Amazon is the world’s largest e-commerce platform shipping to more than 100 countries outside the United States. Jeff Bezos, the corporate leader of this multinational company, recognized the potential in the home entertainment industry as it was shifting from local distribution to an internet based delivery, and entered the market in 2006 as Amazon Unbox, renaming it as Amazon ‘Video On Demand’ in 2008. Initially, when Amazon Prime was introduced, it was more of a response to their online rivals like eBay, but fast forward a decade, and the Amazon Prime Video now holds a net worth of more than $1.7 billion, with a forecasted increase to $3.6 billion in the upcoming years.
Amazon Prime Video not only caters to the buying and rental of countless movies and television series but also provides subscription to over 100 premium channels. Amazon Prime Video is the number two contester to the entertainment market around the globe, next only to Netflix. Currently with more than 150 million subscribers from all over the world, Amazon Prime Video is one of the leading giants in the home entertainment market. In recent years, the introduction of new competition from sources such as Disney+ and AppleTV+ may have curtailed subscriptions but Amazon Prime Video still looms far away, as the former online streaming platforms accumulate only to a mere 50 million subscribers from all over the world.
Initially what started off as a DVD rental business, similar to many of its competition, Amazon Prime Video gradually came up the corporate ladder as it partnered with companies such as Epix and taking over the likes of LoveFilms to broader its streaming platform to international waters, in order to compete with its rival, Netflix. In 2011, after the rebranding of the service to become Amazon Instant Video, initially provided just 5000 movies and television series for its 5 million Amazon Prime members at that time.
It is an undeniable fact that in terms of subscription, Netflix does indeed lead the race. However, this often shadows the reality that in terms of the number of titles and the cost of subscription plans that are being provided by both platforms, Amazon Prime Video is a much more efficient choice with a much cheaper standalone subscription plan of a mere $7.99, with unlimited titles to choose from, poised for wherever you go. Since then, it has grown to a colossal number of more than 18,000 movies and 1900 television series to a whopping amount of 112 million Amazon Prime members.
h Amazon Prime Video, still far away from much of its competitions, has been a leader in the entertainment market for the past decade, due to its advanced, convenient, profitable and cheap subscription plans. Amazon, which already holds a monopoly in the e-commerce industry, further expanded its horizons with the provision of Amazon Prime Video, and this expansion continues to grow in our rapidly, evolving global economy. The additional benefits reaped from an Amazon Prime subscription, such as exclusive shopping deals and free shipping are often the deal-breaker for many individuals when faced with the choice between choosing different online streaming services.