People Are Leaving Streaming Services. But Where on the Web will They Go?

No matter how you look at it, we have entered a new era of accessing media. Whether we are watching movies, falling in love with our favorite TV shows, or jamming to the latest tunes, more and more of our media is streamed. 

However, after some big boom years, it seems the steam may be leaving this caboose. With some potentially grim outlooks for the industry in general, many of us are asking what is next in terms of entertainment on the internet.

The Pandemic was a Boon to Streaming Services

The first and second year of the COVID-19 pandemic saw many public health restrictions. Whether in countries with strict lockdowns, curfews, or simply having more restrictions on restaurants, we all seemed to be spending more evenings in our homes. 

With reduced entertainment options, millions and millions subscribed to streaming services. During this time, we also saw an explosion in the number of streaming services available to us. Now it seems like there are more than we can easily name. 

We have the classic Netflix. But we also have Amazon Plus, which can come bundled with your Amazon Prime account, which gives you free delivery. There is also Apple TV+, Hulu, HBO MAX, the Criterion Collection, and Disney+, which not only has the Disney Collection, but also all the Marvel movies as well. 

Netflix’s Historic Loss

Things seemed to be going well with the streaming services. That is until health restrictions really started lifting, and we began to return to some degree of normalcy. This is when Netflix recorded its first loss of subscribers ever. For many, this sounded an alarm bell in the entire industry. 

Right now, there are many grim predictions coming out for the industry. For example, at the end of 2021, the global consulting firm Deloitte released a report on the streaming services industry. Needless to say, their predictions for the coming year did not carry good news for the tech giants. 

The most striking prediction is that more than 150 million people will cancel a paid subscription to a streaming service. They are predicting a global churn rate of 30%, or nearly a third. Most of this churn will be concentrated in Gen Z subscribers. 

What is Next in Internet Entertainment?

With the industry with its back on the ropes, it is clear that people will begin doing other things. The internet still has plenty to offer that fits better into our lives now that the public health restrictions are coming down. 

A Switch to Games

With people leaving video streaming services, one theory is that people want to be more engaged with their content. You can see streaming services wanting to keep up with this with choose-your-own-journey movies and Netflix even flirting with the idea of adding games. We can definitely see people signing up more and more at gaming sites.

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Will Audio Reign Supreme

While many streaming services are in danger, it seems like Spotify is not having the same problem. Their subscription numbers have doubled in five years, and this trend continues with the latest numbers. Why would this be?

It could be that with the growth of working from home, more people are using audio streaming services, but, in the evenings, people are free to move out of the house and socialize more. The future of streaming could see a turn to audio, rather than video.

This makes Spotify’s choice to add video podcasts even more surprising. The idea is that you can get a better idea of what someone is communicating if you see their body language, for example. You can also get a better idea of who is talking if it is a roundtable.