In recent weeks, the streaming industry has experienced a whirlwind of activity, with notable events like the MAX launch and Netflix implementing its long-threatened ban on password sharing.
With an ever-evolving landscape, platforms are vying for viewers’ attention.
We used OnePulse to see how these changes are influencing viewers in real time: their opinions, preferences, and the factors that influence their choices when it comes to streaming services.
1. A Diverse Content Tapestry
Gone are the days of one-size-fits-all content strategies. A significant number of viewers subscribe to many streaming platforms, driven by their desire for a rich tapestry of content. While Netflix takes the lead with 70% of respondents currently subscribing to the platform, it’s followed by Amazon Prime Video at 64%, and Hulu at 54%. No single service has yet to meet consumers’ craving for a wide range of genres, themes, and styles.
2. Perceived Value of Streaming Apps
Viewers are willing to pay an average monthly subscription fee of $14.85, indicating a perceived value for streaming services. However, the perceived value of what a streaming app should cost goes beyond mere affordability. For streaming platforms looking to appeal to consumers’ wallets, a low pricing strategy can be an effective approach. On the other hand, some platforms may choose a higher pricing strategy, positioning themselves as a premium option in the market.
3. The Rise of the Challengers
As appetites for diverse and captivating content continue to grow, the streaming industry is witnessing the emergence of new challengers. While industry giants like Netflix and Amazon Prime Video currently dominate the market, viewers are increasingly open to embracing alternative platforms that cater to their specific needs. This shift in consumer behavior underscores the importance of providing a rich tapestry of content, as failure to do so may result in viewers seeking their entertainment elsewhere.
4. Binge-Watching Bonanza
The modern viewer is an avid binge-watcher, seeking uninterrupted entertainment. Our data reveals that a staggering 75% of respondents prefer binge-watching entire seasons of a show. To meet this insatiable demand, platforms should adapt by releasing entire seasons at once, providing an immersive experience that keeps subscribers engaged and content-hungry.
5. The Power of Originality
Original series have become the lifeblood of streaming platforms. Our survey uncovered that an impressive 73% of respondents have subscribed to a streaming application primarily to watch a specific original series. This underscores the significant impact of high-quality, original content on both acquiring and retaining subscribers. By investing in captivating storytelling and unparalleled entertainment, platforms position themselves as the go-to destination for viewers seeking exceptional content experiences.
6. Unearthing Hidden Gems
Respondents have expressed a strong interest in classic movies and TV shows, with 39% considering the availability of classics to be very important. Additionally, our research highlights the growing appetite for diverse cultural experiences, as audiences seek to broaden their horizons and explore stories from different parts of the world. By embracing foreign-language content, streaming platforms can offer hidden gems that delight and engage viewers, providing a unique and enriching viewing experience.
7. Data as the North Star
In this era of data-driven decision-making, streaming platforms must harness the insights gained from market research. By analyzing consumer preferences, behaviors, and desires, platforms can inform strategic decisions on content acquisition, pricing models, user experience enhancements, and targeted marketing campaigns. With data as their North Star, streaming platforms can navigate the ever-evolving landscape, staying attuned to the changing demands of their subscribers and ensuring continued success.
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