The COVID-19 outbreak has caused an abrupt change in our daily lives, resulting in ripple effects that will be felt for years to come. Within the media industry, these ripples may even permanently change the way we watch movies, listen to music, and consume content. To its credit, the industry has continued to move forward, looking for opportunities to innovate, and change the way customers interact with existing brands and platforms. From new products such as Quibi, to the controversial success of Universal Studios Trolls World Tour, it’s been an eventful few months — and it is critical that media companies are able to continuously adapt to the current circumstances.
To provide additional insight and recommendations to media companies, our product and growth teams have put together a whitepaper on How Digital Media Companies Can Adapt to Consumer Shifts During COVID-19.
What Has Changed?
1. More Consumption
Since the pandemic began, media consumption has generally increased, even though there are sizable changes in behaviors such as content preferences, feature usage, viewing habits, and more. To capitalize on the increased consumption, media platforms have experimented with changes to pricing structures, longer trials, and more ungated content.
2. Broader Audiences
The mandated quarantine has also greatly expanded certain demographics, such as children who require frequent engagement while their parents are busy working. Streaming services are taking a page out of Netflix’s playbook, adding new content crafted just for kids and meant to do a variety of jobs, from serving as a distraction to replacing education. As new features and content are added, services are testing to see whether or not they should be expanded upon.
3. Increased Competition
The launch of HBO Max, to be imminently followed by NBC’s Peacock, as well as Spotify’s podcast acquisitions (The Ringer and Joe Rogan) show the competition in the media industry is only heating up. According to a briefing by The Information, 37% of people said they would likely cancel a streaming video service first if they needed to cut costs — with more SVOD players entering the field, media companies need strategies to capture and maintain the attention of their audience.
How to Move Forward
It is imperative during this time that media companies adopt strategies to move their businesses forward across customer acquisition, engagement, and retention.
Acquisition: How are you reaching the now-broader audience of digital media consumers, many of whom are first-time users? Are your content and product strategies aligned and attractive to the needs of users?
Engagement: How do you stay connected to your readers in a way that provides value, especially during a time when digital connection has to replace in-person connection?
Retention: Are you continuing to innovate the product experience via build, measure, learn cycles that quickly and iteratively enhance the customer experience? How are you creating an experience that your users feel that they can’t do without?
In our whitepaper, Adapting to Digital Media & Entertainment Consumer Shifts during COVID-19, we cover how media consumption has changed, as well as the strategies Netflix, Disney, and others are using to increase customer acquisition, engagement, retention.
Download the whitepaper to learn actionable insights for media companies to shift their strategies and meet or even exceed customer expectations in the midst of COVID-19, and beyond.