For the last three to five years, over-the-top (OTT) services have integrated seamlessly into the daily lives of consumers. Almost without realizing it, our entertainment budgets moved from a weekly browse in the record store (trendy, hipster musicians aside), and splurging on DVDs (or worse, the DVDs unappreciated cousin, Blu-Ray Discs) to neatly organized monthly subscriptions to our favourite streaming brands.
Spotify, Netflix, Amazon, and Hulu have changed the way we consume media, and though these media giants are expected to see exponential growth, spend on these platforms and platforms like them has remained mostly stagnant for the last three years. According to research by Parks Associates the average household spend on OTT streaming platforms is just $8 per month since 2016.
This stability belies what is going on beneath the surface — with more and more services cropping up with explosive growth, the competition only gets bigger in an already saturated market. Meaning those services on the steady track, need to do something fast to boost their bottom line.
Brett Sappington, Senior Director of Research, Parks Associates says that 2019 will be the decider for OTT services. “One of three things will happen — more households will become OTT streaming households, rival services will begin to pull subscribers away from Netflix, or that spending number will go up.”
Swrve has teamed up with Parks Associates to dive deep into the reasons why this lag in spending has occurred, and to go into the strategies that OTT services need to employ to boost their growth for 2019. Specifically, you’ll leave the webinar with:
- Lessons learned from successful and unsuccessful services
- Key issues that many OTT services overlook
- Potential obstacles that can inhibit growth
- Understanding buying, churn, and viewing behaviors of today's consumers
- Ways to drive successful service growth.
Sign up to watch on demand here.