With many new players in the streaming game and many free services giving cord cutters more options, the question for streaming services is how to retain subscribers. The Streaming Shakeup, a study from PwC, offers insights that could help streaming services keep viewers interested.
According to the study, consumers are generally happy with the current options for video services. 76% say they are satisfied with their video subscriptions and 73% are satisfied with the quality of original content offered. The survey asked about the amount of options being offered and most respondents said they were “happy,” “fulfilled,” and “excited,” about their options.
While most survey respondents are happy with their options, many also said that they’re planning to look at new services next year, and that likely means consumers are considering cancelling their current subscriptions. 64% of consumers surveyed said they plan to terminate or downgrade one or more current services to make room for a new one. 36% said they don’t plan to make any changes to current services.
So, what can streaming services do to ensure that subscribers stay put rather than cancelling to move to a new service? Existing services can learn from some of the new services and what consumers say is driving them to pay for a new subscription. Original content was the top factor that respondents listed as their reason for subscribing to new services. 59% of Disney+ subscribers, 48% of Apple TV+ subscribers and 56% of those planning to subscribe to HBO Max listed original content as their motivating factor, making it the top factor for each.
PwC offers tips to help streaming services stand out among the competition. Those tips include offering the best value for the money (not necessarily just being the cheapest option), creating a more user friendly interface, and creating loyalty programs that would offer subscribers discounts.
What factors would convince you to stay with a streaming service rather than downgrading or cancelling to try something new? Let us know in the comments; we’d love to hear what you think.
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