Apple wants viewers for its new media service. Are they ready — or have they reached a financial tipping point?
Apple better hope there aren’t too many people like Ken Johnson, who’s hopped out of the video streaming pool and doesn’t miss it a bit.
“They basically invented a more expensive cable without the benefits of monopolistic power to spread out that cost,” Johnson, 36, said of all the many streaming services, with smaller individual bills that packed a wallop to the wallet when put together. Consumers already spend about $15 to $30 on their monthly video-streaming subscriptions, but studies suggest they’re only willing to spend $45 to $50 per month, said Daniel Ives, managing director, equity research at Wedbush Securities.
That’s not an exhaustive list of subscriptions, yet it shows how quickly consumers can get exhausted by everything out there in the massive market. “It’s really going to take something groundbreaking to tip beyond the three-service threshold we’re at now,” Groch said. Others say there’s room for growth. Global subscriptions to online video services, like Netflix and Amazon Prime, surpassed cable television accounts for the first time in 2018, with 613 million subscribers compared to 556 million cable watchers, the Motion Picture Association of America said recently.
For all the advances and choices, Groch said there’s something that’s eluded all the players in the streaming game: a simple user experience. “No one has really cracked the nut of making the wealth of streaming content option less overwhelming,” she said.
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