2019 seems like decades ago in the world of motion pictures and global streaming. In a pre-pandemic era characterized by jam-packed movie theaters and unprecedented box office sales, the planets of the movie universe seemed invariably aligned. However, the advent of an unforeseen enemy, the coronavirus pandemic, turned this universe upside down, leading to a sudden seismic shift in the landscape of motion picture consumption.
In the face of this change, one cannot help but wonder: “Does the future hold a place for the cinema, or will streaming platforms take over the world of entertainment?” According to John Harrison, EY’s global leader of its Media and Entertainment sector, the expected future beholds a balanced co-existence.
At a first glance, the nostalgia for weekends at movie theaters, paired with giant popcorn cups and soda, appear to be slowly, but surely, fading away. The intimacies of film watching have migrated from a public spectacle to the comfortable privacies of our living rooms. However, in truth, we must acknowledge the pendulum swings in favor of neither solely the traditional box office nor the emergent streaming platforms.
After a thorough analysis, Harrison forecasts that the global box office and streaming revenue will see a near balance in 2023-2024. The significant shift towards streaming platforms catalyzed by the pandemic cannot undermine the timeless appeal of the cinema experience, which will eventually regain its momentum.
Harrison’s predictions are substantiated by a well-researched theory of the three waves of evolution that the movie industry has undergone and continues to experience. The first wave witnessed an age of movie-going prosperity where box office sales soared beyond imagination. As we ventured into the new millennium, we entered the second wave, where emerging household digital technologies began vying for the audience’s attention. The third wave began in 2012, marked by an explosive growth in global broadband, giving rise to on-demand streaming platforms. This wave was supercharged by the dynamics of the global pandemic lockdown, pushing a majority of the audience towards flicks on Netflix, binges on Disney+, and more.
Covid-19 became the watershed event in the history of media and entertainment. It brought a new era of consumer involvement and platform proliferation, resulting in accelerated transition from cinemas to home-viewing digital streaming platforms. The percentages of U.S. consumers subscribing to streaming services catapulted to a whopping 74%, with similar trends reflected across the globe.
However, this does not forebode the end of cinemas. The re-opening of movie theaters in the late summer of 2021 demonstrated the resilience of box office revenues. The potent mix of a captive audience yearning for a return of some semblance of normality, coupled with high-profile releases, resulted in a box office resurgence.
Therefore, the future stands at a midway point. It is highly anticipated that the two spheres – cinema and digital streaming – will become more balanced revenue contributors by 2023-2024. Neither will exclusively rule the roost, but instead, maintain a harmonious coexistence in the ever-evolving landscape of the media and entertainment industry.
Moreover, the requirement of continual adaptation cannot be undermined. The technological advancements that sparked the change towards streaming are incessantly at work, birthing fresh innovations in the virtual realms of Mixed Reality, Virtual Reality, and Augmented Reality. These fresh avenues offer unprecedented frontiers for the media industry, providing a tantalizing glimpse into the potential future and the exciting possibilities and opportunities they offer.
So, let’s ready ourselves for an evolving entertainment panorama. It will no longer exist as a zero-sum game between box office releases and streaming platforms, but rather take the form of a dynamic ecosystem where every entity has its space to flourish. The rapidly changing landscape of the media and the entertainment industry is not a threat, but an exciting prospect filled with opportunities.
Let’s embrace the evolution and enjoy the revolution. Here’s to the ever-thrilling world of movies and media, rewriting its script and setting the stage for an exciting future!
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