Year Ender 2023: From Successful Adaptations to Impact of Actors-Writers Strikes, 5 Biggest Trends We Observed This Year That Transformed Streaming Business!

2023 has been quite eventful in entertainment, especially for streaming platforms. The world was still healing from the impact of COVID-19, and theatres were finally drawing in crowds, as evidenced by the blockbuster success of films like Avatar: The Way of Water, Barbie, and Oppenheimer. However, the demand for streaming shows and movies didn't wane. Despite doubts about the quality of content on these platforms, it seems that theatrical and streaming businesses will continue to coexist for the foreseeable future.

In 2023, some outstanding shows received high acclaim on streaming platforms. According to ExpressVPN, some of the best streaming series include The Last of Us, Ginny & Georgia, Beef, Succession, Jury Duty, Black Mirror, and One Piece.

The year showcased exciting trends, with acclaimed shows having their final seasons, highly anticipated new shows receiving mixed reviews (looking at you, The Idol), and some shocking cancellations of popular series. Two significant strikes with game-changing implications occurred, and one platform made a decisive comeback to mitigate losses, potentially serving as a lesson for other services.

Let's delve into the significant shifts and biggest streaming trends observed in the past year:

Anime, Animated Shows, Sci-fi, and Horror Dominated Streaming

2023 witnessed a surge in popularity for anime and superhero shows not affiliated with Marvel or DC. Shows like One Piece (Netflix), The Boys spinoff Gen V (Prime Video), Invincible (Prime Video), Unicorn: Warriors Eternal (Max), Scott Pilgrim Takes Off (Netflix), and more had a significant impact. Horror and sci-fi continued to solidify their fan bases with shows like Chucky (Peacock), Silo (Apple TV+), Monarch: Legacy of Monsters (Apple TV+), The Curse (Paramount+), Foundation (Apple TV+), and The Fall of the House of Usher (Netflix) garnering critical acclaim. HBO's adaptation of The Last of Us from the 2013 video game, starring Pedro Pascal and Bella Ramsey, proved to be one of the best videogame adaptations, receiving praise and high ratings. Google Year in Search 2023: Barbie, Oppenheimer Top the List of Most Searched Movies Globally, Shah Rukh Khan's Jawan and Pathaan and Sunny Deol's Gadar 2 Make The Cut.

Fall of Hyped New Shows, Shocking Cancellations, and Fitting Farewells

While Netflix, Prime Video, and MAX had successful runs with their shows and direct-to-stream movies, Disney and Disney+ faced challenges. Marvel and Star Wars content in 2023 generated mixed responses, with shows like Secret Invasion and The Mandalorian Season 3 not resonating well with viewers. Loki Season 2 received favorable reviews but reportedly had lower viewership than the previous season. Some highly anticipated shows, including The Idol (HBO), FUBAR (Netflix), Citadel (Prime Video), and The Crowded Room (Apple TV+), faced poor reception. Additionally, there were unexpected cancellations of hyped shows like A League of Their Own (Prime Video), Doom Patrol (Max), Gossip Girl (Max), How I Met Your Father (Hulu), Reboot (Hulu), Shadow and Bone (Netflix), and The Great (Hulu). On the other hand, acclaimed shows like Succession (HBO), The Flash (ABC), Never Have I Ever (Netflix), Sex Education (Netflix), Riverdale (Netflix), Carnival Row (Prime Video), Star Trek: Picard (Paramount+), The Goldbergs (ABC), and The Marvelous Mrs Maisel (Prime Video) bid farewell to their fans on a more graceful note, at least for now.

SAG-AFTRA and WAG Strikes

In 2023, strikes led by the Writers Guild of America (WGA) and the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) significantly impacted the entertainment industry. Starting in May for writers and July for actors, these strikes disrupted Hollywood, causing delays in show and movie premieres on streaming services. The WGA strike concluded on September 27, resulting in a deal addressing compensation, royalties, and AI usage, with an 18% pay increase for streaming project writers. The SAG-AFTRA strike, ending in early November with a 1 billion USD deal, secured improved pay, benefits, and protections for diverse communities, marking a significant moment in the streaming era. SAG-AFTRA Reaches Tentative Deal with Hollywood Studios to End Actors' Strike.

Mergers and Transfers

The streaming industry witnessed a trend toward consolidation in 2023, driven by rising content production costs, fierce competition for subscribers, and the pursuit of sustained profitability. In a significant move, HBO Max and Discovery+ merged in May, forming the rebranded platform 'Max,' which houses a comprehensive range of content from award-winning shows like Game of Thrones to nature documentaries. Disney+ announced plans to consolidate its properties into a mega app, integrating content from Disney+, Hulu, ESPN+, and previous acquisitions. Paramount Global's owner of Paramount+ introduced a new tier, merging Paramount+ with Showtime in June, featuring cult favorites like Dexter and Billions. In India, a significant development occurred when HBO content on Disney+ Hotstar moved to JioCinema, becoming the new home for HBO, Max Original, and WBD content.

Game-Changing Tactics For Survival of the Fittest?

Streaming services, including Apple TV+ and Netflix, are experiencing significant price increases, raising concerns about the future of affordable streaming. ExpressVPN's research found free ad-supported streaming television (FAST) services like Pluto TV and Tubi are gaining popularity, providing budget-conscious viewers access to popular shows. Despite occasional fluctuations in delivering high-quality shows and movies, Netflix continues to lead the pyramid of streaming platforms. In 2022, faced with losses of 1.2 million users, Netflix took successful measures to end password-sharing practices. While it dented its image, Netflix saw a significant rise in new subscribers, amounting to 1.75 million in the first quarter alone. Other platforms are reportedly considering adopting similar strategies. Live event streaming is expected to grow in 2024, with platforms like Paramount+ and Disney+ joining the trend. While Netflix plans price hikes for ad-free tiers, other services explore strategies for profitability, such as content removal or introducing ads, reflecting industry shifts.

As we reflect on the past year, which show was your favorite in 2023? Do you believe platform mergers will lead to an increase in subscribers? Do you see OTT platforms becoming decisive in determining the entertainment value for audiences and producers? Share your thoughts in the comments section below.

(The above story first appeared on LatestLY on Dec 14, 2023 07:50 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).