In our ever changing economy, one of the only industries with consistently high demand is the entertainment industry. From Hollywood to Bollywood to music, people have always been excited to listen to their favorite songs or catch the latest rom-com. However, in the era of technology, the way this content is consumed is rapidly changing; society has entered the age of streaming. Instead of buying CDs or visiting movie theaters, we can stream whatever we desire from the comfort of our own homes, impacting the economy in countless ways.

In 2023, the streaming service industry has been valued at $554.33 billion and expects exponential growth. Companies like Netflix, Disney+, and Hulu see billions of dollars in revenue every year and continue to expand their revenues. Additionally, social media platforms such as Youtube, Snapchat, and TikTok have generously paid content creators, encouraging ‘influencers’ to continue content creation and users to continue streaming. Creators like Mr.Beast claim to make over $700 million per year from content creation and brand deals alone.

Social media and streaming services have undoubtedly changed the way that we “create, distribute, and consume content.” This has provided greater access to a diverse and customizable group of stories. As our society continues to embrace technology, it will be interesting to see how the entertainment industry will ensure sustainable growth in the streaming world.

References:

Jakiel, Olivia. “MrBeast’s Net Worth at the Time of His Engagement Proves He’s One of the Most Successful Content Creators of All Time.” Parade, 2 Jan. 2025, https://parade.com/celebrities/mrbeast-net-worth.

Miller, Mandi. “How Streaming Services Are Changing The Entertainment Industry.” GREY Journal, 15 July 2024, https://greyjournal.net/play/learn-culture/how-streaming-services-are-changing-the-entertainment-industry/.

Thompson, Billy. “The Rise and Fall of Streaming TV? – Michigan Journal of Economics.” University of Michigan Journal of Economics, May 2024, https://sites.lsa.umich.edu/mje/2024/05/25/the-rise-and-fall-of-streaming-tv/.