Following a year when many viewers around the world turned to streaming services to keep them entertained during lockdown, global online video subscriptions have passed the one billion mark according to the Motion Picture Association.
The research found that global subscriptions have hit 1.1 billion globally, a 26 per cent year-over-year growth. The MPA said in the global home/mobile entertainment market reached $68.8 billion in global revenue in 2020, marking a 23 per cent increase over 2019.
The report attributes much of the increase to the closures of cinemas around the world during the pandemic. The global theatrical and home/mobile entertainment market reached $80.8 billion last year, representing an 18 per cent decrease from 2019.
According to the MPA, the global box office market for all films around the world was $12 billion USD in 2020.
“Despite the challenges to the global economy brought on by the Covid-19 pandemic, the film television, and streaming industry has once again risen to the occasion,” said Charles Rivkin, chairman and CEO of the Motion Picture Association.
“Streaming experienced another huge boom, with new entrants into the market and more than one billion subscriptions worldwide for the first time ever. We kept audiences connected and entertained wherever they were and whenever they desired.”