Commercials used to be more than a 6-second ad on YouTube. Remember the days when a 20-minute television show actually took 30-minutes to watch on Live TV? Then, Tivo changed the game, giving people the power to pause, rewind, and fast forward—letting us skip past everyone’s favorite TV interruption. Since those days, things have continued to change. We used to “tape” our favorite shows, then we “recorded” them, and now we stream them. And over the last decade, innovative companies have risen up to take that concept to the next level—giving birth to over-the-top streaming (OTT) platforms. OTT has revolutionized the media industry and has become so much a part of our everyday lives that we now have a national day to celebrate the magical realm of streaming: HAPPY STREAMING DAY!
Happy National Streaming Day!
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What did this last year look like for streaming?
There is certainly a lot to celebrate in the world of streaming today with companies continuing to generate exciting releases as they claim their spot at the big media table. Here are some of the top stories in big media that you don’t want to miss!
- When Disney launched their Disney+ app, it was downloaded 3.2 million times in the first 24 hours and is already on pace to replace Netflix as the largest streaming service.
- Of course, Netflix has no intentions of going quietly. They received the most Golden Globes this year, followed closely by Amazon and Disney, all of which won multiple awards.
One story is behind the latest streaming surges
Of course, the biggest story in streaming (and in the world) this last year was the coronavirus pandemic. With people all over the world in lockdown for large periods during 2020, streaming services saw massive usage across the board:
The ever-increasing amount of players in the game has platforms spending big bucks.
And if you’re wondering what streaming services are doing in response to increased demand, look no further than how much they’re spending on original content:
Netflix has content payments due over several years, and those content obligations totaled $19.2 billion at the end of 2020.
Amidst all the growth the large streaming services are experiencing, there are also more eyes to compete for than ever before. According to the most recent data, 78% of consumers in the United States were using a subscription video on demand service in 2020, an increase of more than 25% in four years.
With the percentage of cable TV subscriptions in America hovering around 44%, it seems OTT platforms are aggressively carving away at that gap bringing the once far off idea of ‘death to cable TV’ into present reality! Don’t believe us? Check out these stats that show streaming FOMO is taking over!
40% of adults between the ages of 18-34 admitted to canceling or not showing up for other plans in order to stream content
According to Statista, US online user digital video penetration will reach a total of roughly 250 million total viewers in 2022.
In 2018, Facebook generated 6.81 billion U.S. dollars in revenue from video advertising. The social media platform is estimated to have made 10.2 billion U.S. dollars from video ads in 2020 (source)
To say that OTT streaming hasn’t influenced our lives is a gross misconception considering the term “binge-watching” didn’t exist before the streaming era! Some other terms you can thank video streaming for:
Stands for over-the-top, initially named in reference to devices that go “over” a cable box to give the user access to TV content.
Video Distribution Automation
A term used to describe the combination of OTT optimization, creator self-distribution, and MCN into one powerful solution
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