The streaming business has enjoyed a stable existence for years. Early players such as Netflix, Hulu, HBO Go and Amazon Prime were established as industry leaders and built a solid subscriber base successfully. Such companies, especially Netflix, have transformed the media industry and changed the way people consume movies and television shows forever.
But it's about to flood the streaming market really quickly. Netflix and other established players are about to face challenges that could potentially change the room with new competitors poised to enter the market.
Disney and Apple were two of those challengers. These two revered brands have the money, content and talent needed to disrupt the industry and steal market share from existing players. The streaming wars are about to enter a bloodier and heated chapter with Disney and Apple in the mix.
TV-watching has been considered a very social activity in previous generations. Families will gather in their living rooms around the television to watch their favorite shows. In the age of multiple mobile devices and on-demand content, we wondered if this was still the case. On the other hand, streaming is an individual activity that tends to make viewing time more flexible for everybody.
Video streaming takes a substantial amount of time from people nowadays. Many current subscribers spend over 11 hours a week watching movies and television shows. Not surprisingly, the more people subscribe to subscription services, the more likely they are to use these services for more hours per week.
Other activities are detracting from the increasing amount of time people spend on services. People report that they spend less time reading books, hanging outdoors, and spending time with family and friends.
Netflix is a favorite among current players. Netflix was named by 62% of current streamers as their favorite, 17% subscribed to Hulu, and only 8% prefer Amazon Prime Video.
Critics wonder if the market for video streaming is getting too saturated. It is an important issue as having too many competitors on the market will affect the behavioral habits of people.
The streaming market, nonetheless, is far from being saturated. Just 5% of customers believe that there are too many choices on the market, and 72% say that there are not too many options on the market. Nonetheless, 1 out of 4 said the market is only almost on the apex of saturation.
One explanation why the number of choices on the market may not confuse customers is because consumers are used to getting more than one service. Two services are available to the average consumer - 39% have 3 or more subscriptions.
Again, Netflix has some great news here as data shows the company's popularity. As with Hulu, 92% of its subscribers also subscribe to Netflix and Netflix is also subscribed to by 87% of Amazon Prime Video users.
Studies reveal that when it comes to building brand awareness, Disney and Apple will face an uphill battle with Netflix. These challenges are large enough that they are unlikely to have a significant impact on the business of Netflix.
Netflix also has an advantage over consumer awareness when it comes to brand personality. Consumers see Netflix as familiar, friendly and flexible - a service that produces compelling originals with a proven track record.
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