The rise in popularity for streaming services may result in the end of cable
The streaming industry is beginning to take over and may well be the future of media. Streaming music, podcasts and videos is at the forefront of streaming services.
An article published in October by Amy Watson for http://statista.com said about 85% of Americans above the age of 18 own a smartphone as of 2018. The adults of this generation are quickly adapting to the world of technology. The current generation of children is growing up with high level technology, so they have become accustomed to it.
The older generation is assumingly a large portion of the percent who don’t currently use streaming services and have cable tv, so it can only be assumed that streaming services will rule the world as time goes on.
For the past several years, Netflix has been at the forefront with over 160 million subscribers as of 2019. With 62% of U.S. adults currently subscribed to a streaming service, Apple and Disney have joined the party as viable competitors.
All of a sudden, there are numerous services fighting over the rights for certain tv shows and series, as well as standing out from other streaming services.
Netflix stands out from other sites with their Netflix originals, which have been nominated for Emmy awards and Golden Globe awards.
Disney plus is the only platform with unlimited Disney shows and movies, making them a large appeal to the many Disney fans of the world.
Even if someone is a sports junkie, they could pay for a streaming service that offers unlimited live sports for any particular sport.
Every streaming service is different in their own way and it is hard to choose just one but what they offer has become a large competitor to cable services.
An article published in March by Toni Fitzgerald for forbes.com said the average American subscriber watches 3.4 streaming services.
Streaming services are based on monthly payments and the cost of three streaming services is still less, if not close to the same, than that of cable.
An article published in March by updater.com said the average cable package is $105. Meanwhile Netflix and Hulu are averaged at $10 per month. And with three streaming services, there are more shows, original series, sports and movies without commercials.
Flexibility is a huge difference between cable and streaming services.
Streaming services are all monthly subscription based, so the ability to cancel your subscription whenever the mood strikes is an important benefit. Whereas cable tv locks their consumer into an annual contract.
Customized viewing is also a huge advantage streaming services have over cable.
For instance, if a customer is a huge fan of Nickelodeon, they may want to buy a subscription to Netflix, who made a multiyear deal just recently, for $200 million, to utilize Nickelodeon’s characters and create original films and tv shows.
This would allow fans of Nickelodeon to watch whenever they please, whereas in cable tv, the customer is restricted to only being able to watch what is on at the time they are watching.
Streaming services have also affected the movie industry.
An article published in June 2018 by Lizzie Plaugic for theverge.com said 2017 was a 25-year low for movie attendance. The drop was 5.8% of the previous year and revenue even dropped 2.7%.
An article published in June by Erik Kohn for indiewire.com said the 2019 box office is down nine percent from last year.
usatoday.com said the national average cost of a movie ticket in 2018 was $9.11, and that’s without the overpriced theatre snacks. A subscription to Netflix is roughly between $9 and $16. So the appeal to avoid movie theaters, save money and watch movies on streaming sites has grown.
There is no reason to believe that streaming services are not the future of television and media. From the difference in price, convenience and flexibility of choosing what to watch and comfort of streaming at home, streaming services are taking over cable and no one can stop them.
