How watching TV will change in the 2020s
Increasingly, the trend of “cut the cord” is quite prevalent among consumers. Technology and innovation are stirring everyone’s personal – social and professional lives. Digital streaming is the new entertainment media, the over-the-top (OTT) media service; a service offered directly to end-users via the internet which bypasses cable, broadcast, and satellite television platforms are growing more popular than ever before. During the 2010s we witnessed large entrants making their debut in the digital streaming; major players including, Disney+ video-on-demand streaming service the Walt Disney, Apple TV+ and HBO Max from WarnerMedia Entertainment. The surge started when companies like Netflix and Hulu streamed content from original content creators replacing mainstream content producers like Disney and CBS. The recent surveys in this field show that 60% of the age group between 18 and 25 prefer digital streaming platforms over traditional TV broadcasts. Netflix is considered the kingpin which already created its impact on the market; Amazon now made an influential debut into streaming media wars through Amazon Prime Video.
By developing an individual streaming platform with the originals, Walt Disney company made a huge leap forward. Disney+ launched on 12th November 2019 in the U.S with a large collection of content by Walt Disney Pictures, Walt Disney Animation Studios, Pixar, Lucas Film, Marvel Studios, National Geographic, 20th Century Fox, Hollywood Pictures, Searchlight Pictures, and Touchstone Pictures. Disney+ reached 26.5 million subscribers from the United States, Canada, the Netherlands, Australia, and New Zealand after its launch. They are expected to launch in Western Europe by the end of March 2020 and plan to launch in India and the Nordic nations soon. CBS and NBC are standalone television production companies planning to enter the digital streaming platform, where NBC is endeavoring new businesses model by integrating their cable services. HBO and its subsidiaries are launched their OTT service named HBO Max in May 2019.
Google and Apple, the most prominent names in the technology industry, are sensing the trend and have decided to contribute. Google’s YouTube started to offer more original content; by promoting Youtube Premium, Google is trying to develop a subscription-based service than a video sharing platform. Apple launched Apple TV+ on 1st November 2019 just before Disney+ launch with much original content including shows by Oprah Winfrey, Steven Spielberg, and Jennifer Aniston. The called off content producers like Disney and other mainstream contributors affected Netflix, but Netflix is still in the race and they are producing more original content. The regional markets are growing large, for example, the second-largest internet market – India made a great business in this range Hotstar by 20th Century Fox, Zee5 by Zee Entertainment Enterprises, and Voot by Viacom are the most populous Indian original producers.
The pandemic COVID-19 set the world in a condition of isolation; hopefully with Electricity and Internet. When public gathering and traveling are banned by most nations, the conventional entertainment industry is broken, COVID-19 affected the sports, movies and entertainment industry; but in the case of digital streaming, we still have room for hope as people spend more on OTT during their isolation. And experts say not only COVID-19 and mode of entertainment also caused the boom of digital streaming.