Netflix Considers Popcorn Time as Biggest Competitor
Netflix announces its biggest rival. Turns out, piracy is the video streaming giant’s worst enemy. “Netflix for Pirates” Popcorn Time has its massive and continuous rise with its user-friendly features compared to torrent websites and an exciting list of the latest blockbuster films. Read on for further details.
In 2014, Popcorn Time provided peer-to-peer streaming to the public. It became a hit instantly because of its BitTorrent-powered streaming with a user-friendly interface similar to Netflix.
Not only Netflix was troubled with the rising streaming service, but Hollywood executives also started to worry about the sales of their films.
Netflix CEO Reed Hastings did not admit any desperation, but he stated in a letter to shareholders that “piracy might even help the company.” He targeted torrent users that can switch to Netflix if their easy-to-use interface is combined with piracy.
“Certainly there’s some torrenting that goes on, and that’s true around the world, but some of that just creates the demand,” Hastings said in 2014.
Hastings explained that Netflix is “so much easier” than using torrent. Downloaded files can be a hassle, so watching a show or film just by clicking it is convenience at its finest. However, with torrent gone from the company’s major worries, Popcorn Time gets inside the picture.
According to research firm KPMG, only 16 percent of the highest rated and most popular movies are available on Netflix and other major streaming services. The company must “catch up” with the available content, which mostly depends on the content creators.
Despite the threat of Popcorn Time, Netflix is still a hit with the consumers. For the last months of 2014, the company generated revenue of $1.48 billion, 26 percent increase and $83 million in profit.
Popcorn Time was released in March 2014. The original group behind the rising streaming service split into different groups and started distributing software variants.
Piracy is a major problem for multimillion companies ever since the continuous progress of technology. The late Steve Jobs considered music piracy as a threat that he created iTunes into a music store with better quality than free options.
There you have it for the update on Popcorn Time being Netflix’s top competitor. For more updates, follow Movie News Guide (MNG).
Photo Source: Wikimedia Commons/Netflix