It’s no secret that times are financially tough for many households’ incomes. In moments like this, luxuries are often the first to get scratched from household budgets. That often includes paying for television and movie subscriptions.
Yet, in the digital age, with so much competition, streaming giants and movie studios need to keep new viewers coming in. Below, we discuss the ways the entertainment industry can stay strong and buoyant in the coming years.
Introduce Incentives
One area the streaming giants have yet to explore is the concept of bonuses and loyalty schemes. While retail and software providers have used this tactic for some time, giving people free items and discounts for repeat patronage, it has never been fully used in streaming. At most, new viewers will get a one-month free trial.
Bonuses could come in the form of added content for those who sign up for certain periods. It may be access to certain series, episodes, documentaries, or exclusive movie access before the rest of the platform get a title. An example of where this has worked well is in the iGaming industry and online casinos. As online gambling and sports books have opened in new states, incentives have been put in place to entice new customers. This includes cash bonuses and even free spins, which would work like extra content. As an example, you can learn more here about the upcoming changes in Maryland, where this is currently taking place.
Revitalise Properties
This is one that the industry has been doing for some time, and there are arguments both for and against it. For many, it seems that the barrel of Marvel and Star Wars films has been truly scraped, along with other properties such as Transformers. Yet there are still a host of unique, exciting older shows and movies that can be brought back to life.
Examples of this can be found all over, but a great attempt has been the recent rebooting of the Masters of the Universe franchise. A younger viewers cartoon and a more adult animation have been released, and a motion picture is in the works. This covers the whole age range from parents who loved the original, to the hardcore fandom and the casual market.
The argument against this is that funds going into reinvigorating old properties prevent new ideas from realisation. This churning up of old ideas is a safety net for companies, as they know people will come to see properties based on the name and nostalgia alone. Very often, this diverts money from new ideas.
Diversify
The ultimate solution is for studios and streaming operators to diversify into other areas. For streaming and productions, the most obvious of these is to go into gaming. Netflix has already begun to make moves towards this by buying small development studios. Warner Brothers also have a large gaming division. However, this costs a lot of money.
A safer way is to licence out properties, which often already happens. Not all games are huge blockbusters. Some get developed by small studios for casual markets and can prove to be lucrative, not just financially but in terms of raising brand awareness.
