After a slow start compared to North America, Europe embraces its streaming future. Revenues in the 28-country bloc reached €12 billion in 2020, with SVOD alone accounting for €10 billion.
Since the COVID lockdown began, nearly five million UK households have signed up for a streaming service. Netflix, Amazon, and Disney+ have been the primary beneficiaries of this boom.
There is a mad rush by the most significant content creators, especially streaming services, to utilize the production infrastructure in England as a base of European operations.
To gain a global content edge, Netflix has set into motion a EU production boom with plans to produce over 225 films and shows in Europe. Netflix currently controls 53% of the SVOD market in Europe.
As multiple streaming services prepare for an intensifying battle over European subscribers, British-made content continues to surge. This content bonanza and bidding wars between buyers are driving up prices for shows.
Never known for adapting to changing markets, European companies are now forced to forge alliances in hopes of staying relevant after the well-timed onslaught of Netflix in Europe.