Question
The rise of online subscription services has significantly disrupted the traditional model of the entertainment industry. These services, like Netflix and Spotify, have shifted the industry from a product-based model to a service-based one. Instead of purchasing individual products, consumers now pay a subscription fee for unlimited access to a vast library of content. This has led to a more consumer-centric model, where the focus is on providing continuous value to retain subscribers. It has also enabled a more personalized experience, as these platforms use algorithms to recommend content based on user preferences.
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The Golden Age of Hollywood ran from the late 1920s to the early 1960s, when the big five movie studios churned out dozens of films every week. The internet challenged this model of the entertainment industry—but some smart companies have made it easier to consume media through online subscription services. Netflix started streaming movies in 2007 and today has over 100 million subscribers. Spotify now has 50 million subscribers and is responsible for more than 20% of global music industry revenues. With algorithms and playlists, Spotify has added a whole new discovery layer of music.
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