Here’s the headline – for the first-time, subscriptions to streaming services like Netflix, NOW TV and Amazon Prime have outstripped traditional pay-TV subscriptions. Not my snappiest headline!
Here’s why this is important. While the difference in the number of streaming subscriptions against pay-TV is small now, just 0.3 million, it’s easy to see that this change in consumption behaviour will be part of an ongoing trend.
Video on-demand is becoming the norm for many, with Netflix rising by 32% since 2017 to reach 9.1 million UK households in March 2018. Don’t be fooled by the stock market’s reaction to Netflix missing its quarterly target. Instead, look to how Walmart is rumoured to be considering the launch of a rival service.
So, if you’re a marketer working in social and you have a strong video proposition, you should have a broad smile across your face right now. Consumers are saying they want video on demand. Businesses are looking at how to get a slice of that action. And you just happen to be in the right place at the right time, producing high quality video content, that’s catering for a specific audience that enjoys consuming content at a time that suits them.
The key now is to not be complacent. If your current video proposition is good, then assume that your brand’s competitors will find inspiration in your work so it’s time to sit down with your wider marketing team and work out how you take video to the next level. The competition just got fiercer.