Once upon a time, Netflix took the world by storm with their innovative outlook on movie rentals. Most will remember securing a watched DVD to the mailbox and waiting for the next one to arrive. Netflix quickly moved to streaming, a more sophisticated way by which all could enjoy a favorite movie. Fast forward a few years, and they were not only providing a streaming service, but developing their own content. Quickly matched by other innovators and creatives, the streaming service industry exploded, leaving users with several subscriptions and a Roku. In fact, according to Parks Associates, 61% of US broadband households are subscribed to two or more streaming services and the streaming industry at large is projected to grow exponentially through 2027.
Competition Among Services
Intense competition stems from the fact that consumers cannot just subscribe to one streaming service for all of their television needs, because each service boasts a different specialty. This creates a situation where every user needs several services to build a subscription library that is all encompassing. A quick Google search of the most promising streaming services for 2020 will bring up a list compiled by pcmag that scales the services by what they do best.
According to their website, Netflix is known for the best original shows, but Hulu takes the prize for the largest amount of on-demand content. Peacock made the list for best movie selection, but Disney+ stands as the premier option for families. Basically, if you have a family, like to watch on-demand content as well as movies and original series, you need no less than four streaming services – and this doesn’t even include documentaries or sports. Getting ahead suddenly becomes a dance of creation and supplication whose balance sets the stage for growth and sustainability.
Marketing Strategy that Wins
From Netflix’s expansion of their New Mexico headquarters to HBO’s decision to drop the final five episodes of a popular show over Thanksgiving weekend, it is clear the streaming industry at large is working hard to bring their own company to the forefront. Moving your service into the number one spot may very well depend on two key factors:
Varied content
Successful localization
Basically, in order to remain in the game (let alone win the war), you will need to provide a wide array of high quality content and successfully localize that content to its premier customer base.
Varied content
The willingness and ability to provide high-quality streaming to subscribers in the areas of original content, movies, series, and documentaries will go a long way toward securing a spot in the “must-haves” of streaming services. Since most services who provide content in all of the aforementioned areas tend to specialize in one of them, making the choice to diversify and provide high quality content across the board will enable consumers to consider your service a sort of “one-stop shop,” saving them time and money.
Successful Localization
Choosing to localize high-quality content into whichever market will most readily absorb it is key to long-term success in the streaming world. This might be the piece of the proverbial puzzle that moves you right at the front of the pack, especially if localization is done with care and understanding of the process. In fact, according to Slator.com, successful localization is largely considered to drive revenue in media entertainment. It does have its own set of challenges, however, and many fail to understand that adapting content for a foreign market is as demanding as creating the content. Pressing deadlines and falling budgets take the art out of the equation.
However strategic it becomes, localization is an endeavor worth pursuing as is evidenced by the connection it enables and return on investment it creates. According to a study done by CSA, Fortune 500 businesses that expanded their translation budgets were 1.5 times more likely to report an increase in total revenue the next year. Additionally, the fact is that consumers are far more likely to engage with a well-localized movie or series.
Final Thoughts
The streaming war is one few saw coming. Cable ruled the waves for decades, challenged only by the satellite in recent history. Both cable and satellite are now being usurped by an a-la-carte industry that not only provides access to movies and series, but actually creates their own content. This upped the ante for everyone, and stellar competition evolved as a result. The ability to offer varied content to users while effectively localizing that content will help set you apart from the competition. It’s also important to remember that the process of content creation and localization is a cyclical one that repeats itself again and again; jumping on that Ferris wheel is key to staying ahead once you are.
