Winning Eyeballs: How video streaming services are tackling rising competition

Many consumers are feeling overwhelmed by the multitude of TV streaming options available at their fingertips. With an ever-expanding array of platforms like Netflix, Hulu, Amazon Prime Video, Sky Q, Virgin Media, Disney+, and more, navigating the streaming landscape can be challenging.

In fact, a series of U.S.-based surveys from 2022 and 2024 has revealed that this abundance of choice is leading to rising frustration among viewers. This frustration has persisted into 2024, with 38% of respondents wishing all their favourite shows were available on a single platform. This growing dissatisfaction highlights the increasing difficulty of managing multiple subscriptions and finding content amidst the clutter of numerous services.

For context, below are some eye-opening facts that highlight the vast and diverse landscape of the current streaming world:

• Global Platforms: There are over 200 streaming services operating globally, including well-known names like Netflix, Amazon Prime Video, Disney+, and Hulu. Each caters to different regions and content preferences.
  

• UK-Specific Platforms: In the UK alone, consumers have access to more than 30 streaming services. Major players include Netflix, Amazon Prime Video, Disney+, NOW TV, BritBox, Apple TV+, and BBC iPlayer.

• Market Growth: The streaming industry has seen significant growth, with new services launching regularly. Notable additions since 2019 include Disney+, Apple TV+, HBO Max, and Peacock.

• Subscriber Growth: In 2023, the global number of SVOD subscriptions reached 1.3 billion. This figure is projected to grow by over 300 million within the next four years, reflecting the rapid expansion of the streaming market, globally.  

• Specialised Services: To date, there are many OTT channels which focus on specific genres or audiences. An example of this is platforms like CuriosityStream and MagellanTV for documentaries, Shudder for horror, Crunchyroll and Funimation for anime, and DAZN, ESPN+, GAA GO, and Racing TV for sports.

But what strategies are video streaming platforms using to attract and retain users?

• 💸 Free Trials: Streaming platforms often offer free trials to attract potential subscribers. This risk-free opportunity allows users to explore the service’s content and features before committing, increasing the likelihood of converting to a paid subscription after the trial period.

• 🎬 Personalised Recommendations: By using advanced algorithms and data analytics, streaming platforms tailor content suggestions to individual viewing habits. This personalisation helps users discover new content they’re likely to enjoy, boosting engagement and encouraging long-term subscriptions.
  

• 📺 Regular Content Updates: With 90% of millennials and Generation Z binge-watching TV series, keeping content libraries fresh is crucial. Regular updates with new releases, popular series, and classic favourites help prevent viewer boredom, making platforms more attractive and encouraging frequent returns.
  

• 🔧 Improving User Interfaces: A well-designed user interface simplifies navigation and content discovery. Platforms invest in intuitive, visually appealing interfaces with easy-to-use menus and robust search functions. A streamlined interface enhances user engagement and can influence whether users stay with a platform or switch to another.

Conclusion: Advice for Streaming Service Providers

To win eyeballs in an era of subscription fatigue, streaming services must differentiate themselves with unique and compelling content. Focus on understanding and catering to viewer preferences while avoiding overwhelming consumers with too many options. Regularly evaluate and adjust your content offerings based on user feedback and viewing habits. Implement flexible subscription models and utilise free trials to showcase the value of your service. By enhancing the user experience and aligning content with consumer interests, you can effectively win eyeballs and build a loyal audience.