Video Streaming App Revenue and Usage Statistics (2024) - Business
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In the mid-2000s, improvements to data speeds and broadband costs led to an explosion of first generation video streaming services. A group of ex-PayPal employees founded in 2005. Seeing the success of it, DVD rental company Netflix scrapped its planned streaming device and launched an internet-based streaming service instead. Only a year after the launch of , Google acquired it for $1.65 billion. At the time, it was seen as an extravagant purchase, for a nascent technology which hadn’t generated any meaningful revenue. But, for Netflix and , it was confirmation that this market was set for spectacular growth in the next decade. launched Prime Video in 2006 and across the pond, the BBC launched iPlayer in 2007. All of the inaugural players were active
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