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Netflix, Disney + and other streaming services surpassed 1 billion subscriptions thanks to pandemic
According to the Motion Picture Association, worldwide video streaming subscriptions reached 1.1 billion in 2021. This was facilitated by the coronavirus pandemic, due to which many people were forced to stay at home and look for new ways to entertain themselves.
The box office from traditional film distribution reportedly dropped more than $ 30 billion in 2021 after a record $ 42.3 billion in 2021. Changes in consumer and Hollywood behavior in the past year have spurred the growth of companies like Netflix and Disney offering streaming video services. The number of streaming service subscribers is reported to have grown by 26% globally since 2021. For the United States, this figure is even higher at 32%.
Even as many cinemas have reopened their doors to visitors, the streaming model is the dominant growth strategy for Hollywood’s largest studios and their Silicon Valley rivals. Netflix recently surpassed 200 million subscriptions worldwide. Disney +, which is less than two years old, has an audience of over 100 million subscribers.
Rising revenue from streaming services reportedly helped film companies partially offset losses from falling box office receipts. In 2021, streaming revenue was $ 61.8 billion, up from 47.2 billion in 2021. The Motion Picture Association says the industry has undergone major changes in recent years as digital content distribution revenues now far exceed global box office receipts.
With the growing number of streaming subscribers, Hollywood is producing a lot more content, especially TV shows that have attracted customers longer than movies. The number of TV series distributed on streaming platforms is reported to have grown to 537 in 2021 from 381 a year earlier.
A report from the Motion Picture Association notes that China surpassed the United States in gross sales for the first time last year, generating $ 3 billion in ticket sales, up from $ 2.2 billion in the United States and Canada. Nevertheless, the largest Hollywood studios hope that cinemas will resume their work as usual this summer.