4 Streaming Services Gaining Steam Amid Coronavirus-Led Lockdown

With the novel coronavirus wreaking havoc across the globe, nearly all major cities have been put under lockdown. Governments are imposing social distancing norms to keep people safe and halt further spread of the virus, which has now infected nearly 2 million people worldwide.

As the majority of the global population is spending time indoors, they are resorting to streaming entertainment content. Consequently, various streaming service providers have been witnessing rise in subscriptions.

Online Streaming Gets a Push

The online streaming industry has been gaining momentum over the past few years. With cord-cutting becoming a rising trend supported by advancement in technology and availability of multiple service providers, customers now have a host of choices.

In fact, amid these hard times, when other businesses are struggling to survive, streaming services are trending north. Netflix, Inc. (NFLX - Free Report) has for long led this industry but now has a number of strong competitors. The Walt Disney Company (DIS - Free Report) recently witnessed a spike in subscriptions for its streaming service, Disney+.

Disney+ that comprises films and TV shows from Disney, Pixar, Star Wars and National Geographic has added more than 50 million subscribers since its launch in November 2019. The entertainment giant had originally aimed for around 60-90 million subscribers by the end of fiscal 2024.

The availability of newer and original content along with huge portfolio of movies keeps both young and old glued to these platforms. Evidently, per a Recurly Inc. report, paid subscriptions for streaming TV and video jumped 32% in the week ending Mar 16.

In other words, COVID-19 has helped the already growing streaming industry to gain more strength. According to the Global Video Streaming Market report, global video streaming market size was pegged at $42.6 billion in 2019. The report suggests that the industry will touch $149.34 billion by 2026, registering CAGR of 18.3% during 2020 to 2027.

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