The year 2020 brought a major revolution for the Streaming Industry. Streaming services are providing a disruptive solution to traditional TV, with streaming content that is available on many different devices and makes binge-watching easier.
viewers can enjoy an ad-free viewing experience without being subject to channel schedules they don’t like as much. Streaming media is a major cause of the decline of movie theater attendance worldwide, especially in Canada.
More people are abandoning cable TV and moving to renowned streaming services such as Netflix, HBO Max, Hulu, and YouTubeTV which is now available nationwide at an affordable price point with great features like Cloud DVR+, it is poised to make OTT even more compelling for cord-cutters around the globe.
What Is Meant By Disruptive Technology?
A Disruptive Technology is a technological innovation that creates an entirely new market and disrupts the established articulations of an existing one.
Technologies like Netflix, Hulu, and Disney+ are some examples that have changed how we consume movies by providing streaming services over internet connections instead of attending theaters or watching TV on your screen at home with cable company-provided content.
Over-the-Top (OTT) streaming, often known as streaming media, is the distribution of television programs and movies directly to people’s homes and apartments over the Internet.
OTT streaming has had a big influence on cable TV and broadcasts TV revenues, as well as declining movie theater attendance due to consumers switching to Netflix, Amazon Prime Video, and YouTube TV.
Popularity Of Streaming Services In Canada
The booming Canadian streaming industry is projected to grow by 8.9% in the coming years, with more and more people taking an interest in online viewing videos.
In 2020 alone; this segment generated $476 million! This means that high-earning Canadians make up 30%. Middle-class folks subscribe at 32%, while low earners have yet subscribed but can’t be ignored as they stand at 35%.
Canada has now become the number five largest subscriber base for subscription video services spread across 74% of internet users who visit YouTube every month!
This means 17.6 million people across Canada are subscribers! Younger generations in particular love using this service: 90 percent of 18-24-year-olds use it often compared to just 81 percent for those aged between 25 and 34 years old or 76% from ages 35 – 44.
Streaming service in Canada is a fast-growing market that is projected to grow for many years to come. The subscriptions to digital music services and on-demand video providers have increased in recent months, suggesting that they will continue to amuse Canadians for years.
What Makes Streaming Enchanting?
Our society values convenience, and with the rise of online streaming services- the disruptive technology, we have a great deal more than just that. Streaming video is appealing because;
- Streaming is cheaper than cable TV;
- It does not require contracts or any other kind of commitment from you as an individual viewer- which means no hassle when switching providers!
- You also get access to thousands upon thousands of videos on-demand all via your device (PCs/Macs).
- There are numerous advantages including personalized content creation for each viewer–you’re able actually to create memories around shows instead of watching people else do this work
The Value Proposition Of Streaming Services
The primary objective of streaming services was to provide content from a variety of sources in one location. This strategy would have effectively disrupted conventional Television services.
However, the streaming business is anything but ideal. Consumers live in an industry that is gradually moving toward a model emphasizing brand or channel-specific material.
In the early 2000s, online streaming services began to dominate the media and entertainment industries. Consumers desired to stream videos on the go and on-demand with the advent of wireless Internet and smartphones.
For many people, streaming was a revolutionary and thrilling technology since they felt they could watch anything they wanted. In reality, consumers must subscribe to several services to view the diverse programs that they are interested in.
Risks Associated With This Disruptive Technology
We all know that “There is no such thing as a free lunch.” This implies that every technological advantage comes with a disadvantage.
The major benefit of streaming services is their convenience.
Although it may appear to be advantageous, there are several drawbacks, such as addiction, hacking, eye strain, binge viewing, and schoolwork interruption. You’re likely to hit the “Next” button numerous times while watching a TV series online and tell yourself,” Just one more episode.”
This is extremely unhealthy for your health since it can lead to addiction and disease. Furthermore, if you use Internet services to watch movies because it is simple for hackers to get access, they may steal your information without you knowing.
Health-Related Issues
Because of streaming services, it is no longer in practice to watch one episode each week of a certain program. Binge viewing is the habit of watching many episodes of a television series at once.
Binging is harmful to your health because prolonged sitting (and snacking) can result in a slew of ailments, including obesity, diabetes, and heart disease. Binge-watching, on the other hand, can result in eyestrain and shortened attention spans.
Issues Related To The Downfall Of Television And Theater Industry
Many people are abandoning their cable subscriptions in favor of web streaming services, which is referred to as cable-cord cutting. The same is the case with Cinema Houses, the demise of the movie theater industry also affects its relationships, goods, and components.
In the case of this example, alliances, goods, and components that express the cable television and theater business are also being “chopped.” The demise of cable television has resulted in a significant decline in commercial advertising. Movie theaters are also cutting staff due to a lack of business.
All these results in disruption of economic growth around the globe as the collapse of one sector lead to the failure of all its components.
Wrapping Up!
Is the availability of internet streaming services a positive development? Is it truly a step forward to have YouTube and Netflix? Is the introduction of internet streaming services an indication of progress?
Streaming services are popular, implying that they may be considered technological achievements. Streaming services, on the other hand, raise a slew of health issues while removing both the theater and cable Television industries.
