The Global Streaming Landscape is going through changes
According to PwC 's Global Entertainment and Media Outlook 2020-2024 report, the global streaming services market will continue to expand over the next few years, but Netflix's monopoly on the OTT market will end. The study estimated that the global streaming market will rise by 13.4% annually from USD 86.9 billion in 2024. It is anticipated that 2024 will be a landmark year in which the number of OTT subscribers will exceed the number of television viewers.
PwC also noted that multiple competitors would appear on the market as the market expands. The key to the survival of streaming services is to secure premium global content. It forecast that demand for these subscription services will lead to inflationary effects of high-quality content prices on the global content market.
The PwC results correspond to the latest hypothesis that customers are willing to pay for three to five pay-TV and streaming services. However, this is based on the fact that OTT providers can come together to deliver services more efficiently to customers. Just like Disney, which already provides package plans combined with Disney+, Hulu, and ESPN+ for around $13.
Logo <Hulu, Disney+, ESPN+> source Hulu
The market that Netflix ruled with its aggressive prices and quality content will shift over the next five years. New rivals are set to merge into the market, challenging the position of Netflix. One of the anticipated challengers may be Hollywood. If Hollywood launches its own service, it will rapidly gain market share through the use of its network and expertise.