Netflix to compete with Instagram and TikTok?!
Netflix has set its sights on live streaming. The streaming platform has confirmed that they are already in the early stages of development and will focus on unscripted shows and stand-up specials. The live streaming industry is expected to be valued at $184.3 billion by 2027, with social media platforms like Instagram and TikTok creating their own live feature. Ed Sheeran broke the record for the biggest ever live music performance on TikTok with over 5.5 million unique viewers.
Previously, Netflix has found success with a number of original material; however, the streaming platform had its first subscriber loss in a decade, as well as a share price value reduction of $200 billion and Netflix is forecasting a further loss of 2 million subscribers for Q2. Gizmodo stated this was a result of “poor financial management and a flawed business model, it’s not yet clear if they can innovate themselves out of trouble with new bells and whistles like live streaming.”
This announcement comes one month after Sports pro media released that Netflix was not exploring live sports rights despite competitors Amazon Prime Video and Apple+ acquiring live sports rights and sporting events making up “86% of live streams in the US”. Netflix’s co-chief executive Ted Sarandos has said he has no imminent plans to acquire live sports rights because he’s not convinced that they can gain a big profit “by adding sports. Other folks are trying it and [they’ve] gone down this other path”.
There’s no denying the demand for instantaneous content with social media sites finding success with live streaming and more than 100 million people watching Instagram live every day as well as 78% of people who use the internet watch Facebook Live videos.
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