Global video subscriptions grew to 1.1B, up 26% YoY; global spending on home entertainment grew 23% YoY to $68.8B with digital entertainment making up 76%

MPAA: international video subscriptions grew to 1.1B, up 26% YoY; international spending on house leisure grew 23% YoY to $68.8B with digital leisure making up 76% — The variety of streaming service subscriptions handed 1 billion worldwide for the primary time in 2020, highlighting huge progress.

There will be 1 billion subscriptions to streaming services globally by 2020 due to COVID

According to the most recent statistics, the number of streaming subscriptions in 2020 passed one billion for the first time in history, bringing attention to Hollywood’s direct-to-consumer business, which is experiencing massive growth during a time when the COVID-19 pandemic has kept moviegoers glued to their couches.

According to a report by the Motion Picture Association of America, the number of online video subscriptions skyrocketed 26% to 1.1 billion last year, according to a report by the Motion Picture Association of America. Netflix and the legacy Hollywood studios are represented by the lobbying group based in Washington, D.C.

It was found that COVID-19 has had a staggering effect on the entertainment industry as reflected in the report, which was released on Thursday. Also, it is due to the fact that legacy media companies, such as Disney, Apple TV, and HBO Max, have been investing heavily in their own streamers, as well as Netflix and Amazon adding more original shows and movies to their mobile apps.

When theaters began closing, Disney began to stream such movies as “Hamilton” and “Soul” through its streaming service. On the other hand, Warner Bros. released “Wonder Woman 1984” simultaneously in theaters and on HBO Max. “Greyhound” starring Tom Hanks was sold to Apple TV+ by Sony, and “Borat: Subsequent Moviefilm” was acquired by Amazon for Prime Video by Amazon. A recent report from Disney reported that Disney+ has reached 100 million subscribers. The number of Netflix subscribers exceeds 200 million.

There is an 80% drop in receipts in the U.S. and Canada as a result of the economic crisis, which contributed only a paltry $2.2 billion to the total. The number of Americans who went to the movies at least once in 2020 has declined by 76% from the figure of 76% in 2019. The International box office also declined by 68%, but it reflected a recovery in markets such as China which were able to reopen theaters after achieving better control of the Coronavirus after the outbreak of the disease. As the top box office market with $3 billion in sales, China eclipsed the U.S. and Canada as the world’s largest market.

As a result of relaxed restrictions resulting from the rollout of COVID-19 vaccines, movie theaters in Los Angeles and New York have only just begun reopening due to easing restrictions. This has led to hopes that the movie industry can begin its long-awaited recovery.

It is clear that 2020 was the year of the living room moviegoer, as evidenced by Netflix and Amazon Studios’ combined 47 Oscar nominations, which were announced earlier this week.

With the growth of online viewing, global consumer spending on home entertainment skyrocketed 23% to $68.8 billion, thanks to an increase in online consumption. The MPA reported that the market for digital home entertainment increased by 33% in the U.S. and 30% in the international market.

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