For the first time, the number of Brits who subscribe to streaming platforms has exceeded those who pay for traditional satellite and cable services, according to United Kingdom media regulator Ofcom.
Numerous other streaming services offer their original content. Hulu, Disney, Netflix and Amazon have all invested millions into original content. Apple is projected to spend $4.2 billion on original content by the year 2022.
Currently, Walmart has a digital product in Vudu, which is an online store for downloading and renting movies, according to CNET, but the retail company does not offer a subscription service. Netflix has been steadily raising the price of its service, which now costs between $8 and $14 a month, while Amazon charges $8.99 a month for its Prime Video service. Half of all streaming subscribers pay for two or more of the services.
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Television and audio-visual viewing by Brits averaged just over five hours a day, with 71% of that consisting of traditional broadcast TV.
More content is being watched on mobile devices, with 16-34 year olds leading the charge, Ofcom said.
The shift in the way TV content is consumed caused the amount of revenue generated from pay-TV to fall for the first time after years of sustained growth, the research found. These challenges can not be underestimated. It's not known whether Walmart would seek to cultivate original, in-house content to entice new subscribers, nor whether it would rely exclusively on licensing agreements (and, perhaps, its market-penetrating reach) to align only existing films and TV shows for the platform. Of those who watch public service channels, 75% say they are satisfied, and 84% of people considered trusted news to be the most important feature of their output. Within this, subscription on-demand revenues - mainly viewers paying for Netflix and Amazon - leapt by 38% to nearly £900m.