Streaming boom propels film industry's pandemic recovery
Add Axios as your preferred source to
see more of our stories on Google.
Open embedded content from datawrapper.dwcdn.netA sharp uptick in paid online video subscriptions and original content production for streaming platforms has helped the movie industry recover from the coronavirus pandemic, according to a new report.
Why it matters: The global streaming and theatrical movie market raked in nearly a combined total of $99.7 billion in 2021, eclipsing pre-pandemic sales.
- That number excludes Pay-TV subscriptions, which shrank over the last two years as more people adopted streaming alternatives. Pay-TV includes cable, satellite and fiber TV subscriptions.
By the numbers: In 2021, the digital movie market accounted for 72% of the combined theatrical and home/mobile entertainment market, compared to 46% in 2019, according to the annual report from the Motion Picture Association.
- The global theatrical market, which decreased significantly in response to COVID-19, was worth $21.3 billion in 2021, compared to $42.3 billion in 2019.
- Subscriptions to streaming services, which jumped 14 percent in 2020, reached a global total of 1.3 billion, a new record high.
- In the U.S., the estimated number of films that debuted online exclusively was 179, up from 113 in 2019.
- The number of original series in the U.S. ballooned to 1,826, up from 1,646 in 2019, thanks to investments in original content by streaming companies.
The big picture: The pandemic pushed more Americans to stream content from home. Since the beginning of 2020, 53% of U.S. adults said that their streaming service viewership had increased.
- Hispanic survey respondents in particular tended to report a higher viewership across digital streaming services, the report added.
