For more than a decade, the growth of streaming platforms has been inevitable. Streaming Platforms have managed to integrate themselves into our daily life. Against all predictions, earlier this week, Netflix experienced a decline in their share value following the loss of almost 200 thousand user subscriptions.
It is expected that Netflix will continue to lose another two million more customers in the second quarter of this year, according to a statement issued earlier by the company. The online streamer has attributed its slow growth rate and failure to acquire new users to password sharing, suspension of their services in Russia and increased competition.
Speaking of competition, is it possible that the slow growth of the global market leader be good news for other local streaming platforms like WATCHIT and Shahid VIP. Also, the current wave of popularity towards these local streaming platforms has actually contributed to the decline in Netflix marginal market share and Netflix has been pushing to step up their game by producing more Arabic content. The battle between global and regional streaming platforms will be settled through producing original content and stories that speak to more Arab viewers.
In 2021, StarzPlay, Netflix, and Shahid VIP were the market leaders commanding more than 60 percent of the share of subscribers. However, going forward, Shahid VIP was expected to lead, followed by Netflix, with each forecasted to hold more than 20 percent market share by 2026.– ARAB NEWS
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