Amazon and Netflix spending 'will overtake UK cinema box office' by 2020
The public will likely spend more on streaming services than cinema trips
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Your support makes all the difference.Last year, discussions regarding Television were dominated by talk of Stranger Things, The Crown, Making a Murderer, and The Grand Tour, all of which were created by either Netflix or Amazon.
Streaming websites, of course, have become monstrously huge over the last few years, creating content that has everyone enthralled.
Famed consultancy firm PricewaterhouseCoopers, best known for overlooking that Oscars mix-up, predict the UK will spend 30 per cent more — up to £1.42 billion — on their services by 2020.
For comparison, UK cinema goers will spend an estimated £1.41 billion per year on trips to the cinema, meaning streaming services’ revenue could soon overtake classic cinemas soon.
Speaking to The Guardian, a member of PwC said: “Demand for internet video shows no signs of slowing down.” However, they added: “The figures do not signal the death of film. Look at the box office performance of films such as Star Wars: Rogue One or Fantastic Beasts and Where to Find Them to see the significant amount of enthusiasm for blockbuster movies out there.”
They also predict that the number of people heading to cinemas will increase, from 172 million last year to 179 million in 2021, with the number of screens across the UK increasing from 4,143 to 4,542.
Netflix and Amazon will likely make up the majority of subscriptions, accounting for almost two-thirds. The rest will be occupied by one-off events, films, sports, and Apple-store/Sky Box bought items. As a result, both Blu-ray and DVD sales will likely fall from £1.22bn in 2016 to just £533m by 2021.
Both Netflix and Amazon have entered the film market, the former having two films shown at this year’s Cannes festival, the Bong Joon-ho-directed Okja receiving boos at one screening.
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