If you’re a company in the media & entertainment space, then you know the 2020 global pandemic turned your whole business model on its head.
The pandemic only accelerated an inevitable trend: your audience wants more content, on any device and anytime. Millennials are cutting the cord at head-spinning rates, if they’ve ever even paid for cable at all. Netflix is known as the OG streaming platform, Hulu, Paramount+, Disney+, HBO Max and Amazon Prime aren’t trailing too far behind in the cord-cutters and cord-nevers portofolio. Amazon’s recent acquisition of MGM means each of these services except Netflix is backed by their own major studio. Funny how Netflix’s focus on product has them in the lead.
Media companies which previously depended on linear TV ad revenue, cable subscribers, or box office revenue, are now releasing DTC streaming platforms for their library of content, whether it’s ad-supported, subscription-based, transaction video on demand or a combination. With limitless options for the user with no strings attached (unlike cable), churn-rates are rapidly increasing and revenues are unpredictable.
So you’ve reviewed your business model and you built a DTC media streaming app, now what? You might be scratching your head and thinking, “I gave my audience what they want, why am I not seeing the same success as Netflix and Disney+?”. The answer is simple; just having a media app is not enough, your app needs to have a gold standard customer experience that will turn your fans into “stans” — an overzealous or obsessive fan of a particular celebrity, but in this case, your app.
Even if you have irresistible shows on your platform (i.e. Friends, The Office) if your app is not engaging, or if there are any interruptions in your user experience, your audience will bore quickly and be gone before you know it. Product Managers nowadays need to think outside the box to maintain long-term relationships with their audience.
If you’re a Product Manager in the media industry, look no further, we have you covered with The Ultimate Guide To New Streaming & Media App Engagement Strategies. Think of it as your cheat sheet for when your boss asks you how you plan on delivering a positive ROI on your media app. We’ll be covering timely and relevant topics like virtual co-watching, gamification, and in-app sports betting.
One of the media app engagement strategies we will be discussing in the guide is gamification. It’s no shock that gaming, and mobile gaming in particular, has become massively popular. There are currently over 1,651.66 million active mobile gamers worldwide, with that number expected to reach 2,220.8 million by 2025. What does this mean for Product Managers in the media & entertainment space? With the OTT app market reaching over-saturation, your media streaming app must offer users something exciting and challenging to keep them constantly engaged, and gamification is one of the most potent user engagement methods.
Gamification will have your audience coming back for more by rewarding them for using your app. What makes video games so addictive is the dopamine release that comes along with it, and there are plenty of ways to incorporate that rewarding feeling into a basic, streaming app. Gamification will also encourage repeat engagement from your audience by:
Don’t make the mistake of thinking once the pandemic is over, people will be out and about, forgetting all about the habits they’ve developed socializing virtually. Virtual co-viewing for instance, is a trend that is here to stay. Since before 2020 came along and uprooted all our lives, younger generations have preferred virtual socializing over in-person interactions. Now with working from home and Zoom happy hours, people are reaping the benefits of enjoying the company of others in the comfort of their own homes (no commuting is also a huge plus). Some media apps that are already offering co-viewing include Disney+ with their “Groupwatch” feature, Hulu and Plex. Co-viewing allows your viewers to engage with other viewers in your app, for a more engaging experience that will surely have your fans turning into “stans.”
Have we convinced you to check out our Ultimate Media Engagement Playbook yet? No? Well if you work in sports media, boy, do we have a treat for you. Our Playbook will dive deep into one of the hottest topics in sports media: in-app sports betting and micro-wagering. Companies like FuboTV are already making huge investments by acquiring Vigtory and Balto. In their press release, FuboTV shared that they plan on leveraging their acquisition to build a sportsbook app where consumers can see current betting lines, place a variety of wagers, cash in their winnings and much more across sports they love. The company expects to integrate the sportsbook into FuboTV’s live TV streaming platform for a seamless viewing and wagering experience. It is projected that 32 states could offer legal sports betting and with it, generate almost $6 billion in revenue, be sure that you don’t miss the bandwagon!
If you’re a product manager in the media & entertainment industry, in order to set up your product for long-term success, you have to anticipate future trends and user demands. Simply doing what your competitors are doing is not enough. Meeting the “Netflix Gold Standard” is the bare minimum expectation that your audience has for your platform. Our Ultimate Guide To New Streaming & Media App Engagement Strategies will give you the ammunition you need to impress your boss, and of course, turn your “fans” into “stans.”
You need to go beyond your competitors to design the experience of tomorrow. Don’t follow the race, lead the race. Investments in product development to deliver audiences the features that will keep them coming back for more is the best thing you can do for your product. Innovation on delivery of the entertainment experience will drive creative teams forward.