.The.Value.Edition:.
.Episode 4.
.Streaming Wars.
.Volume 2 Episode 4.
.Life is a tug of war. .right now….
On one side we’re pulling with all our might to create a life full of joy, connection and positive action. And yet, our anxiety around increasing prices and the need to save money is relentlessly tugging in the opposite direction.
These internal micro battles are taking place across all areas of our life and everyday we’re making mindful decisions to try to strike the right balance.
But the battle of the subscription purse takes centre stage…
On the pull side… Streaming platforms can be our gatekeeper to switching off, connecting with others and transporting us to new experiences. But, we are also battling with our internal anxiety of knowing this is a space we can cut back on. And we’re not alone in this thinking. Despite a slight surge in subscriptions over the Christmas period, the proportion of consumers planning to cancel one or more video-on-demand subscription services in the first quarter of 2023 has risen to 12%.
So how do we decide what to keep and what to cut?
Value cannot be reduced to a purely transactional calculation – chopping what’s most expensive and keeping what’s cheapest. Instead, we are also looking at what services and products have the most profound, emotional and meaningful benefits enabling us to feel, love and share.
This decision requires a whole lotta heart and head…
With many, like Hayley, already making the chop…
Content
reigns
supreme
Frequency.of quality content
.Sharing.
.is caring.
.Multifunctionality.
.Price.
.Content reigns supreme.
Content is king. It’s the criteria when deciding whether a platform is worth keeping.
Quality content is paramount. But like beauty, quality is in the eye of the beholder…
Yes it’s is very subjective but there are a number of consistent factors that we consider before we put our stamp of approval onto something. It’s all about what the content enables us to do and feel.
.69% of us are looking for content that makes us feel happy….
Julia tunes into Derry Girls with her son when she’s looking to have a laugh.
Delivers:
Joy
Relaxation
Comfort
Happiness
.68% of us want content to help us switch off and forget about the world.
Leyton chooses reality TV to unwind and relax, despite describing it as ‘rubbish’. For him, it’s quality programming if it allows him to achieve his desired state of switching off.
Delivers:
Escapism
Calmness
Peace
Numbness
.60% of us want to learn something new through the content we watch.
Anti watches documentaries about Syria, Moldova and Afghanistan to virtually experience new places and learn about life in these countries.
Delivers:
Enrichment
New perspectives
Learning opportunities
Sense of achievement
Stats from OMTM Omnibus survey (Nat rep, N=2000)
.Frequency of.
.quality content.
So, the platform has some great content… but how often does it land? Are we spending more time trying to find something to watch than watching itself?
.Star player – Netflix.
Netflix’s 'Play Something’ shuffle feature uses viewers’ personal algorithm to find something they’ll genuinely enjoy. This quick and simple way to find content offers viewers a sense of comfort and security as they feel confident they can find quality content without much stress.
If we’re reducing the number of our memberships we want to feel confident that the one/s we keep can be relied upon to deliver a vast library of quality content at our finger tips.
If the frequency of content is hit and miss, we’re not scared to axe our membership until the next big hit launches…
What it delivers:
Feeling of confidence and reassurance
Sense of trust and loyalty to the brand
.Sharing.
.is caring....
We crave a sense of connection and feeling part of something… and a streaming platform can facilitate this shared experience in a number of ways:
.Shared Access.
Paying one subscription fee but knowing multiple people in and out of the home can access.
.Star player - Sky Go.
Sky Go allows customers to spread the love by sharing their Sky ID with friends or family which they can use to log in to the app. This is a real lifeline for Julia who shares her details with her father-in-law who lives alone – knowing he can access Sky Sports provides her with immense comfort.
What it delivers:
Ability to support and show care for others
Value for money
.Shared Moments.
A platform that is not just ‘for me’ but one for ‘us’ helps facilitate bonding experiences.
.Star player - Disney+.
Disney+ in particular has a catalogue of nostalgic programmes that the whole family can enjoy, providing many opportunities to snuggle down with the kids and create shared memories.
The GroupWatch feature facilitates a shared viewing experience even when viewers are remote. This allows people to host virtual movie nights, sync up for season premieres, or learn something new together.
What it delivers:
Feeling part of something
Opportunities to bond
.Connecting with the zeitgeist.
Content that allows us to feel part of something bigger, to talk and share our opinions, to be able to decode the viral memes with a knowing smile.
.Star player - HBO.
HBO is dominating this space… The hype around The White Lotus, House of Dragon and The Last of Us (to name a few) has created a sense of FOMO for those who haven’t tuned in yet, and not to mention a bursting back catalogue of memes!
What it delivers:
Social currency
Feeling in the know
Sense of community
.If you know, you know ;).
.Multifunctionality.
.Bang for buck.
In the current economic climate, a product or service that offers something extra, new or makes our lives easier is a real plus. And streaming services are no different, platforms that deliver more than just content, whether it be delivery, insurance or even quizzes, can be perceived as better value.
Despite some challenges to Prime, the fact that memberships provides you access to a range of content as well as free and speedy delivery can help people rationalise the monthly outgoings.
What it delivers:
Sense of achievement
Convenience
.Star player - Prime.
.Thought starters:.
.what does it all mean?.
It’s the moment of truth for brands… in order to attempt to reconcile the tension between positive action and relentless anxiety, we are making mindful decisions every day.
Within this edition, we have focused on the battle for the subscription purse to bring this tension to life… but we believe great learnings and inspiration can come from adjacent categories.
So below are some points to ponder and reflect on that transcend category:
-
How does your brand currently provide opportunities for people to feel happy, escape the world or learn something new?
-
Is your product / service / experience consistently of a high quality?
-
In what ways does your brand facilitate and promote connection?
-
How does your product / service / experience offer something extra, new or make customers’ lives easier?
.Feel free to get in touch & find out more. about what this means for your brand…
.Price.
We can’t talk about value without talking about price… Whether we are in the midst of a COLC or not, £££ is always a factor when deciding if something’s worth it…
.It's how much?!.
When assessing price, we weigh up the following:
.Transparency.
.Risk mitigation.
.The cost.
Do I know how much I pay monthly and do I feel confident there won't be hidden costs or regular price hikes?
Can I try before I buy?
Ultimately how much am I paying and how does that compare to other platforms?
.Benched player – Prime.
Quite frankly, Prime can be a bit of a tease… tempting us in with great movies and shows only to realise we have to fork out on top of our membership if we want to watch them.
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