iTunes had a profound impact on the music industry more than a decade ago, demonstrating that people are indeed willing to shy away from piracy when presented with an affordable and easy-to-use solution. That same trend is repeating itself once again, this time with video.

Netflix, the streaming media juggernaut that nearly went off the rails in 2011, now accounts for nearly 37 percent of all Internet traffic during peak hours in North America according to a recent report from network equipment specialist Sandvine.

With so many people now opting to binge-watch on Netflix, it should come as little surprise that BitTorrent traffic is conversely on the decline. The firm found that BitTorrent traffic now accounts for just 6.3 percent of total Internet traffic in North America (and 8.5 percent in Latin America, for those curious).

As Sandvine Internet trends manager Dan Deeth told Mashable when last year's report was released, people have shifted their activities to streaming over file sharing. Streaming subscribers get quality content at a reasonable price and it is dead simple to use whereas torrenting or file sharing can be a little more complicated.

True enough, illegal file sharing has been on the decline for years. During its peak several years back, it accounted for nearly a third of Internet traffic. And with more people cutting the cord each day, Netflix's popularity is impossible to ignore and will likely continue to grow.