Over the last decade, the way we consume media and film has changed drastically, gone are the days of renting DVDs and videos, the cool new thing to do is to stream straight from the comfort of your own home.
It’s not surprising that the online streaming phenomena has become so popular, with thousands of different movies and series to choose from, at a fraction of the cost of a trip to the cinema.
People are more shocked to find out you’re not using a streaming service, such as Netflix or Amazon Prime Video, but how is this impacting the cinema industry?
“We are a growing, vibrant industry and we are one of the few growing channels the studios have for their products right now.”
Leading cinema chains are not worried about streaming services, Tim Richards, CEO of Vue Cinemas, commented “We are a growing, vibrant industry and we are one of the few growing channels the studios have for their products right now.”
More and more actors are choosing to star in Netflix original movies and series, Kevin Spacey stars in ‘House of Cards’, which is set to release its fifth season at the end of this month. Another high profile actor, Will Smith, is set to appear in a Netflix blockbuster called ‘Bright’, with 90 million pounds rumoured to have been shelled out on it.
Even though the cinema giants are not fazed by the likes of Netflix, it’s hard to ignore how quickly Netflix has grown. As of July 2016, it was estimated around 83 million people were subscribed to the service.
Research conducted by London based Ampere Analysis, who looked into cinema attendance since online streaming was introduced, showed that there wasn’t a big drop like many people believe there to be.
Richard Broughton, research director at Ampere Analysis, “We conducted a piece of analysis looking at whether key Netflix releases impacted likelihood of going to the cinema on adjacent weekends and found we could show no significant effect.”
The movie industry will always face issues such as bad box office flops and piracy, the best plan of action is to still come up with ideas to make sure they can attract consumers and keep up with their competitors.
The cinema industry are facing the same issues, they’re also having to think of new ways of keeping pricing as low as possible as well as offering the best cinema experience to retain and grow their customer base.
Nobody can predict what the future holds for the cinema and movie industry, or even Netflix, another great service might be just around the corner, all we can do is watch this space.