It’s hard not to notice how smart TVs and mobile devices make more people cutting the cord and choosing streaming services to meet their entertainment needs. And as a result, the video streaming services market has become increasingly competitive, with more providers entering the scene and offering a variety of content for different audiences.
So, let’s take a closer look at the current landscape of the video streaming services market in our guide!
Amazon Prime Video, Netflix, and Disney+ are the biggest names in the video streaming industry. Also worth noting is the large number of OTT apps, which are easy to make yourself with the help of trusted developers. They do offer a vast range of content, from classic TV shows to the latest movies and original content. However, they are not alone in this battle for viewership, with newer platforms like Apple TV+, HBO Max, and Peacock joining the race.
Today, Netflix is the largest and most popular streaming service, with over 200 million subscribers worldwide by far. It is known for its large selection of original content, such as “Squid Game,” “The Crown,” and “Stranger Things,” to name a few. The platform has been investing heavily in producing new content to keep its viewers hooked, which has proved successful in retaining its subscriber base. Here are some figures from Statista:
“In the second half of 2021, the Netflix mobile app on both iOS and Android saw a small growth of its monthly active users (MAU) worldwide. In January 2022, Netflix mobile app on Android reported 106 million MAU, up by around three percent from 103 million MAU in December 2021. Monthly active users of the app on iPhone and iPad combined went from 108.9 million monthly active users to roughly 115 million as of June 2021.”
Amazon Prime Video, which comes as a bonus to Amazon Prime membership, is also gaining popularity with its library of movies and TV shows and its recent investment in original content. Its most notable series include “The Marvelous Mrs. Maisel,” “The Boys,” and “The Man in the High Castle.”
Disney+ quickly made its mark in the market with the success of its original series, “The Mandalorian” and the release of movies from the Star Wars and Marvel Cinematic Universe. The platform has since expanded its content library with new original series, such as “WandaVision,” and the addition of National Geographic shows.
HBO Max, which launched in 2020, is a newcomer to the scene, but its vast content library and exclusive deals with major studios have put it in the spotlight. Its original content includes “SnyderCut,” “The Sopranos,” and “The Flight Attendant,” among others.
Peacock, owned by NBCUniversal, has been gaining traction with its free and premium plans that offer live TV, movies, and exclusive content, including “The Office,” “Parks and Recreation,” and “Yellowstone.”
Aside from these major players, other platforms like Hulu, YouTube TV, and CBS All Access also have a strong presence in the market.
With so many options available, it can be overwhelming for consumers to choose which platform to subscribe to.
However, it is worth paying attention to an interesting fact noted by The New York Times:
“However, over the past couple of years, companies have become much more transparent about the data they collect, and they generally make it clear to you when you set up a new smart TV. If you want to watch Netflix, Hulu, Amazon, or other streaming services at home, however, there is a good chance your viewing habits are being recorded and sold by those services, no matter what device you use.”
The competition between these providers has resulted in more affordable pricing plans and exclusive deals to attract new customers. Some streaming services offer packages bundled with other media, such as music and gaming.
In conclusion, the video streaming services market has become a highly competitive and lucrative industry. With the arrival of smart TVs, mobile devices, and high-speed Internet, it’s finally become very easy for consumers to access their favorite movies and TV shows. The key to the success of streaming platforms is their ability to produce high-quality original content and cater to specific audiences’ needs. As new providers continue to enter the market, consumers can expect more diverse content and competitive pricing plans in the future.