Booming and showing no signs of slowing down — we're talking about streaming services and the big bucks they're bringing in right now.
According to a recent article from Forbes, streaming has become really an economy of its own - worth a whopping $544 billion – and is projected to be worth nearly $2 trillion by 2030!
Streaming apps are just one click away for hundreds of millions of people all over the globe.
Even after theaters shut down during the pandemic, streaming companies continue to make their mark in the Hollywood landscape.
"I think theaters will realize, and I think they've known since COVID, how big streaming is," explains Arizona State University professor and film expert Chris LaMont. "They are trying to cope as much as they can, but then 'Barbenheimer' comes along and it blows the formula out of the water!"
Barbenheimer: the twin films of Barbie and Oppenheimer with identical release dates, but not much else in common! They turned out to be mega-blockbusters in 2023, which are key to movie theaters hanging in there, says LaMont.
"These films were actual events," ABC15's Nick Ciletti said.
RELATED: ‘Barbenheimer’ gives Valley's Harkins Theatres one of its best box office weekends
"That's the magic of what going to a theatre does," LaMont replied, "because you can't get that same kind of excitement when it comes to launching a movie on streaming."
And LaMont says part of the downside of streaming is missing out on that epic movie experience you can only get on the big screen.
"People like to go to the movies, you know what I mean? They love to sit with the popcorn and soda and watch a movie. It's part of what we've done in this country for over 100 years - and the technology is amazing."
But streaming giants may beg to differ.
According to a recent article from Forbes, Americans are streaming content, on average, for more than three hours a day - or more than 20 hours each week!
LaMont argues that could spell trouble for filmmakers.
"I think films get lost in a deluge of films because it's all based internally on Netflix and how they market their films. Their primary marketing tool is that they have 260 million subscribers and they put something up on their own splash page and people will naturally go to that."
And like many industries, LaMont says so much of the theater industry comes down to what actually makes sense - and cents.
"They don't call it, 'Show Fun.' They call it 'Show Business,'" says LaMont. "I don't think they [movie theaters] will ever go away, but I've seen some of the bigger multi-plexes start shutting down some screens; there are some theaters here in town that do not do morning shows anymore. Instead, they start at 4 p.m. because they want to save money on staff and that sort of thing."
And don't forget about the cost to consumers. Forbes says the average American pays $46 a month for three streaming services.
RELATED: 14 free online movie streaming sites that are legal
But it's not all good news for these streaming companies — Forbes also says a whopping 45% of users have canceled a streaming service in the last year, simply because costs were too high.
And don't forget - the Oscars airs on ABC15 on Sunday, March 10!
