Technology's Effect on the Video Rental Industry

Technology has greatly transformed and destroyed the video rental industry. With everything available digitally and with a small fee, consumers do not have to leave their homes to get access to films and tv shows. Not only has technology made renting/viewing films more convenient, it also allows for a larger variety of genres and titles to be available. Often at a video rental store, there is a limited selection of films and they aren't always available. On streamings services such as Netflix and Hulu, everyone in the world who has the service can view the same film at the same time without difficulties. From recent movies and tv shows to old classics, streaming services have basically everything. On iTunes on the other hand, almost every movie is available to be either purchased or rented. However, streaming services that have a one-time monthly fee would be the better deal. Technology has made watching movies more convenient, has provided a larger variety of films/shows to consumers, and has provided better options for people to save money.

In the future, cable television will become obsolete. With more and more of consumers desiring shows and movies to be on demand and available wherever they are, regular cable television will no longer be in demand. One advantage of streaming services such as Netflix is that there are no commercials and there are whole seasons that can be watched all at once. Also, with the improvements in the technology of cell phones, tablets, and computers which are often all compatible with the internet and apps, shows from cable stations are available on those devices via apps or the internet so turning on the tv is not even necessary. The demand for streaming video services and compatibilities will only increase in the coming years.

Netflix and Amazon already have many features and services that have made them major companies in the market of video streaming. To continue to grow their business and revenues, they could find a way to better interact with their customers. One way they could do this is by having the option of the customer being able to type in any film or tv show they want and then having it available. It could be, for example, Netflix premium or Amazon premium where users could pay more a month to have a larger variety of films available added on to the standard ones available to everyone else who is not a premium member. By having different levels of membership, this could increase revenue. Of course, not every single film and show can be available because of content and rights deals. The extra fee with the premium membership could cover the costs of getting the rights to a film or show to be streamed on Netflix or Amazon.