When assessing the numerous changes that have taken place in the film industry, it is almost impossible to have a discussion absent video-streaming services. After all, the upgrades to the way that people watch their favorite TV shows and movies have been more revolutionary than any other invention in this sector. More importantly, it is reasonable to expect that they will continue to take place for a long time. So, what are some of the most obvious ways in which the growth of platforms like Netflix, Hulu, HBO, and other streaming providers have made an impact?
In the past, watching a new movie was limited to going to the cinema or waiting to get a DVD or Blu-ray copy once it comes out. Although this approach is still alive and well, it is slowly being replaced by more accessible alternatives where people can watch a brand-new movie from the comfort of their own home.
Take, for example, some of the original shows that Netflix produced in collaboration with Marvel. These include Luke Cage, The Punisher, Daredevil, and so on. Unlike most traditional movies or TV series, Netflix subscribers had access to all of these shows as soon as they came out regardless of where they were. In other words, they did not have to tune in to a specific channel every week to watch the new season of Daredevil as it was readily available on their own TV, phone, tablet, or laptop.
According to an award-winning director,producer and graduate of the American Film Institute, Beni Atoori, the cost of viewing new movies has only gone up in recent history. Starting with the basics such as movie tickets and going all the way to miscellaneous costs such as snacks, people are spending more money to enjoy this experience than ever before. This gives rise to another important category that video-streaming platforms can leverage to gain market share – a cheaper thrill.
Unlike traditional movies, companies like Netflix offer limitless movies and TV show for a flat monthly fee. In most cases, that fee is less or equal to the cost of a single cinema experience. Thus, competing through a strategy of cost leadership can be attributed to a portion of the success that the video-streaming organizations are enjoying.
Unlike the traditional movie industry, viewership with video-streaming services is much more versatile. The reason why is that people can juggle multiple genres effortlessly without ever even thinking about it. For instance, someone who is watching a crime drama can exit it and turn on a cartoon within seconds when they are using Hulu, per se. Absent these providers, viewers might be limited to waiting for their favorite TV channel to play their show or waiting for a new movie to come out before they can actually enjoy something different.
Although Big Data has a lot of important roles in all areas of the movie industry, it does not even come close to how powerful it is within the spheres of video streaming. For instance, when data analysts are focused on movie-goers, they might be able to forecast future revenues and predict how well a movie will do. With companies like Netflix, Hulu, HBO, and others, the insight that can be gained is mind-blowing.
For instance, basic data analysis can showcase the number of active monthly users as well as all of their viewing habits. So, according to Beni Atoori, they could basically figure out how some of their viewers live their lives by fully analyzing the way that they engage with the video-streaming platform.
Ultimately, one of the most obvious ways in which video streaming has impacted the entire movie market boils down to the unprecedented innovation that is taking place. A few decades ago, trying to imagine a world in which someone could watch the latest movie on their phone without having to pay for it individually is almost incomprehensible. Now, these types of inventions and changes have become an everyday thing as companies look for new ways to stay relevant and maintain or increase their market presence.
Additionally, the growth of video streaming that a lot of actors and actresses are switching to is giving rise to new filming techniques. Instead of having incredibly luxurious and pricey movie sets, companies now prioritize effective and fast projects that can be uploaded to their database as soon as possible.
Ultimately, just the way in which these businesses make their income by relying on subscription-based business plans is not something that anyone who was present during the Blockbuster age would have predicted.