Learn all about the video streaming trends from 2022 that are making way into 2023.
Netflix alone had more than 230 Million paid subscribers worldwide in the last quarter of 2022 – an increase of 8 million paid subscribers compared to the previous quarter. Video streaming is predicted to be stronger in 2023, supported by the growth of 5G internet, new video compression technology, and the rising demand for Streaming Video on Demand (SVoD) from the market.
Using Radarr, our social listening tool, we collected social media conversations related to SVoD services and uncovered three streaming trends in the industry in 2023.
1. Down the Memory Franchise
Night Court, a popular sitcom from 1984, was rebooted in 2023
Paid subscriptions require money, making millennials the primary target market for SVoD players. As millennials enter their mid-30s, shows that reviving the 80s and 90s memories begin to attract more vigorous attention. We know that gaining new customer costs more than keeping the previous ones. Why not utilize franchises that already have a big enough fanbase? This means rebooting old series and movies or making a sequel/spin-off. Some examples are Night Court (a sitcom from 1984 – 1982, rebooted in January 2023), Wednesday (sequel from The Addams Family, launched in December 2022), Teletubbies (rebooted in November 2022), Tom Clancy’s Jack Ryan on Amazon Prime, Lord of The Rings spin-off, The Witcher, and of course, Star Wars and Marvel’s Cinematic Universe. I’m still waiting for Friends to be rebooted, though…
2. A Whole New World Outside of Hollywood
Share of premium video consumption in SEA by country of content origin. Source: Statista
Streaming services began venturing far beyond Hollywood, searching for the best content. This means shows from South Korea, China, Japan, and Indonesia are gaining global traction. For example, 30% of the premium video consumed in South East Asia originated from South Korea, followed by 23% from the US and 14% from China. We will see more local content going global on various premium streaming platforms in the upcoming year.
3. The Emergence of the Short-Form Series
I Think You Should Leave with Tim Robinson is a short-form series nominated for Primetime Emmy Awards
Fewer people have long stretches of free time to stream traditional long-form videos. Short-form videos will fill the gap within their small time frame during coffee breaks or lunch hours. Streaming services have noticed this, as they launched “Special,” a mini-series which comes at under 20 minutes per episode, and “I Think You Should Leave with Tim Robinson,” with an average of 16-18 minutes runtime per episode and was nominated in Primetime Emmy Awards.
Undoubtedly in 2023, demand for video streaming will still be increasing. Reboots, local movies, and short-form series will be the hype of the year. Knowing the trends of video streaming in 2023 will help brands plan out their sponsorship activities, product placement, and advertisement. Will we see your brand on one of these shows this year?