers will ultimately render video streaming services less enticing for customers to subscribe to, especially in contexts in which their favorite TV series and movies are no longer available on particular video streaming platforms. Due to growing competition in the video streaming services industry, video streaming service providers will not be able to procure as many licenses to TV series and movies as it was once possible in past years. When video streaming service providers lose licenses to TV series and movies, hardly have any exclusive TV series and movies for customers to watch, and have an eminently finite selection of TV series and movies for customers to choose from then it becomes all the more cumbersome to win over the customer’s patronage. The future of the video streaming services industry will not only require video streaming service providers to innovate to remain afloat, but to also provide their customers with meritorious movies and TV series to watch so that they can at the very least retain their existing customer base. The future of the video streaming services industry will present ample challenges for video streaming service providers as they continue to lose licenses to movies and TV series. For instance, “Netflix lost subscribers in the second quarter of 2019 for the first time in years, a combination of the price hike and a content lull. As the US market becomes oversaturated with streaming services with WarnerMedia, Disney, and Apple all launching streaming services, the only way to ensure growth is going outside the United States. Netflix is losing a number of heavily watched licensed series, such as Friends and The Office, to competitors WarnerMedia and NBC Universal respectively. A lack of enticing originals, which plagued the company and helped contribute to a loss of 130,000 subscribers, will continue to grow unless Netflix can ramp up production. It is part of the company’s plan to have permanent studio sets that have been purchased for Netflix to produce films and TV shows faster” (Alexander, 2019). In the future, video streaming service providers will become less dependent on leveraging licensed content to drive subscriber growth. Rather, they will be all the more inclined to make a more substantial investment into producing their own TV series and/or movies for the prospect of fueling subscriber growth. In the coming years, video streaming service providers will not only need to expand into more international markets to grow their subscriber bases, but will also need to produce more of their own movies and TV series.
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