With Growth Stalling, Is Streaming the Way of the Future?
By Movieguide® Contributor
Streaming seemed to be the wave of the future, growing at incredible rates in terms of audience numbers and content output. However, a new report shows that streaming growth slowed down for many platforms.
According to Variety, during the last quarter, Netflix saw a loss of 1.3 million subscribers — the largest domestic decline for a streaming platform.
Disney+ added just 100,000 subscribers across the US and Canada, while Peacock’s numbers stayed flat. It appears the NBC streamer has plateaued with just 13 million subscribers 2 years after its launch.
Warner Bros. Discovery’s streaming platforms — HBO, HBO Max, and Discovery+ — lost 300,000 subscribers total.
People are still subscribing to streaming services; just at a much lower rate. Last quarter, there were 13 million new subscribers — an 18% decrease from the previous quarter. Meanwhile, cancellations have remained constant, with 28.5 million users dropping their subscriptions.
Streaming is still popular among those who have subscriptions to different platforms, and it was reported the amount of time spent streaming hit record highs each month of last quarter.
However, total streaming viewing time in North America rose by just 5% last quarter.
These numbers appear to show a slowdown and eventual leveling out for streaming companies. This isn’t a new phenomenon; new businesses always have to adjust once the newness of their product wears off, or fully permeates culture.
There’s no word yet on what big streamers plan on doing to continue to generate revenue, but many think that they will move towards cable’s practices: advertising, bundle packages, and maybe even long-term contracts with content creators.
Movieguide® previously reported on streaming service’s lack of growth:
In the last few years due to the global pandemic, streaming platforms dominated media as people turned to home entertainment for comfort. Netflix, Disney+, Apple, Hulu, and Prime saw growth, and other networks rapidly tried to through their hats in the ring with the rise of Paramount+, Discovery+ and more.
Now, experts have identified some of the growing pains and say the current market no longer encourages growth. Many of the platforms, instead, are falling flat, losing subscribers in an oversaturation of the market.
Fortune reported in April that “Dark clouds are gathering for the streaming industry,” predicting a a sectorwide fallout.
“It will be very hard to find many new subscribers in these markets in the near to medium term,” analysts said.
“It looks like dark clouds are gathering for the streaming industry,” Ipek Ozkardeskaya, a senior analyst at the Swiss online bank Swissquote, told Fortune. “The fierce competition hints that the industry metrics could get worse before they get better.”
While these industry analysts may be predicting doom and gloom, there’s one major factor that predicts success for Wall Street that, unfortunately, many of these platforms have ignored – family-friendly content.
Netflix often promotes vile streaming series and has faced lawsuits over such. Disney+ initially looked like a hopeful competitor until they made the decision to add mature content onto the service, which previously only allowed ratings up to PG-13 for movies or TV-14 for series. Paramount+ has been just as distressing, with excessive series populating its lineup, and even former family-friendly content like reboots of RUGRATS or iCARLY containing too much foul content to broadly appeal to families today.
Yes, the market is saturated, but consumers are desperate for a streaming service that offers high-quality product that is not marred by language, violence, sex, or, most importantly, worldviews that displace Christ as king.
Now more than ever we’re bombarded by darkness in media, movies, and TV. Movieguide® has fought back for almost 40 years, working within Hollywood to propel uplifting and positive content. We’re proud to say we’ve collaborated with some of the top industry players to influence and redeem entertainment for Jesus. Still, the most influential person in Hollywood is you. The viewer.
What you listen to, watch, and read has power. Movieguide® wants to give you the resources to empower the good and the beautiful. But we can’t do it alone. We need your support.
You can make a difference with as little as $7. It takes only a moment. If you can, consider supporting our ministry with a monthly gift. Thank you.
Movieguide® is a 501c3 and all donations are tax deductible.
Now more than ever we’re bombarded by darkness in media, movies, and TV. Movieguide® has fought back for almost 40 years, working within Hollywood to propel uplifting and positive content. We’re proud to say we’ve collaborated with some of the top industry players to influence and redeem entertainment for Jesus. Still, the most influential person in Hollywood is you. The viewer.
What you listen to, watch, and read has power. Movieguide® wants to give you the resources to empower the good and the beautiful. But we can’t do it alone. We need your support.
You can make a difference with as little as $7. It takes only a moment. If you can, consider supporting our ministry with a monthly gift. Thank you.
Movieguide® is a 501c3 and all donations are tax deductible.
