WHAT'S ON YOUR HOME SCREEN?
In the User-Centric Era, consumers control their lives and lifestyle media bundles via the home screens on their smart phones and CTVs. Adding and subtracting channels, brands, and platforms from your home screen, aka your life, has never been easier - press real hard, it shakes, you toss it in the digital dust bin.
According to Hub Entertainment Research, the average consumer now uses 13 media services - free and paid - at any time. But they consider LESS THAN HALF of their Media offerings as MUST HAVE, as uncancellable. Even IF you land on a User’s home screen, unless you’re a must-have, you’re just one swipe away from the trash.
When Hub asked consumers WHICH services are MUST HAVES, which platforms they’d NEVER cancel, no matter what, the answers likely will surprise most of you.
Spotify is the most uncancellable Media in Media. Netflix is the only SVOD to make the top ten. Sony's Playstation+ scores ABOVE Netflix! There are THREE different music services in the top ten - and two vMVPDs! Reading subscriptions - yes, READING - are a must-have for a LOT of digital consumers.
But perhaps most surprising to everyone in the industry is just how dominant YouTube's entire suite of services is in the minds and hearts of today's Media consumers. Four of the top five MUST HAVE/WILL NEVER CANCEL services are from YouTube.
Which brings up two BIG lessons for the User Centric Era:
1. No matter what you do in Media - music, gaming, TV, sports, social, advertising, subscription - your biggest competitor, now, is ALWAYS Youtube. Hi Netflix and Spotify. That means you too.
2. If you are in Media and thinking about bundling, look at what Amazon and YouTube are doing, NOT what Comcast is doing with Netflix, Peacock, and Apple TV+. Amazon may not be on Hub's must-have list, but that's because this question was solely about Media, not total services. Yet Amazon's combo of free delivery, music, TV et al is one of the least-cancelled services in all consumer-dom. (They just raised prices, AGAIN. Did YOU even think about cancelling?) YouTube consumes the mind-space of hundreds of millions of consumers, across multiple verticals, worldwide. This dominance is even greater among those under 40 - THE KEY gatekeepers of expendable income for the next two decades.
At the link, I dive DEEP into the minds of the Media consumer, using more research from Hub and incredible big data on churn from Antenna.
https://lnkd.in/erzPmEyJ
The rules are not changing. They changed. Five years ago. If you missed it, sorry for you. But - because the majority of minds in Media do not yet seem to have gotten all the memos I've been sending - you can still catch up. If you do your reading - yes, READING!
#churn #subscriptions #musicstreaming #streaming #newsletters