Home Releases May Boost Demand for Streaming Services in Increasingly Competitive Market
The video streaming market has become increasingly fragmented as more companies launch their own platform. As a result, many consumers have taken on multiple subscriptions in order to access the content they want.
Netflix attracted 15.77 million new subscribers in Q1 as a result of the pandemic keeping people in their homes. However, the market is becoming increasingly crowded with competition from services such as Disney+, Amazon Prime, Hulu and HBO Max. Analysts predict that there will be greater demand for video streaming services that offer good value for money as well as a wide range of content as consumers affected by job losses or reduced hours may have less money to spend on multiple streaming subscriptions.
A factor that could influence demand is the number of movie studios adding new releases to on demand platforms. Initially, studios resorted to on demand releases in response to movie theater closures. However, there is a growing preference among consumers to watch new releases in the comfort of their homes. Some studios, like Universal which reportedly earned almost $100 million in on demand sales of Trolls World Tour within three weeks, have found this to be a profitable addition to theater releases and they could consider releasing new features on both formats in the future.
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