Streaming services became increasingly popular. Especially during the Covid-19 pandemic. When people had to sit at home, they watched a lot of TV. So because of lockdowns, there was not much to occupy themselves with. So people started playing 22Bet and subscribed to Netflix, Disney+ and many more. Sometimes even two at the same time.
Streaming is the future. For the music and movie industry. There is no doubt about it.
TO PLAY THE WORLD
Global music subscriptions have grown to 523.9 million. As a reminder, Spotify had 180 million but 406 million active listeners in 2020. This explains why streaming accounts for 84% of music industry revenue in the US.
75 minutes per day are typically streamed in America. They are willing to pay a monthly amount so that their music is not interrupted by ads. Who can not understand that? Imagine listening to your favorite song and then hearing a foreign voice telling you that you can learn French for only $19.99.
We can see the same thing happening with video streaming. The trend is growing and people are paying for Netflix, Amazon Prime and more. But few people are paying for YouTube Premium. Yet it was the first provider established in the Western Hemisphere in 2005.
The market is growing all the time. More and more services are popping up. The newest one in 2018 is called TikTok. It was a huge success. It still is.
Especially younger people own such accounts. They are less likely to watch regular TV. That is understandable. Because when you use on-demand platforms, you are not disturbed by commercials, and you do not have a fixed time when the movie starts or ends. You decide that. The schedule is more flexible. But it is also harder to decide what to watch. That is a real challenge for many relationships.
It is quite predictable that the U.S. is the biggest market for this kind of thing. Its revenues are $24.1 billion in 2020, and it is expected to grow. Some experts say it will reach $42 billion by 2025. Netflix, Amazon Prime and Disney+ are doing extremely well. With 75, 50 and 45 million users, respectively.
YouTube and TikTok top the list of most used applications for video streaming. With 150 and 80 million viewers, respectively.
But just because it is so popular in the U.S. does not mean it is the same worldwide. In the UK, for example, BBCiplayer enjoys a huge following. That makes sense, since people in the UK are also more likely to watch the BBC. TikTok is used less, but YouTube still makes the running with 35 million players.
But what about on the other side of the world?
In China, video streaming app revenue will reach $18.1 million in 2020. This is expected to rise to $34 million by 2025.
The apps vary widely. The leaders by users are Tencent Video, iQiyi and Youku. They come to 115, 105 and 85 million users, respectively.
It is indeed a global trend. The flow of funds will increase as well as subscribers. We will certainly be surprised by the ideas that come out of this industry.
WHY IT IS SO POPULAR
Watching movies is more than just entertainment. It is a way to pass the time. In a good way or a bad way. Some of us turn on Netflix or anything else just to listen to something in the background while doing homework or cleaning. It is the same with music. People say everything is easier when you listen to music.
But music is different. The occasions for playing songs are very different from watching a movie. Music can be associated with memories or certain moments. Or it can really get a party going. Imagine you are on a trip, and you do not hear music. Unacceptable. But not watching a movie while driving? Sure, that goes without saying.
Movies really transport us to another world. They are an escape from reality. While music stimulates our imagination and fantasy. What we feel when we listen to it.
No matter how old or young you are, everyone has a favorite song or movie. We will never get bored.
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