The State of Streaming: Retaining Fans in a Crowded Market
Streaming services must focus on genre strengths and value-adds to retain fans, as 78% of consumers are willing to subscribe to multiple services if there is content they are interested in watching. Cost is the leading reason for subscription cancellations, with 73% of fans citing it as the reason. To drive brand loyalty and favorability, studios must rethink the theater experience and differentiate from growing at-home viewing trends and changing consumer behavior. The average streaming service costs $7.46 monthly, and consumers want to pay an average of $8.60 for top streaming services like Netflix, HBO Max, and Disney+. Genre is the key differentiator, with Disney being acknowledged as the genre-leader to-date. Savvy streamers are taking action by canceling subscriptions if they do not have access to the content they want to watch. To retain fans, streaming services must offer exclusive content, behind-the-scenes access, and merchandise and collectibles.
