In the last year, how many times have you watched a movie in the theatre? Perhaps the answer depends on whether or not you are like many people today who prefer streaming platforms like Netflix. Even though box office sales continue to break records for most blockbuster movies, there is a steady increase in streaming service subscribers. In the US alone, Netflix has over 59 million active users which grow at a rate of 10% every year. Indeed, streaming is the future of movies and television. But what does it mean for the movie theatre industry?
Consumers have more control over how they view content
Home viewing is an essential challenge for the box office – and has been the case ever since the invention of VCR, VHS, and DVD. However, the box office took control of the situation by coming up with a strict agreement where movies only get released on VHS or DVD at least 90 days after its theater showing. Nowadays, streaming giants like Netflix release original film directly on the platform, which is a direct deviation from the status quo.
What makes home viewing through streaming platforms more attractive to consumers today is the option to choose what, where, and how they will view content. At its core, convenience is what makes Netflix’s business model an overnight success. The same applies to other entertainment platforms like Ted Bingo and other gaming websites. The internet has made it possible for these companies to make entertainment accessible, and cheaper too!
Access to new and original content
Another advantage of streaming websites over the box office is the massive amount of material that refreshes regularly. Not only does Netflix syndicate past television shows and movies, but the company is heavily investing in original, high-quality content.
Since the launch of other streaming platforms like Disney +, Amazon Prime Video, Hulu, and Apple TV, consumers now can peruse an endless amount of content that caters to a broad range of interests. No wonder going to the movies today is no longer a priority. Besides, the monthly subscription fee is minimal compared to the sheer amount of content you can access.
What will make the box office survive?
Despite the proliferation and popularity of streaming platforms, the box office remains strong. Many believe that no experience compares to going to a movie theatre to watch a blockbuster movie surrounded by hundreds of people. There is a certain charm to the film that streaming platforms can never match. In response, movie theatre companies are also finding innovative ways to keep moviegoers from coming back. Movie production companies are also making sure that films get a theatre release first before getting picked up by a streaming platform.
In conclusion, streaming platforms is not diminishing the movie industry but does pose stiff competition for the box office. But one thing is for sure; the movie theatre experience is one thing that people still seek despite the convenience of watching movies at home. Perhaps the best thing about these latest innovations in media technology is how it gives consumers more options. And as these media giants compete to provide the best content, we as viewers have more to look forward to in terms of entertainment.
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