According to Amazon founder Jeff Bezos, he plans to expand Prime Video services, offering more than just movies, television shows, and original programming.
An entertainment industry veteran, Mike Hopkins, said Bezos saw it as an opportunity to build a media company.
Based on Hopkins’ view, the streaming platform is being recast in an image of a traditional media company. It would include its own film studio and theatrical distribution arm.
Amazon Prime Video is gaining momentum and is on track to capture a substantial share of the $28.75 billion digital advertising revenue. Analysts expect they will be spent on streaming this year as marketers cut their investment in traditional television.
Moreover, Morgan Stanley anticipates the platform’s ads can generate $3.30 billion in sales this period and over double to $7.10 billion in two years.
Meanwhile, Amazon Prime Video still tails industry giants like YouTube and Netflix by sharing television viewing streaming in the US for June. Experts’ ranking shows that Netflix dominated most of the streamed original series in 2023.
However, the company aspires to establish a single entertainment destination that provides something for every individual, ad buyer, and entertainment industry executive.
Additionally, analysts noticed that Amazon Prime Video became the top ad-supported subscription streaming service. This came after it began showing ads to around 115 million US viewers in January.
Hulu and Disney+ Beat by Amazon Prime Video
Amazon Prime Video became the largest ad-supported streaming platform in the US after showing ads on movies and shows.
Despite not being as popular as Netflix and YouTube, it still surpassed Hulu and Disney+.
The firm worked for four years to achieve the title by displaying ads on default to its 115 million American subscribers.
As of January, the streaming service charges $14.99 a month for its Prime membership, opting for no ads monthly fee of $2.99.
According to a senior consultant, Amazon Prime Video transformed the video advertising space virtually overnight.
