Streaming giant Netflix has an unusual rival to contend with. No it’s not Prime Video, Disney Plus, Apple TV Plus, Hulu, Max, or any other streaming platform. The main rival for Netflix is the ogre called ‘piracy’. Yes, just like the Indian film industry, Netflix and other streaming platforms in the West are grappling with the piracy of their content on thousands of piracy platforms.
As per the 10-K reports filed by Netflix Inc. at the US Securities And Exchange Commission (SEC), Netflix has cited piracy one of its main concerns in the “competition” section of the report. For those who don’t know, 10-K reports are mandatory financial overview reports that a publicly traded company must make available for the benefit of the public and for the shareholders, both existing and potential.
As per Netflix, pirated entertainment poses a major competition for streaming platforms. Hundreds of piracy websites stream shows, movies and even live sporting events for their subscribers, but all of the content they stream is pirated from legit streaming services. These pirated websites charge a fee that is a fraction of the subscription rates of streaming platforms such as Netflix, Disney Plus and Max.
Additionally, instead of subscribing to multiple platforms, those who turn to piracy websites obviously get all their entertainment from one source alone. The problem is so deep-rooted that Netflix is spending big bucks to tackle the problem head on.
The fact remains that the piracy menace is a scourge that refuses to abate, even after strong action taken by authorities. In the meantime, streaming platforms that spend big bucks on creation of content suffer losses in a cluttered streaming market for no fault of their own.