The Evolution of Streaming Services: What to Expect in 2024

The streaming world has gone through a massive transformation over the past decade. From the earlier days of seeing the dreaded loading icon spin around for minutes to watching 4K content load up in mere seconds, the evolution has been remarkable.

As we walk right into the middle of 2024, it’s important to understand the history of streaming platforms, their current state as well as the future of these platforms.

Let’s take a dive into how streaming services today are evolving and what you can expect in 2024 and beyond.

Technological Advancements in Streaming

Since the advent of video streaming, there have been a lot of key changes that have helped improve the quality and the experience for the user. Let’s take a look at some of the streaming technology advancements in the past few years:

Streaming High-Definition Content

There have been a lot of technical challenges in streaming HD content. However, the biggest ones have been latency and bandwidth.

While latency is still an issue, most internet providers like Xfinity Internet offer enough bandwidth for streaming 4K content. A standard-definition video requires bandwidth of around 2 Mbps whereas streaming a 4K video needs bandwidth of up to 25 Mbps or more. Xfinity’s basic plan gets you download speeds of up to 300 Mbps which should be more than enough for 4K and 8K streaming (speeds may be subject to change and availability).

Not only that, there have been other improvements over the years. Streaming protocols and compression play a huge role in delivering HD content. New compression techniques can help reduce the overall size of the video file without an impact on the quality.

An improvement in streaming protocols can help create packets of data, reduce buffering, and allow the bitrate to be changed on the go.

Cloud-Based Streaming

Now that video streaming has become a norm, game publishers have also started offering video game streaming. While these are acceptable, they aren’t just there yet. The biggest problem with cloud game streaming is latency, especially for multiplayer games.

With video streaming, the videos can load up in advance. This means that even if there is a hiccup with your internet connection, the video will work fine for a few minutes before it starts to buffer.

However, cloud video gaming is an entirely different beast. The video needs to stream in split-seconds. Current internet infrastructure and network technology simply aren’t perfect enough to accommodate that.

While we are seeing game streaming services like Nvidia GeForce Now, Amazon Luna, and Xbox Cloud Gaming, which offer hundreds of games with a subscription, the service itself simply isn’t there yet.

Interactive Content

While games like The Walking Dead and Life is Strange do an amazing job with the choose-your-own-adventure genre, it was first brought to streaming platforms when Netflix released Black Mirror: Bandersnatch.

It shifted the experience from passive viewing and invited the audience to interact with the content on a personal level. The show offered choices to the viewer which led to entirely different storylines and endings.

Since then, Netflix has introduced interactive streaming content that works on the same concept. Not only is this an exciting new way of consuming media but it also represents a shift in how stories can be told.

Trends in Subscription Models

Now that we’ve talked about the technological advancements in streaming, let’s take a look at some of the trends we are seeing in 2024:

Subscription Models

Subscription models have become a cornerstone of modern business practices. Everything from gaming, tech, and even the internet you use has some form of a subscription model.

They are successful mainly because they offer a low barrier to entry to access high-quality services. You don’t have to pay a huge upfront cost to experience a great product. Not only that, this also forces companies to stay consistent, offering the best service to their consumers.

Subscription models are more flexible too since you can easily switch to a higher or lower tier, or outright cancel the subscription if you want. Larger streaming sites like Netflix, Hulu, and Amazon Prime offer tier-based subscription models to their users.

Ad-Supported Models

While subscription models are a relatively new concept in media consumption, ad-supported streaming is a model that has been used in traditional TV for decades now.

Essentially, the user can watch the content for free, but they have to watch ads mid-content to do so. This makes it easy for content to be accessible to everyone. Subscription models, especially when you factor in the dozens of streaming services, can pile up your bills, especially if you’re on a budget.

Ad-supported streaming models don’t need to be selective about the content they offer, which means that they often offer a wider range of content. This, in conjunction with subscription models, can be a great way to offer a wider range of content for users.

Hybrid Models

With the popularity of both subscription and ad-based models, a lot of streaming platforms have shifted their focus to Hybrid Video On Demand (HVOD) which uses both models to allow users to choose how they wish to consume content.

In global streaming markets, this is a great way for streaming platforms to reach a wider audience as well as retain users. This also opens up potential revenue streams where companies can cross-sell products or upsell their services.

Content Creation and Exclusive Deals

With so many content distribution networks out there, it can be hard to distinguish one from another. Here are some ways in which OTT platforms are trying to stand out among the competition:

Original Content

While a lot of movies and shows are available to watch on most streaming platforms, services like Netflix, Amazon Prime Video, and HBO offer their original content as well.

In particular, Netflix has invested billions of dollars every year, to produce original content for their viewers, including shows like The Crown, Stranger Things, and movies like The Irishman and Roma. HBO has done the same with shows like Game of Thrones and The Last of Us. Amazon’s Prime Video offers original shows like The Boys and Reacher.

Offering original and unique content can help streaming companies stand ahead of the competition which can help bring more subscribers to the service.

Exclusive Streaming Rights

While most streaming services offer original shows that are only available on their platform, exclusive streaming rights can also be a huge way to offer content that isn’t available on other platforms.

Movie and show makers can sign exclusive streaming rights with platforms. Disney+ has a contract with Marvel for exclusive rights which means their movies and shows are only available to watch on Disney’s platform.

While this is a great way to offer content on one streaming platform, it has also introduced Fear Of Missing Out (FOMO) for many viewers, which is why streaming platforms have started loosening up on content exclusivity.

A lot of content providers have also joined hands to offer thousands of movies and shows through streaming service mergers as well. A notable one was the merger of Hulu and Disney+ in 2023.

Future Predictions for Streaming Services in 2024

With streaming competition at its peak, we are bound to see innovations and technical advancements from streaming platforms. Let’s take a gander at some of the changes we might see in 2024:

Better Game Streaming

While OTT platforms are relatively mature, game streaming is still in its infancy. With better tech, we should see improvements in game streaming that reduce the latency when playing.

We like to think that Google Stadia was ahead of its time and its success was only hampered due to the technological limitations.

Other streaming platforms like Netflix are taking a different approach to game streaming by offering games as a part of the subscription which can be downloaded on supported devices. However, this means that you have to keep your streaming device compatibility in mind when downloading the games.

Market Consolidation

Let’s be honest, there are one too many streaming services out there. However, this might change in the future as many streaming services are starting to consolidate and offer a larger movie and show library.

We already talked about this with Hulu and Disney+ merging in 2023. In the past two years, Discovery+ also merged into HBO Max and Showtime became a part of Paramount+ among others.

Ultimately, this is a win for us consumers since we would have to pay less to get more content. However, this can be a double-edged sword since this would likely lead to higher subscription prices.

Conclusion

While no one can predict what’s going to happen in the future, there are certainly signs of where the current state of streaming media is headed. In 2024 and beyond, not only are we going to see a lot of technological advancements, but also changes in the consumer landscape.

As they innovate and adapt, it’s going to revolutionize the way we consume media by signing up for a richer and more accessible entertainment experience.