Most people already understand the major impact that streaming services like Netflix and Amazon Instant Video have had on traditional television studios. But they could soon have that same type of impact on movie studios as well.
This week, Amazon’s “Manchester by the Sea” became the first movie from a streaming service to be nominated for a Best Picture Oscar.
Of course, an Oscar nomination doesn’t necessarily mean that a movie will make a ton of money or that it will take anything away from the studio-produced films reaching theaters. But it does offer some credibility to the movie and others like it. So those who didn’t ever give movies from streaming services a chance before could potentially change their minds going forward.
For studios that make movies, streaming services simply add another layer of competition. Not only do they have to worry about competing with other studios, but they now also have to compete with streaming businesses that have completely different business models.
You Need to Be Ready to Deal with Competitive Disruption
This type of thing is happening to businesses in lots of different industries lately. Entrepreneurs are coming up with new and different ways to deliver various products and services. So those businesses that stick to more traditional business models need to be able to adapt to those new forms of competitive disruption if they want to stay relevant.
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Technology is changing the way people do and use things. It is important to see these things for what they are and make the necessary preparations in order to improve.