The switch to streaming services has seen millions of us now watching our favourite shows and movies online, so much so that it’s led to fears about the impact this could have on global internet services.
Despite these concerns, recent reports have outlined that tech titans Apple have seen a decline in the performance of their streaming service, Apple TV+. So, why is this platform falling behind the likes of other streaming service competitors in this booming market?
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Popular Types of Streaming
TV and movie streaming is undoubtedly a huge market just now, but it’s just one area of this vast industry that has been in the news lately. Video game streaming has skyrocketed thanks to the reach of popular Twitch streamers and the likes of cloud gaming platforms like Google Stadia, which has steadily provided revolutionary new developments to enhance gameplay and spectatorship for their audiences.
Of course, there are plenty of other online game mediums that boast impressive immersive experiences for users such as live casino action, wherein human dealers present games such as Lightning Roulette, Live Money Drop, and Monopoly Live. These streamed games provide the experience that players would usually expect from a classy land-based casino, for instance, the element of live interaction with a card-dealer/host, but with the advantage of being playable on the go.
Another majorly popular facet of the streaming industry that has increased in popularity over recent years is music streaming, with Spotify, Tidal, and YouTube among the leaders. This is another area where Apple is present, as their Apple Music service presently boasts a staggering 75 million songs. This service grew to 72 million subscribers in 2020 and is currently being offered free of charge for the first three months.
What Share of the Market Does Apple TV+ Have?
The most recent figures from JustWatch suggest that Apple TV+ has about 3% of the American streaming market, which is well behind established favourites such as Netflix (31%) and Amazon Prime (22%). In fact, the Apple service was listed in last place, behind even the relatively new Peacock TV service, which isn’t particularly promising as an outlook given that this is even taking into account the fact that a 12-month subscription to Apple TV+ was previously given away free with any new product from the tech company.
Two potential factors behind Apple TV+’s failure to appear to consumers in the market is the fact that the overall cost, when compared to others, is generally higher and not everyone can access it easily. These impediments have stopped the service from progressing as previously hoped for, with customers apparently not valuing the premium aspect as highly as they do with other Apple products.
Source: Pixabay
What Does the Future Hold in Store?
The second half of 2021 could prove pivotal for streaming companies, as the market appears to have stopped expanding as quickly lately, probably due to more people having already settled on a particular service, which has led to fewer new subscribers signing up.
Among the Apple TV+ shows to look forward to in the final six months of the year are seasons two of Truth Be Told, Foundation, and Mr. Corman. In terms of original pieces, Bruce Springsteen’s Letter to You documentary is also expected to prove popular. It may very well transpire that these additions to the roster prove to be the much-needed boost to viewership and overall subscriber numbers that Apple so desperately needs.
Now, more than ever, it would be promising to see some sign of potential as Apple recently posted quarterly profits of $21.7 billion, though it was clear that Apple TV+ hasn’t contributed as much to their huge revenue increase as they had hoped for. It seems likely that the bosses at the tech giant will be looking out for improved results soon.
The huge levels of interest in streaming right now mean that Apple will be hoping to take advantage and grow their TV+ service. If they don’t add a large number of subscribers soon, they may find that they end up too far behind the industry leaders to make up the ground.