![]() ![]() Considering the amount of time and money we hand over to SVOD services, it’s fair to expect a reasonable amount of value in return. households pay for at least three streaming platforms a month. This means that Americans consume roughly 320,000 years’ worth of on-demand video content a week! Some 21 percent of customers spend $20-$29.99 a month on services, while 15 percent pay $50 or more for multiple subscriptions. increased from 143 billion minutes in February 2021 to 169 billion minutes in February 2022. According to Nielsen, the average weekly time spent streaming video content in the U.S. Right now, SVOD is one of the most popular ways to fill our leisure time. What does this retro tale of industry-wide economic bust have to do with modern-day entertainment? We can identify growing similarities with another medium which is still in its infancy: streaming video on demand (SVOD). ![]() The boom years of the early 1980s were officially over. Many smaller companies went bust and industry-wide losses totaled approximately $1.5 billion. Toy manufacturer Mattel, once the third-largest video game maker, left the market entirely. Wall Street investors panicked, and in 1983 Atari saw nearly half a billion dollars wiped from its value. Atari revealed that its annual year-over-year sales increase had only been 10 percent, far less than the 50 percent it originally estimated. There was also an overabundance of video game consoles (the Intellivision, the ColecoVision, and so on) plus the rising threat of home computer systems such as the Apple II, which could play video games and help with homework. Consumers regularly complained about low-budget titles with poor-quality graphics or stories that were too easy to complete. The market was overrun with poor-quality games. By the end of 1981, the arcade game industry had generated roughly $5 billion in revenue, while the home video game market was set to reach $2 billion in 1982.īut by December 1982, things had turned sour. Atari went on to gross $415 million that year. That same year, industry leader Atari developed Battlezone, the first arcade game to feature a 3D environment. In 1980, Namco’s Pac-Man was released in North America to widespread critical acclaim. The “little yellow chomper who’s as popular as Santa Claus,” as one enthusiastic newscaster described him, raked in $1 billion from arcade game sales alone. Only a few years earlier, the market had been booming. ![]() In 1983, something unexpected occurred: the video game industry collapsed. ![]()
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