In an important event for the entertainment industry Streaming services are on track to surpass traditional pay-TV services in revenue by 2024, with projects flying to an astonishing $17.3 billion. This major change doesn’t surprise business analysts, as they would conclude that streaming revenue growth is due to price increases and expansion of ad-supported options. in various platforms
The explosive growth of streaming services is driven by several factors. It’s not just the appeal of high-profile, leading-edge content such as “Stranger Things” and the upcoming release of “Wednesday.” that captures the hearts of viewers around the world This has drawn them away from traditional TV formats and led to the on-demand convenience that streaming services offer.
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Streaming’s increasing appeal is further underscored by the flexibility and variety of content available. From original series to big Hollywood movies. From documentaries to reality shows Streaming services are offering a wide range of entertainment options available. that supports consumers looking for a customized viewing experience
As the level of competition increases streaming platforms continue to innovate and expand into their markets. Contribution to traditional pay TV’s lead is rapidly waning. Consumers moving towards the convenience, variety, and quality that streaming services offer. The era of cable and satellite TV appears to be coming into force soon.
Source: THR