Movie and TV streaming trends have changed drastically ever since the COVID-19 pandemic. But things have evolved even further in 2023. Several new profit-maximizing and viewer-benefit tactics have been employed by all services. So, the following list showcases some of the biggest streaming trends of 2023 that led to OTT evolution across the year.
Streaming Evolution and Trends of 2023
Streaming wars continue to take the theatrical business
The volume of quality content provided by multiple streaming platforms including Netflix, Prime Video, Apple TV+, and others has intensified the ‘Streaming Wars.’ With people having multiple options to binge movies and TV shows in the comfort of their homes, consumer habits have also changed.
People now prefer to flock to the theaters in bigger numbers mostly during events such as “Barbenheimer.” Besides that, they’ve been comfortable waiting for films to arrive on streamers within 2-3 months of their theatrical releases to watch them at no extra cost.
Ad-Supported Plans
With streaming wars intensifying amidst existing norms such as password sharing and piracy, most streamers including Disney+, Peacock, Paramount+, and others have found new ways of increasing profitability by adding ad-supported (AVOD) models for subscribers. That way, people still get to subscribe at a lower cost while streaming platforms could add additional revenue through ad viewership, leading to the AVOD model taking a lead over the subscription-based (SVOD) model.
Increase in Subscription Prices
With the addition of the AVOD model, streamers were able to increase subscription prices for their ad-free SVOD model. That allowed them to offer their content at a premium price and make more money from their subscribers.
Prices also went up throughout 2023 because of an increase in competition and market trends. Netflix raised its subscription prices with its Premium model going as high as $22.99 per month. Many other streamers followed the norm as Disney+ also raised its highest SVOD plan to $13.99 per month.
Crackdown on Password Sharing
While Netflix continues to have the biggest subscriber base (247.2 million at the moment of writing), 2023 saw the streaming giant finally making a move to reduce password sharing. It resulted in an increased number of subscribers as according to Netflix, 8.8 million new users were added because of it.
Global Reach
With the Squid Game K-Drama becoming a massive global phenomenon in 2022, 2023 saw streamers doubling down on foreign language content with English subtitles and dubbing. Korean titles such as Moving, Doona, and several others finding worldwide audiences. The same happened for the French show ‘Lupin’ and the Norwegian series ‘Ragnarok’ and others including documentaries and docuseries. So, with the increasing popularity of foreign content, streamers have been able to increase their global subscriber bases by offering titles to people in their native languages.
FAST Channels
Due to the addition of the AVOD model, Free Ad-Supported Streaming TV channels (FAST) gained popularity throughout 2023. These channels provide high-quality content with lower prices and targeted ads. Meanwhile, viewers who were used to the old ‘TV experience’ found familiarity using FAST channels.
Enhanced Video Streaming Quality and Speed
With the 5G technology, streamers have been able to provide better-looking high-resolution content at higher speeds. It has resulted in smooth streaming on multiple devices, thus improving the overall viewing experience.
Writers and Actors’ strikes
The WGA and SAG-AFTRA strikes in 2023 practically shut down Hollywood for almost half a year which directly impacted the streaming industry. It caused several titles that were supposed to come out in 2023 to be delayed. Meanwhile, delays also happened within 2023 as many streaming platforms changed their release schedules to spread out their content across the year to prevent dry periods.
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