Across the world, online streaming has been accepted as a means of accessing movies, shows and other video related content. This wide acceptance was spiraled by the Covid-19 pandemic which compelled consumers to source for entertainment indoors due to lockdowns and imposed restrictions on movement. The consequential effect of the pandemic also intensified the ongoing battle between video streaming platforms for content and subscribers in what has been termed “the streaming wars”. For context, the emergence of new companies in the global streaming industry launched a competition for people’s time, attention and money which translates to monthly subscriptions on these platforms.
In May 2021, a merger was announced between Discovery and Warner Media to create a new company which aims to secure 400million streaming subscribers worldwide with US$20billion spent on content yearly. Following this development, Amazon announced its intention to acquire Metro-Goldwyn-Mayer (MGM)studios for US$8.45billion, thereby threatening the market position of strongholds such as Netflix and Disney+.
The video streaming service in Nigeria remains a nascent industry and relatively less experienced to these multinational platforms, so what possible effects would this contest for subscribers and content have on the Nigerian Entertainment & Media (“E&M”) industry?