The cord-cutting phenomenon continues
While Netflix (NFLX) continues to be a market leader in the streaming space, it’s facing competition from Hulu, Amazon Prime (AMZN), the Walt Disney Company (DIS), YouTube (GOOGL), Apple TV, and WarnerMedia (T).
Let’s look at the overall video streaming market and how these players stack up against each other. According to a report from Venture Beat, the global video streaming market has 613.3 million users, more than the 556 million users that have a cable connection. The cord-cutting phenomenon continues to gain momentum worldwide.
The Hollywood Reporter also expects streaming subscription revenue to surpass theatrical sales by 2020, as the cost of a movie ticket sometimes exceeds the cost of a monthly subscription service.
Market attracting new players
The global streaming market is estimated to reach a mind-boggling $124.6 billion by the end of 2025. Digital media consumption is set to rise exponentially, and this has attracted new players.
Netflix started its online streaming service more than a decade ago in 2007 and was one of the first players in the space. It now has ~150 million subscribers and is available in 190 countries.
Amazon Prime has claimed that it has over 100 million Prime subscribers. Amazon Prime is an umbrella of subscription services that include online content (Prime Video) and faster delivery of online purchases.
Hulu is currently available only in the US and Japan and has over 28 million subscribers. Disney will soon be launching its streaming service, while Apple’s streaming service, Apple TV+, will also launch soon.
Another new entrant is AT&T’s WarnerMedia. Google’s YouTube also remains a top contender.