Worldwide Streaming Subscribers Surpass 1 Billion... Mixed Fortunes Amid COVID-19
Global Box Office Revenue Decreases by 34 Trillion Won
China Surpasses the US as the World's Largest Film Market
![[Image source=AP Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2021031910235839678_1616117038.jpg)
[Asia Economy Reporter Kwon Jaehee] Due to the COVID-19 pandemic, the number of global online video streaming subscribers for platforms like Netflix and Disney+ has surpassed 1 billion. On the other hand, shutdown measures caused by COVID-19 led to a decline of over $30 billion (approximately 34 trillion KRW) in global box office revenue during the same period, resulting in mixed fortunes.
According to a report on the 18th (local time) by The Wall Street Journal (WSJ), citing the Motion Picture Association (MPA), the number of global online video streaming service subscribers reached 1.1 billion in 2020. This represents a 26% increase compared to the previous year. The MPA stated that in the United States alone, streaming subscribers increased by 32% year-over-year, totaling 308.6 million. Netflix, the world's largest streaming service provider, has over 200 million subscribers worldwide, while Disney+ boasts more than 100 million subscribers in less than two years since its launch.
As more people enjoy streaming services at home, the digital home entertainment market also experienced a boom. Revenue from D2C (Direct-to-Consumer) services, including streaming and online rentals, surged from $47.2 billion in 2019 to $61.8 billion last year.
Conversely, movie theaters were hit hard by COVID-19 shutdown measures, with global box office revenue last year recorded at $12 billion. This marks a sharp decline of over $30 billion from $42.3 billion in 2019.
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North America, including the United States and Canada, was particularly affected by the drop in box office revenue. North American box office revenue fell drastically from $11.4 billion in 2019 to $2.2 billion in 2020. During the same period, China surpassed the United States, the world's largest film market, by generating $3 billion in ticket sales, ranking first in the global box office.
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