Streaming platforms have become the dominant force in the entertainment industry, offering on-demand video and music content to millions of subscribers around the world. In 2023, streaming services are expected to spend more than $23 billion on original content, surpassing the combined spending of traditional TV networks. Streaming platforms are also expanding their offerings with new features, tiers, and partnerships. Here are some of the latest developments and trends in the streaming landscape in 2023.
Netflix Cracks Down on Password Sharing
Netflix, the most popular streaming service in the world with over 220 million subscribers, has introduced a new feature to curb password sharing among its users. The feature, called “Account Verification,” requires users to enter a code sent to the account holder’s email or phone number when they log in from a new device3
Netflix has also launched an ad-supported tier called “Basic with Ads,” which costs $6.99 per month and offers standard definition streaming with limited content selection. The move is seen as a way for Netflix to compete with other streaming services that offer free or cheaper ad-supported options, such as Peacock, Pluto TV, and Tubi. Netflix expects to have 7.5 million domestic subscribers for its ad-supported tier by the end of 2023.
HBO Max and Discovery+ Merge to Create a Streaming Giant
In 2023, Warner Bros. Discovery (WBD), the newly formed media company that combines WarnerMedia and Discovery, will launch a new streaming service that will merge HBO Max and Discovery+. The new service, tentatively called “Max,” will offer a massive library of content, including HBO, Warner Bros., DC, CNN, TBS, TNT, Cartoon Network, Food Network, TLC, HGTV, Animal Planet, and more. The service will have both ad-free and ad-supported tiers, with the ad-free option likely costing more than the current $14.99 per month for HBO Max.
The new service will debut in the U.S. in early 2023, followed by Latin America and Europe in 2024. WBD hopes to attract more than 200 million global subscribers by 2025, making it one of the biggest players in the streaming market. WBD is also planning to launch a free ad-supported streaming service (FAST) to complement its premium offering and reach more viewers.
Disney+ Continues to Dominate with Original Content and Live Sports
Disney+, the streaming service that launched in 2019, has become one of the fastest-growing and most successful platforms in the industry, with more than 170 million subscribers worldwide. Disney+ owes much of its success to its original content, especially its Marvel and Star Wars franchises, which have generated huge fan bases and critical acclaim. In 2023, Disney+ will release more than 20 original series and movies, including “Obi-Wan Kenobi,” “She-Hulk,” “Moon Knight,” “Ms. Marvel,” “The Book of Boba Fett,” “Hawkeye,” “Andor,” “The Mandalorian” season 3, and “Avatar 2.”.
Disney+ has also made a big push into live sports, acquiring the rights to stream major events and leagues, such as the NFL, MLB, NHL, NBA, PGA Tour, UFC, and more. Disney+ offers a bundle option that includes ESPN+ and Hulu, giving subscribers access to a wide range of sports and entertainment content for $18.99 per month. Disney+ is also experimenting with new features, such as “GroupWatch,” which allows users to watch content together with friends and family online, and “Premier Access,” which lets users pay an extra fee to watch new movies at home on the same day they are released in theaters.
Spotify Leads the Music Streaming Market with New Features and Partnerships
Spotify, the leading music streaming service with over 400 million monthly active users and 180 million paying subscribers, has continued to innovate and grow its platform in 2023. Spotify has added new features, such as “Blend,” which creates personalized playlists based on the music tastes of two users, and “Only You,” which gives users insights into their unique listening habits and preferences. Spotify has also expanded its podcast offerings, acquiring exclusive rights to popular shows such as “The Joe Rogan Experience,” “Call Her Daddy,” and “Armchair Expert with Dax Shepard.”.
Spotify has also forged new partnerships with other platforms and companies, such as TikTok, Netflix, Facebook, and Samsung. Spotify users can now access their music and podcasts on these platforms, as well as enjoy curated playlists and recommendations based on their activity and interests. Spotify has also launched a new subscription tier called “Spotify HiFi,” which offers high-quality lossless audio streaming for audiophiles.
Streaming Platforms Are Here to Stay and Grow
Streaming platforms have revolutionized the entertainment industry, giving consumers more choice, convenience, and control over what they watch and listen to. Streaming platforms are also investing heavily in original content, features, and partnerships to attract and retain subscribers and stand out from the competition. Streaming platforms are expected to grow even more in the coming years as more people cut the cord and switch to online streaming. According to a report by Grand View Research, the global video streaming market is expected to reach $330 billion by 2030, growing at a compound annual growth rate of 21% from 2021 to 2030.
