Wednesday, April 21, 2021

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Impact of Streaming on the Entertainment Industry

A clear depiction of the impact of the repercussions of streaming services on the entertainment industry

The world of entertainment has forever been changed after the introduction of streaming platforms.

Most of us witnessed the age of waiting for shows to air during a particular time and on a fixed day. We remember this because it existed five years ago. A certain platform called Netflix came in as a major disruptor and changed the whole scene. The entertainment industry was never going to be the same again.

Now, consumers can get entertainment and find content matching their taste whenever and wherever they want. These services have taken up the world by storm, to the point that society depends on it now. They have almost become the prime source of entertainment for everyone.

There has been a major disruption in the ecosystem of broadcast corporations after the inception of streaming services. The power does not lie with the conglomerates only anymore, the consumer has a lot more autonomy over what they can watch anytime, anywhere and for however long they want. The streaming platforms such as Xcine provide a unique, personalised and affordable experience in a way that broadcasting could never achieve. This unfettered access has contributed largely to the major shift towards streaming platforms in recent years.

After this sudden boom caused by these platforms, television ratings have dropped exponentially. The conventional cinema-goers have also turned towards these platforms as these platforms provide the customer with the same content at the comfort of their homes.

To accommodate the rising demands of the customers for more and more streaming platforms, multimillion-dollar television broadcasters such as HBO, Disney have all started investing in streaming models to come up with better platforms for their customers to enjoy their favourite shows.

So, what does this rise in streaming platform entail for the entertainment industry?

The entertainment business just like any other business is volatile and not impervious to change. It has to adapt to all the demands and the calls for change made by the customers. They cannot keep holding onto the business models that had worked for them in the past. They have to keep in mind the expectations of the people as the expectations have also evolved considerably over time.

The major brands are one-step ahead of the curve, they have taken up franchises of the huge production houses and are acting proactively. They had anticipated the market for these platforms and had made deals with them to show their content on these platforms. This allowed them to stand out in the crowd and make lucrative profits from their content on other platforms.

The debate on the cable vs online streaming platforms is old and on-going. Many experts have predicted the demise of the cable years ago but it still exists in almost every household all over the world. There is no concrete and concise answer to the debate that satisfies all the parties.

At the end of the day, all of it comes down to the requirements of the customer. If the customer wants a variety of content to choose from, for example- a customer wants all the cinema channels as well as the sports channels, maybe the cable is the way to go. But if the customer wants a specific genre of content at an affordable rate, the online streaming platform has to be the most viable option.

The future of the entertainment is uncertain and no predictions can be made based on market patterns and demands. No one predicted the sudden disruption that was to be caused by the online streaming service just a few years ago. Only one thing can be said with certainty that the streaming services have just started and will only gather in popularity, revenue and power in the coming years.

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