It is a thing of the past where there were only a few streaming services that streamed movies and TV shows. Now, the potential and the hunger of the public for entertainment has caused the birth of many streaming networks. Other than Netflix, services like Hulu, Amazon Prime, HBO Max, YouTube TV, and the newcomer, Disney+ are dominating the world.
Streaming services are one of the convenient ways to watch movies and TV shows on-demand, anytime, anywhere. They stream Hollywood movies and a mix of other country’s movies and shows as well. However, these streaming services such as Netflix are now heavily relying on creating their own original content. Their emphasis on original programming can have a bad impact on traditional media companies.
Traditional media companies must fix their data and branding problems to compete against these gigantic digital natives. Netflix and Amazon grew by streaming licensed movies and shows but are now investing in their own content. That being said, Amazon is on its way spend $7 billion on video and music content including production and licensing costs whereas Netflix is ready to spend $8 billion.
It is high time that traditional media companies in Hollywood do something to stand out otherwise they will be crushed within the ever-growing, technology-dominated world. Take a look at the following infographic that includes stats and facts determining how Hollywood can save the day in a streaming world.
Infographic by: bain