Streaming content services like Netflix and Hulu have revolutionized how we watch TV shows and movies. For a low monthly rate, you can get unlimited access to hundreds to thousands of different pieces of content, available whenever you want them. However, it’s unlikely that these conditions will persist indefinitely. Like any technology or consumer product, streaming will change over time. So what changes could we expect to see in the near future?
Predictions for the Future of Streaming
These are just some of the changes in store for us in the coming years:
1. Increased competition
Perhaps most obviously, we’re going to see a huge rush of competitors coming to the market. Netflix has been the leader in streaming for many years, with services like Hulu, Amazon Prime, and HBO Now not far behind. Now, Disney is planning to launch its own streaming service, and it’s likely that more media companies will be fighting for space in the market in the near future. This increased amount of competition will lead customers to a key dilemma; will it be worth it for them to subscribe to several different monthly services to get access to all the content they want? Or will they choose one service and stick to it indefinitely? The increased competition could lead to more innovation in the long term, but in the short term, it has more potential to frustrate consumers.
2. Rate hikes
Netflix recently raised prices for all subscribers, and it’s likely that other services will soon follow suit. Customers have shown that they’re willing to pay more for services, so it only makes sense that companies would try to capitalize on that willingness. Demands on streaming services are increasing; customers expect to see 4K resolution, uninterrupted streams, and new content on a regular basis. That costs a lot of money in upkeep, so companies will need to increase prices as a result.
3. The rebirth of cable
Cable has fallen out of favor with the rise of streaming services, but there are signs it could be ready for a resurgence. Consumers typically have several cable options in their neighborhood, and those options will likely get better in the near future. Cable companies know that streaming services are a significant threat, and they’ll be looking for ways to get an advantage, including offering unique, on-demand content or creating more attractive content packages.
4. A renaissance of original content
Netflix and similar streaming services are already starting to pour more money into original series. Originals give them the opportunity to differentiate themselves from competitors ”and secure their access to some of the best content in the entertainment industry. As competition heats up, companies are going to spend more on these original movies and series, which means customers will have a much wider variety of high-quality options to choose from ”as long as they’re willing to pay for them.
5. Hybrid models
It’s likely that we’ll also see the emergence of streaming services that offer complementary packages, or truly novel entertainment experiences. As more streaming services enter the market, it’s going to be harder to gain a competitive edge with original series alone. The near future may, therefore, come with new types of interactive content, or models that integrate streaming with video games, internet packages, or other features.
How Will Consumers React?
Streaming services have unprecedented access to user data, so it won’t take long for them to determine whether their strategies are working or not. The future of streaming depends on how consumers react to these initial changes.
For example, there’s some evidence that the increased competition in streaming services is leading to a rise in content piracy. In the short-term, this isn’t much of a problem for the biggest brands, but if there’s a price point or competition point that drives a mass exodus, brands will start taking that threat seriously. Similarly, if companies find their original series aren’t hitting the mark, they’ll be forced to pursue other content options.
There are too many possible paths for streaming to follow to say with confidence how it will develop from here. However, the status quo can’t possibly stay the same for too long.
