Video entertainment now considered essential by consumers

New Ideas in MarketingEssential news for marketers, summarised by YouGov
April 28, 2020, 1:55 AM UTC

Eventually, pricing wars between streaming service players could break out.

This article highlights the increasing importance of streaming services in consumer’s lives. The author recaps events from Q1 2020, like, Netflix topping its net new subscriber goal globally by 80%. Disney+ only took five months to reach 50 million subscribers and Fox’s divestment of stakes in Hulu.

The piece notes that consumers now view video entertainment as an essential service, and media companies consider video streaming services as essential to their future survival. Further, consumers aren’t shy of patronising more than one streaming service.

However, such infections points are typically followed by “hockey stick growth and change”. To actualise this growth, streaming services will have to work towards retaining new consumers that are battling economic uncertainty and rising unemployment.  

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[3 minute read]