2020 was the breakthrough year because the COVID-19 pandemic allowed several media giants such as NBC, HBO, and others to launch their streaming services.
This is why video streaming will constitute 82% of the total internet traffic by the end of 2024. Therefore, we could see more streaming services coming into the scene in 2024. These newest streaming services are:
- Discovery+ (will be launched by Discovery during the first quarter of 2024)
- Star-branded streaming service (will be launched by Disney in 2024 worldwide)
Aside from new streaming services, different trends will influence the streaming industry on a massive scale worldwide. These trends include:
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Streaming Services need original content to survive
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Whether new or experienced, different streaming services will have to realize that original content is the key to get success in the coming years. For instance, Game of Thrones was a record-breaking show of all time that ultimately gave HBO huge success.
Due to that reason, viewers also started watching the original content of HBO. As a result, Big Little Lies, Looking, True Blood also shot to fame within a short time. We all know that HBO is primarily a US-based TV network that you cannot watch outside the US due to geo-restrictions.
Therefore, you will not be able to watch HBO’s exclusive content if you reside in countries like the UK, Canada, Australia, and New Zealand. According to Howtowatch.co.nz, Sky, a famous Kiwi pay-TV company that also provides media streaming services, has obtained exclusive media and TV rights to HBO in New Zealand. This trend shows that original content has massive importance and that’s why more pay-TV companies will be eager to take such initiatives in the future.
The above scenario suggests that streaming services will need to focus on producing original content more than ever. Otherwise, they will face issues while retaining their existing customer base.
The subscription base of different streaming services will increase
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Streaming services will continue to prosper despite the coronavirus crisis in 2024. For example, Netflix and Amazon Prime Video both services improved their customer base to new heights by the end of 2019 in New Zealand.
If we talk about Netflix specifically, you would be surprised to know that 2.42 million New Zealanders had already subscribed to the famous streaming service during 2019. Likewise, Amazon Prime subscribers also witnessed considerable growth in terms of its viewerships because 322,000 users subscribed to the service in New Zealand alone.
The story doesn’t end here as Netflix also increased its subscription base in other countries like Australia. Currently, more than 3.45 million Australians have subscribed to Netflix. As far as Amazon Prime Video’s subscription base goes, 2.1 million Australians are enjoying its subscription.
Taking the above situation into account, the future of Netflix and Amazon Prime Video looks quite promising on the subscribers’ front.
Other significant trends to watch out for in 2024
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Apart from this, other key trends will shape up the streaming industry in 2024 to a certain extent. These trends include:
Services will add more exciting features
Streaming services will have to add more features to keep their subscribers engaged. For instance, Amazon Prime Video has recently added an exciting feature by the name of Amazon Watch Party in its armory.
Through this feature, you can watch your favorite TV shows or movies along with your 100 friends at a time hassle-free. Likewise, Netflix offers an attractive “Netflix Party” feature that lets you watch your favorite movies or TV shows with your friends. You will have to download its Chrome extension (Netflix Party) that also enables you to chat with your friends simultaneously.
It means other streaming services will have to think on the same lines to provide more features to their subscribers in the future.
Live streaming will become more evident
Live streaming will undoubtedly revolutionize the users’ media consumption habits considerably. Additionally, the coronavirus pandemic has enhanced the importance of live streaming features to a new plane. Therefore, streaming services’ popularity will depend a lot on this amazing feature in the future.
Interestingly, different streaming services have already started providing this amazing feature to their users. For instance, Kayo Sports, a famous Australian video on-demand service, also provides a live streaming feature.
As a result, subscribers can access live coverage of different sports, including baseball, basketball, cycling, cricket, darts, etc. Similarly, TVNZ On Demand is another popular streaming service that allows users to watch its media content be it TV shows, movies, etc., hassle-free.
Ultra-high-definition (4K) video quality
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Ultra-high-definition (4K) TVs is another trend that will continue to rise in the future. At present, this is the highest video quality available to users that helps them stream their favorite content without facing any buffering or freezing issues.
Luckily, numerous streaming services like Netflix, Amazon Prime Video, Disney Plus and others have included 4k video quality features in their packages to keep their subscribers engaged.
We can expect other services will add this enticing feature to maintain and increase their customer base in the future accordingly.
Illegal content
Illegal content viewing is a massive threat that can hinder the growth of the OTT market big time in the coming years. During 2019, the illegal sale of video content was $9.1 billion and it is expected to increase up to $12.5 billion by the end of 2024.
Wrapping Up
Video streaming has turned out to be an essential part of our lives. In reality, viewers are turning to over-the-top video streaming services in huge numbers globally. It means traditional TV will become a thing of the past in the future. Furthermore, 2024 will be the year to remember as different services like Discovery+, Star, and others will give tough competition to the existing streaming platforms like Netflix, Disney Plus, etc.
Similarly, CBS All Access will be renamed Paramount+ in the same year. Overall, the streaming industry will continue to flourish at a rapid pace. This is because lockdowns, pandemics, social distancing, and other concepts will remain relevant in the coming year.
Therefore, more and more people will be eager to try new streaming services to accomplish their media cravings accordingly. They might be dealing with the consequences of the coronavirus crisis in the next year.
