Final answer:
The process of transmitting multimedia over the internet in real-time or on request is known as streaming. The rise of services like Netflix has shifted consumption from physical media like DVDs to on-demand digital content.
Step-by-step explanation:
The term that refers to the process of delivering multimedia files over the internet, either live or on-demand, is streaming. With the evolution of digital technology, traditional home entertainment systems like the VCR and DVD have been largely superseded by on-demand Internet services like Netflix. Netflix and similar providers not only changed the way we access movies and television shows, but they also introduced new dynamics into the entertainment industry, such as the concept of releasing movies online the same day as they hit theaters.
Moreover, the shift has implications for on-demand media pricing and access, with services employing tiered pricing schemes that affect consumer choices. As bandwidths grow, and with the advent of networks like 4G and 5G, streaming is becoming the preferred method for consuming media globally, on devices ranging from smartphones to smart TVs. Media globalization appears to be reshaping the landscape, integrating the cross-cultural exchange of ideas and paving the way for a more connected world, yet it raises concerns about the spread of certain values and the potential for a less democratic internet space.