Well it seems that Netflix and Amazon are about to over take a major traditional entertainment service. According to a new report from PwC. by 2021 Netflix and Amazon will top UK theatrical box office revenue. The consultancy expects that internet on-demand video will grow by more than 30% in the next few years, to hit at least £1.4B by 2021, exceeding spend at turnstiles.
While UK box office in 2016 was the 2nd highest on record at £1.227B, admissions showed a 2% dip. However, the report also forecasts growth in admissions, from 172M last year to 179M in 2021, and a 9.6% increase in screen count to more than 4,500, The Guardian notes.
This is all happening at the same time as streaming services in the U.S. are having private discussions with the Hollywood studios to determine terms for a premium video on demand window. The hope is to bring major movies to streaming services even faster. Last week, National Association of Theater Owners’ Patrick Corcoran said the talks have been “fruitful.”
It has been reported for some time that Universal and Warner Bros are frustrated by the slow pace of negotiations and potentially move forward with plans to release movies more quickly by the end of this year.
Source: Hollywood Reporter
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