Streaming Has Changed Our Movie Watching Habits
When Netflix released its first original series in 2013, they transformed the way people consume movies and television. Streaming services such as Hulu, HBO Max, and Disney+ have gained popularity over the past few years in the wake of COVID-19. The pandemic completely shut down movie theaters and all forms of entertainment for consumers, so they began to rely on streaming services and there has been a high demand for movie and television releases on these platforms.
Consumers have found comfort in their home and lack a desire to view movies in the theaters any more. Streaming services are highly convenient and you do not have to sit through what feels like hours of commercials, and have already finished your popcorn by the time the movie starts. The increase in the direct-to-consumer model has hindered the theater industry because consumers have experienced instant gratification for years now and will not go back to the old ways of only having a short window to see a movie and then waiting months for digital and DVD release. Statistically, 71% of consumers prefer to watch a movie from home, and 23% prefer to do the opposite.
Options to Watch Movies
At this point in time, going to a movie theater provides a nostalgic feeling because of the long period where seeing a movie in person was an unattainable option. Many newly released movies are providing two options of consumption: watching in a movie theater or watching on one of the streaming platforms like IMDb’s Streaming service where you can watch Boiling Point Media’s Lionsgate Releases such as The Adventures of Rufus, the Fantastic Pet. Another example, the new movie, Dune, was released recently and the two viewing options are theaters worldwide or HBO Max.
Streaming Platforms Are Making Movies
Other platforms such as Hulu and Netflix create original television shows and movies that have gained traction and popularity over the years that have contributed to the evolution of the average entertainment consumer. Ask anyone, the likelihood of them being subscribed to at least one platform is extremely high.
The Streaming Video On Demand (SVOD) industry is increasing rapidly in the United States. As of 2020, there were roughly 650 million subscribers, and by 2024 there will be an estimated 1.25 billion subscribers, which is almost double. Looking at it all around the world SVOD reached 1.1 billion subscribers in 2020, and it has only gone up from there. The transition from television to streaming platforms has created significant change in the traditional TV industry. Looking at the world around us, technology and social media are constantly evolving and consumers are adapting to new trends continuously. Living in this age of technology has created new habits amongst the population and streaming services have contributed to that greatly. With the pandemic, streaming services took first place in most popular trends, putting movie theaters in the backseat.
Will Production Companies Keep Up With Streaming Services
It would take years upon years to reprogram consumers’ habits of watching entertainment at home, and on top of that it will be very expensive and difficult for film studios. The best solution for movie theaters is to gradually introduce films and allow the streaming service to remain a line of revenue for new releases. Production companies like Boiling Point Media and the film industry in Oklahoma overall need to continue to adapt and be flexible to the new normal of living rooms as the new movie theater. Fortunately, for consumers there is no harm being done to us. We get to enjoy films and television shows comfortably while the two industries hash it out and fight for the top spot. There is still a demand for in-theatre films, but it is not compared to pre-pandemic times and will not reach the desirability for years to come. As the pandemic is gradually declining, movie theaters and streaming services are beginning to coexist once again. The question is who will be at the top?