If we say online streaming is the new black, we are right to an extent. Considering the importance of media streaming in our lives because of the coronavirus crisis, this trend will continue to rise in 2023 and beyond.
We had to rely on a single TV set to watch our favorite content be it shows or movies alongside our loved ones in the late 1980s and early 1990s. But, things have changed drastically since then.
During the last two decades, we have witnessed the dawn of a new era i.e. online media streaming. As a result, we can watch numerous videos on-demand streaming services like Netflix, BBC iPlayer, TV Player, Amazon Prime Video, ITV Player, etc. as disclosed by howtowatchinaustralia.com on our desired devices from anywhere.
Surprisingly, the popularity of all these streaming services has allowed media giants like The Walt Disney Company, NBC, etc. to introduce their online streaming services including Disney Plus, Peacock, Quibi, Discovery+, Apple TV+, and others to viewers across the globe.
That said, the online streaming trend has certainly revolutionized the nature of supply and demand mechanism entertainment-wise for all the right reasons.
This post will discuss how online streaming has influenced the nature of supply and demand in detail.
Table of Contents
New streaming services are changing the nature of Supply and Demand rapidly
As already mentioned, 2023 saw a huge rise in the usage of online streaming services worldwide. Viewers subscribed to various online streaming services like HBO Max, Quibi, Peacock, etc. in huge numbers.
This scenario suggests people would rely on different streaming services as and when required because they have to abide by various restrictions to combat the COVID-19 pandemic appropriately.
It means the nature of supply and demand will keep changing in 2023 and the coming years at an impressive rate.
This drift or inclination is a great sign for upcoming streaming services because viewers will use them as their major source of entertainment due to the prevailing coronavirus crisis. As the whole world is busy in streaming media content more than ever these days and this trend will improve over time.
Video-on-demand services witnessed huge growth in their subscription base
During the last couple of years or so, we have seen so many streaming services entering into the digital media industry. Some of these video-on-demand streaming services are Disney Plus, HBO Max, Apple TV+, etc.
As a result, the streaming war among different streaming services either new or old has reached new heights. Luckily, viewers have options galore when it comes to subscribing to their desired streaming services.
That said, they are left wondering which online video-on-demand services should they add or remove from their current streaming lists.
Surprisingly, this is not an easy decision to take as all these services offer numerous features like affordable pricing, original content availability, compatibility, ease of use, offline viewing, simultaneous streams, free trial, etc.
According to a report by Statista, more than 74 million users have subscribed to Disney Plus by the end of 2023’s last quarter throughout the world.
This dramatic growth of almost 50 million subscribers base suggests that 2023 was a landmark year for the Walt Disney Company overall. If we take the above statistics into account, demand for a particular online streaming service like Disney Plus has increased to a new plane.
Likewise, the last couple of months of 2023 proved decisive for Warner Media’s HBO Max because the service was subscribed by more than 37 million users in the US alone.
As far as Apple TV Plus’s subscription base is concerned, it was around 33.6 million in the US at the end of 2019. At present, it is now expected that its current subscription base will increase from 33.6 million to 40 million by the end of 2023.
The whole scenario indicates that the future of online streaming is safe since the demand of streaming services will increase with the passage of time at an exponential rate.
Are new services a threat to already established services like Netflix, Hulu, and Amazon Prime Video?
All these new streaming services will help the cause of online streaming eventually. Therefore, these platforms will not harm the existing position or growth of already established media giants like Netflix, Hulu, and Amazon Prime Video.
In reality, they will positively affect the supply and demand mechanism of online streaming services at a rapid pace.
Factors that affect online streaming subscriptions
When users subscribe to particular streaming, they consider different factors. This way, they can make a final decision that helps them buy their desired video-on-demand services under their budget.
You can consider such factors in the shape of original content, pricing, compatibility, multi-logins, etc.
Original content is one of the most important factors that motivate viewers to obtain a subscription of an online streaming service. For example, several streaming services including Netflix, Disney Plus, Prime Video, Hulu, etc. are famous among their subscribers due to their original content.
Pricing is another factor users keep in their minds while subscribing to any video-on-demand service. Similarly, they prefer using streaming services that support all the leading platforms and devices such as Windows, Mac, Android, iOS, Apple TV, Smart TVs, Gaming Consoles, Roku, Google Chromecast, Amazon Fire TV, etc.
The best thing about online streaming services is that they offer simultaneous streams feature to their users. Therefore, users easily share their account credentials with their loved ones. By doing so, they can stream whatever they want on their preferred devices without any hassle.
Wrapping Things Up
Online streaming has transformed the whole system of broadcasting to a certain degree. The arrival of different streaming services like Disney Plus, HBO Max, Quibi, etc., is proof that viewers prefer online streaming over conventional TV viewing.
As a result, the nature of supply and demand in terms of media streaming has changed a lot over time. It means both supply and demand of streaming services are increasing at the same time worldwide.