Streaming services were once considered alternatives to network and cable TV giants that ruled living rooms for decades. But with millions of subscribers cutting cable each year and more than one billion streaming subscribers worldwide, can the likes of Netflix, Amazon Prime, Hulu, and now Disney+ still be considered alternatives?
Streaming has gone mainstream in many parts of the world and with the newest entrants Disney+ and Apple TV+, which both launched in November 2019, one of the most glaring questions facing the entertainment industry is how many over-the-top platforms will consumers pay for, and have an appetite for?
U.S. consumers, for example, are willing to spend an average of $44 per month on streaming video and subscribe to an average of 3.6 services, according to a recent survey by The Wall Street Journal and the Harris Poll. That’s about $14 more from what most people pay now.
More than 1.1 billion people worldwide subscribe to a streaming service and that number is expected to grow 63 percent by 2023 and hit 1.8 billion, nearly one-quarter of the global population, according to data from eMarketer.