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GROWTH OF STREAMING SERVICES DURING THE LOCKDOWN

Source: BRG

Since the beginning of the year, Covid-19 has been affecting different countries at such a rate that by this time, most of the world has come to a standstill. People across the world were stuck at home all these months as they had literally nothing else to do and nowhere they could go. It was at this time that several streaming services started to gain attention. Even though they were always around, the number of people who subscribed to it was quite less.

People were often reluctant to pay for streaming services and the trend was to use the account of their family and friends.

During the lockdown, most of the people who already had the account started to use it more, as they literally had nothing else to do than binge-watch movies and shows. People who didn’t have accounts of their own could no longer use others’ accounts as they were already being used.

Such people also subscribed on their own because they had to pass time during the lockdown.

Which are the streaming services in the market?

By 2005, Netflix started to provide video-on-demand services. The main difference from normal TV was that it could be watched by the viewers as per their convenience.

Now there are various streaming options available to the viewers all across the world.

While Netflix is considered to be one of the earliest in the business, Amazon Prime Video is considered to be in the second place.

It is available across more than 200 countries all across the world.

YouTube TV; now owned by Google, and Dish Network are the new entries to the market.

The acquisition has boosted the business for Disney. Disney has acquired Hulu and it has control over Disney +.

Apple TV is another major streaming service out there. The service that is available across 100 countries has major competitors such as Disney and Netflix.

There are various other streaming services in the market such as Fubo TV, HBO Max, BritBox, and so on.

Let us look at a few numbers:

This large number of downloads lead to a major growth of the streaming services, having more downloads during the lockdown than they had during the normal time.

Most services reported an increase in download of more than 25% during this period. Here we are looking at the period from January to April.

Netflix, Youtube TV, Amazon Prime, Hulu, and Disney + are the five most popular streaming services.

All of these collectively accounted for over 80% of the complete streaming hours.

Individually, Netflix had a growth percentage of 6% and Hulu had a growth percentage of 17%.

Growth in normal TV viewing has also been reported in this period. The monthly viewing has increased by about 700 million hours to 26.7 billion hours.

However, since there have been no live sports, live TV viewing has decreased quite noticeably.

It is clear as daylight that the streaming services had a great number of downloads during this period.

But it should not be assumed that the increased number will go down after the lockdown passes and life returns to normal.

The numbers that have come up in this period will mostly remain constant.

It is because the majority of these downloads are from people who had been using these services before long and as for the others, they might have gotten used to the comfortability and the convenience of these services.

That might motivate them to continue using the streaming services for a pleasant streaming experience.

This post was last modified on June 29, 2020 3:46 am EDT 3:46 am EDT

Categories: Netflix
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