The threat, or let’s rephrase it, the dominance of OTT is real as 2023 comes to an end, with Netflix becoming ‘the’ force to reckon with. Though the Global Box Office is still recovering from the pandemic’s effect and suffered from strikes, Netflix did fight a wounded opponent.
But with the spirit of “a win is a win,” Netflix grossed more revenue than the Global Box Office this season. Though take this with a pinch of salt, as the stat includes just the top 15 markets, it is indeed a massive achievement for the world of OTT.
Now, the total revenue doesn’t guarantee the total profits for either the Theatre or OTT.
The top 15 markets in the Global Box Office grossed around $33.9B, with India kept outside the equation as the market doesn’t provide accurate numbers for films. But the projections say $570M, so the market lies between Australia and Mexico.
Still, Netflix, though barely, defeats the global numbers, but that is a massive win for the OTT world and that too by one single platform. Netflix single-handedly grosses $34M throughout the years.
2023 was even predicted to perform worse, as the early projections were as low as $29B. But the theatrical market is far from recovering from a vivid phase, as through that time, OTT not only managed to capture the audience but also build up the habit of chilling on the sofa and streaming.
And the market shows very little potential to get back to the 2019 stats, as that year the market reached a whopping $42.5B, but the numbers do look astronomical now. It’s the fourth consecutive year where Netflix soccer punches the Global Box Office.
One primary reason is obviously the significant number of subscribers people opted for. And the password crackdown did work for the platform, but in terms of the global Box Office as well, the content has been very less this year.
Pre-pandemic Box Office saw releases over 900, and that is now standing at nearly 600. Plus, the comic book movies aren’t really working, which was the big deal back then. Plus, Netflix walks at the same pace as people’s interest and offers a large demographic of various tastes, becoming the first choice of entertainment.
Also, this shift marks that the time is changing, and the snobbery regarding small screens should end now. Else, Cinema in theatres will definitely have a hard time as more studios are also investing in Originals, which is not only a bragging right but also says the fact that the studios can have high-end production too.
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