DUBLIN, April 18, 2016 /PRNewswire/ --
Amazon has launched a new payment plan that allows users access to its video streaming service for a monthly subscription. The E-commerce giant has also introduced a monthly payment plan for full Prime membership.
The growing popularity of online movies has resulted in declining sales of physical copies films, and increased demand for video-streaming services. The global online movies market is projected to grow at a CAGR of 20.85%, due to the increasing popularity of streaming, downloading and monthly subscription services. Amazon has been expanding its catalogue of movies, Tv shows and original programs. This includes securing the streaming rights to series like Downton Abbey, Transparent and Mr.Robot, which are not available on Netflix.
Prime Video was first launched in 2011. But the only way to get the services was to sign up for the full Amazon Prime membership, which has a $99 annual subscription fee. Those making this annual payment will still get a 25% discount compared to those who pay for the monthly subscriptions. A recent report expects the global video on demand market to reach $74.81 billion by 2020, so it is unsurprising that Amazon has decided to introduce more attractive payment plans. With the level of control and convenience provided to the user, the market is expected to grow at a high rate in the coming years.
Online streaming services like Amazon Prime and Netflix are being boosted by the popularity of gaming consoles. The availability of multi-functional gaming consoles is a prominent trend in the gaming console market. These consoles not only support games, but also enable gamers to watch videos, listen to music, and browse the Internet. Amazon and Netflix both have downloadable apps that can stream on consoles like the PlayStation 4.
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SOURCE Research and Markets