Dilemma of Online Streaming Viewers Like me
Few weeks back, a new web series was premiered. I wanted to watch it as the lead was a Bollywood star making an appearance on the screen after a long break. I searched to find my options to view this web series. I was disappointed to know that it was not available on the known streaming platforms such as Netflix, Prime, Hotstar, HULU but on some lesser known one. It didn’t feel right to download one more app on my mobile to watch it or create a account on one more streaming platform. I simply didn’t watch it.
Two days back, a documentary was premiered on Prime- Netflix vs the World. This was making a noise on social media and as a consumer of any good documentary, I wanted to watch it. I opened my Prime.In account and searched for the title. To my disappointment, the content was not available in my region.
These are just two encounters. I believe, we encounter many such situations on day to day basis such as which channels to subscribe on DTH, which streaming platform subscriptions to take, which type of membership to enroll in, should it be monthly, annual etc. The list goes on. And despite of such options, we, customers, find ourselves missing out on something always. WHY?
- More choices to choose in terms of streaming platforms which makes it difficult to take a decision. This influences our decision and we often limit ourselves to popular choices in social circle.
- Lack of availability of content in local region due to streaming rights owned by some third player or limitations due to regulatory compliance.
- Limited audience for a particular content in a region which may be not be seem an attractive segment to focus on for the business.
For a global citizen like me who wants best of both the world (local and global) content within affordable pricing options, online streaming platform industry will have to bring in change in their strategy which can even have a long term impact. Some of them are listed below:
- Re-look at the revenue models
Current revenue model is heavily inclined towards subscription model. In my view, time is not far when dissatisfied consumers like me will demand for pay-as-you-watch option. Such a viewing option will provide the much needed flexibility in this information loaded era without burning a hole in the pocket.
2. Move towards consolidation
Currently, there are 6–7 major global players and umpteen local ones often promoted or introduced by the local media houses of the region. Going forward, industry will incline towards consolidation. Mergers and acquisitions may arrive early than expected if industry continues to expand like this. The big names will either take over the small platforms or small platforms will be forced to shut due to lack of active audience.
3. Embrace the idea of content market place
Creation of content market place is a far fetched idea. Just like in healthcare industry, there is data market place, wherein data is available on a common platform for exchange, use, analysis from different stakeholders, competitors in value chain. On similar lines, content market place can be created hosting content from streaming platforms. The selected content from Netflix, Prime and other streaming players will be available on -demand for watch by the content aggregator.
In the Covid19 era, the online streaming industry has gained a lot of traction and adoption by customers. It is estimated to expand at a CAGR of 10–12% in terms of revenue for next 5–7 years. And going forward, it is believed to replace the mainstream entertainment. It will be interesting to watch how this industry shapes itself to meet the demands and preferences of customer and bring in more customer-focused options.
