Since the internet became widely used, traditional content consumption has been on the rocks.
First, individuals stopped buying CDs and started downloading music illegally from websites like Napster and LimeWire
Due to piracy, the music industry was losing money, and this created a market opportunity for Spotify to offer on-demand music streaming, a service that matched both consumer and industry needs.
Spotify understood that the best way to defeat piracy was to create something superior to it. And that was what on-demand streaming..
In the beginning, Netflix was a business that mailed DVDs to customers on demand, who then sent them back by mail.
According to Nielsen data, Americans spent more time watching TV in July streaming video from websites like Netflix, YouTube, and HBO Max than they did watching cable television.
According to the ratings firm's publication on Thursday, cable TV grabbed 34.4% of all U.S. TV viewing time during the month while streaming services attracted 34.8%.
In a sign of streaming's steady growth as more Americans cut the pay - TV cord, Nielsen discovered that people spent 23% more time streaming content