There’s an insatiable appetite for streaming – especially now.
According to a recent Nielsen report, Americans streamed 85% more minutes of video in March 2020 than they did in March 2019. During the last week in March, Netflix owned the largest share of streaming minutes at 29%, followed by YouTube (20%), Hulu (10%), and Amazon (9%).
New streamers are also entering the space, even in the midst of the COVID-19 outbreak.
Quibi, the short form, mobile-only video platform, launched April 6 and had 1.7 million downloads in its first week. HBO Max remains on schedule for its May release. Peacock, NBC Universal’s new streaming service, soft launched on April 15 and is still committed to its July 15 national rollout.
These new entrants are jumping into a competitive streaming service industry, where customers are already relatively satisfied with existing options and features, according to our data.
So where are the opportunities for streaming companies – especially the new entrants – to stand out from an increasingly crowded pack? And more importantly, what do viewers want more of from their streaming services?
Here are two ways streaming services can get in with the binge watchers of the world.
More current offerings, please
Customers like what they’re getting from streaming providers. According to our data, they’re satisfied with the number of TV shows (scoring 76 on a 0-100 scale), the variety of TV shows and movies (both 75), the availability of the past season’s TV shows (74), and the number of movies (74).
So, what’s missing from the queue? Current programming.
When it comes to the availability of the current season’s TV programs and new movie titles, today’s streamers have room for improvement. The former has an Index score of 72, while the latter sits at the bottom of the industry at 70.
By offering customers the latest and greatest of film and television, new players can distinguish themselves.
Keep the original content flowing
Customers appreciate originality.
Over the last year, customer satisfaction with the quality of original content has climbed 3% to a score of 76. And no streamer offers original content like Netflix.
Not only did Netflix top all streaming services in satisfaction with its original content, but it has no intention of slowing down. Analysts predict the streaming giant will spend $17.3 billion on original content in 2020 alone.
Although other streamers like Amazon, Hulu, and YouTube are producing original work, there’s a legitimate gap between Netflix and the rest.
While Peacock’s original content may be a bit delayed due to the coronavirus, other incoming streaming services can fill the void – even Quibi, whose shorter content might be a nice change of pace if you’re looking to sneak in a quick episode before bedtime, while cooking dinner, or during a lunch break.
Are you still watching?
The current situation has accelerated a trend that’s been happening for the past two years, with more consumers cutting the cord than ever before.
This is not going to change anytime soon. In fact, analysts predict that the adverse economic and social implications brought about by the COVID-19 outbreak is only going to speed up the process.
The streaming industry is a crowded space. Established players already have a leg up on the competition, but the race isn’t over yet. There’s plenty of opportunity to make up some ground. New competitors would be wise not to let it pass them by.
Stay tuned for our newest Telecommunications Report, coming in June, for more details on how streaming industry players are faring.