video-streaming platforms Archives

Since the inception of digital media, building consumer loyalty has been important for brands everywhere. But as reader revenue becomes the key to sustaining media companies, industry professionals must now decipher what kinds of experiences and content truly matter to audience members.

Bonnie Kintzer, CEO of Trusted Media Brands, explains that “we are living in the experience economy, and consumers — especially millennials — are willing to pay for products or experiences that have value.”

So what kinds of experiences with the media are people willing to stick around for?

You can unravel some of the most effective tactics that media brands are using right now to drive consumer loyalty. That way, you’ll be able to enhance your company’s existing strategy to attract audience members and retain them in the future.

Online Features That Enable Social Interactions

Humans need a social outlet. And since physical distancing continues to be so critical to our safety, consumers depend on opportunities to interact with others online to fill the void.

“Brands have an opportunity here to offer solutions that foster social interaction online to combat the increased levels of depression and anxiety that Gen Z has reported experiencing as a result of home isolation,” says Nick Gardner, who runs a podcast on Gen Z.

This doesn’t just apply to younger audiences, though.

From live conversation and chat tools to interactive games, people from all walks of life want the chance to engage with one another and form meaningful connections that they can nurture every time they return.

Explainer-Style News Stories

As the pandemic continues to run its course, consumers still have a lot of unanswered questions. Both Emily Oster, who launched a newsletter focused completely on COVID-19, and BBC News have noticed that people are craving explainer-type content to get more details on the virus… especially now that worldwide lockdowns are going into their second wave.

“The questions we are getting are much more about people’s everyday lives (amid the outbreak) and by capturing those, we can respond in a way that actually meets their needs, rather than us coming up with the most generally important content.” explains a senior software engineer at BBC News Labs.

At the end of the day, media companies are seeing a spike in interest for in-depth coverage that’s relatable and understandable.

Video-Streaming Platforms

The popularity of video-viewing platforms has been climbing well before the pandemic ever hit. Now, Industry experts are realizing that consumers favor on-demand streaming platforms over regular cable or satellite TV.

And this has only been accelerated by the pandemic as consumers look to fill the extra time they have at home.

“With the breadth of streaming services available — both free and via subscription — consumers will look to build their own smorgasbords of content to suit their appetite, funding this from their current TV costs,” Forrester’s Principal Analyst Jim Nail states.

As media companies like Netflix, Disney+ and Amazon Prime Video continue to engage consumers through top-notch video-viewing experiences, users are encouraged to return to their platforms over and over again.

Hobbyist Content

While the news is essential to keeping individuals informed and safe, there’s a clear desire for content that distracts from the doom and gloom of the pandemic right now.

That’s why media companies are seeing a huge amount of consumer interest in content that targets particular at-home hobbies.

“Publishers who can capitalize on this surge in attention and build loyalty now will be in a strong position to maintain this engagement as we settle into the much anticipated ‘new normal,” reads an article published by the Digital Content Next media organization.

Businesses That Communicate the Need for Consumer Support

Media companies that clearly state the value of their subscription programs and why they need financial support are striking a chord with consumers.

Publishers like BuzzFeed News, The Guardian, The Daily Beast and Portland Press Herald have all been direct with readers about their need for consumer-based revenue, and are seeing a major boost in support.

This strategy is helping consumers recognize that they rely on trusted news sources regularly and must actively support quality journalism so they can continue to rely on these companies in the future.

Your business’ ability to build consumer loyalty is ultimately a never-ending journey. So be sure to constantly test out new ways to improve the experience with your brand and secure loyal community members in the future.

It seems as though every month or so, a new competitor joins the streaming wars. Even ordinary publishers, like Food 52, are stepping beyond the boundaries of text to create their own OTT platforms and streaming content.

This increase in OTT players can be largely credited to the shift in consumers cutting the cord with traditional TV. And this trend doesn’t seem to be letting up, regardless of the pandemic.

“As lockdown measured eased towards the end of June [2020], the uplift in viewing to video streaming services and other non-broadcast content held steady, at 71% higher than the year before,” reads an article on the IBC website.

Clearly, the consumer’s desire to stream content is growing. So how can you ensure your platform remains engaging, resilient and profitable as new industry players continue to pop up?

If you’re getting ready to enter the video-streaming space, or if you’d like to improve your current services, there are valuable lessons we can take away from the lucrative ideas other OTT platforms already had.

Here are some of the intelligent actions and strategies that are propelling streaming platforms toward success.

A Shift to Social Tools

Netflix, Amazon Prime, Hulu and Disney+ have all launched some form of watch party feature over the past few months. And now, HBO Max has revealed how plans are in the works to upgrade its platform through social tools as well.

“Several months after launch, we have plans to start integrating [social watch features] into the platform,” says Robert Greenblatt, chairman of WarnerMedia Entertainment and Direct-to-Consumer. “We do think that’s an important aspect now more than ever.”

Little by little, streaming companies are beginning to recognize the importance of encouraging human connection around content.

Allowing consumers to participate in real-time conversations as they watch videos together can build loyal habits and connections among community members. Plus, social features that enable consumers to chat with friends give OTT platforms an additional edge over other platforms.

Revenue Diversification

When we talk about publishers in general, we know that there’s been a growing trend to create as many revenue outlets as possible. But OTT players can also activate several revenue streams to maximize their earnings.

For instance, Peacock has set up free and premium-level subscription tiers that are generating revenue in a few different ways. There’s a free-to-watch option with ads, a paid-for subscription option with ads for a premium experience and a paid, ad-free option. Senior TV Analysis Tom Harrington from Enders Analysis explains that this type of subscription tier is highly enticing to the average consumer.

“It’s very, very competitive,” states Harrington.

Since its launch, the video-streaming platform has earned 10 million sign-ups. That means the company is profiting off its vast audience thanks to paying subscribers and paying advertisers looking for interested audiences.

Discovery will be following suit in 2021 by launching a streaming platform with similar membership options.

According to Digiday, “Discovery+ will feature an ad-supported and an ad-free tier, and the ad-supported tier will carry a maximum of five minutes of ads per hour of programming.”

Both of these OTT platforms are not only supporting consumers by giving them premium experiences, but they’re also expanding their ability to earn revenue. After all, the more ways you can monetize your audience, the more revenue your company is likely to make.

Putting Consumers First

As of April 2020, Netflix has singlehandedly earned 182.8 million subscribers around the world.

So what is it that viewers love so much about Netflix compared to the other platforms?

It all comes down to how users have become connected to the platform.

Netflix excels at putting the consumer in the center of its growth strategy, encouraging viewers to feel bonded to the platform.

In addition to serving viewers highly personalized and relevant user experiences, the streaming platform will even cancel a subscription if the account holder doesn’t use their service within a year.

According to Robbie Kellman Baxter, bestselling author of The Forever Transaction, “it’s not just about subscriptions, but about long-term relationships with the customer.”

Hoping to follow in the footsteps of these successful companies?

By replicating these strategies, you can help perfect your platform’s user experience and amplify its revenue-generation capabilities.

Tag: video-streaming platforms