Way back in 2007 Netflix changed their business model and launched their streaming platform. And no one knew it then but this was the start of one of the biggest changes the entertainment industry would ever see. The era of cable TV was now in its end state. And the age of streaming services was about to begin.
It didn’t take long for Netflix to become one of the most popular entertainment services on the planet. Their catalog of media slowly grew, bolstered by huge titles such as Breaking Bad. And in 2012 they further changed the game when they released their first original show ‘Lilyhammer.’
In 2013 we saw the first TV show produced for Netflix in ‘House Of Cards’ and soon numerous Netflix originals were being released. Stranger Things, released in 2016, became a worldwide phenomenon. Netflix was showing no signs of slowing down.
Today streaming platforms are the primary entertainment supplier for the vast majority of the population. But we are starting to see a lot of talk about the slow decline of streaming services. But is there any truth to this? Are streaming platforms really on the decline?
The Rise Of Streaming Platforms
As is the case with any form of media that becomes successful, there are always going to be companies who try to compete. And it didn’t take long for many of the major entertainment providers to realize just how much people loved using streaming platforms as opposed to cable TV.
The biggest advantage, to the consumer, was the ability to watch whatever they wanted, whenever they wanted. Free from adverts and without the huge costs associated with a cable subscription. By this time the world of TV had become too vast. If you wanted to have access to all your favorite shows and movies you needed to be paying a small fortune.
The popularity of Netflix also helped stem entertainment piracy. People no longer needed to pirate content since it was now readily available on Netflix. So, slowly but surely, other companies began launching their own streaming platforms. Amazon Prime, Hulu, Disney+, NowTV, HBO Max.
A Saturated Market
There is one massive issue with the number of streaming platforms now available to us. The market has become too saturated. Streaming platforms were meant to provide users with easy access to all the entertainment they could ever want. This is no longer the case.
The competition between the streaming platforms has gotten fiercer over the years. With streaming companies engaging in huge bidding wars for streaming rights and licenses. And many of the bigger platforms now produce their own original content too. Content that can only be viewed with a subscription to that specific platform.
Consumers now have to pay for multiple streaming subscriptions if they want to see all the hottest shows and movies. Defeating the point of streaming services. And this has led to a sharp increase in the rate of digital piracy in the last few years. Proof that people are becoming dissatisfied with the current state of streaming platforms. This, naturally, means that people who are pirating are likely not subscribed to certain streaming platforms, if any.
Rising Costs And Adverts
Streaming platforms were meant to be a cheaper, advert free alternative to cable TV. But this too has changed. Over the last few years we have seen subscription costs for most streaming platforms steadily increase. And, at the same time, the amount of features you get is decreasing.
Netflix, for example, has raised the cost of their basic subscription. But you now get less screens and can no longer share your password with friends or family. This is digital shrinkflation. And Amazon Prime has now introduced adverts for the basic subscription cost. Leaving many people wondering what they are even paying for if not an advert free service.
Many people are seeing this happen and voting with their wallets. Making the choice instead to go back to regular cable TV. Many people have switched to IPTV in the UK. An IPTV subscription provides digital access to every channel on UK TV at an extremely cheap cost. Services like this are slowly becoming more popular as streaming platforms continue to focus on profits rather than customer satisfaction.
Decline In Quality
It isn’t just the streaming platform market that has become oversaturated either. Most platforms are now producing a staggering amount of original content. Take Disney+ for example. Their catalog of Marvel and Star Wars shows is increasing rapidly. But it seems they are taking a quantity over quality approach to their content.
And it isn’t just Disney+ that is guilty of this. All of the major streaming companies have seen much of their newer original shows and movies met with low scores and bad reviews.
So, overall, it would be safe to say that streaming platforms are in decline. We hope that this will change as, in theory, streaming platforms can be a force for good in the entertainment industry. But there needs to be huge changes made to the way they are being run.