Streaming Takes Over the Media Industry
Recently, we’ve been taking a look back at digital trends in different industries from the last year, and comparing them to previous years.
In this edition, I want to look at the media industry, and see how the current trends have shaped the customer landscape. The media industry in particular is one that has certainly been affected by digital transformation, as well as by the pandemic.
Customer preferences, behaviors and habits have changed drastically since the start of the pandemic, and media is one space where that’s very apparent.
THE MAJORITY OF US CONSUMERS SUBSCRIBE TO AT LEAST ONE STREAMING SERVICE
By the end of 2021, 78% of Americans were using at least one video-on-demand subscription service. This does not include traditional cable or satellite television—this is specifically streaming platforms like Netflix, Hulu, Peacock, HBOMax, Disney+, and the like.
78% is near ubiquitous adoption of digital streaming, and that’s a massive change from the numbers just a few years earlier. In 2015, only 52% of Americans subscribed to a streaming service.
The growth really reached a peak in 2020 when the pandemic began, and then flattened out in 2021. Perhaps this flattening was due to the pandemic itself, or maybe streaming is reaching a saturation point.
There will always be a segment of people who simply don’t have the means, discretionary income, or internet connection to subscribe to streaming services, so there may not be much more room for growth in the US for streaming beyond the 78% that it’s at now.
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