There is fierce competition for your money. Everyone is trying so hard to get a slice of your hard-earned funds, and it appears that you cannot stop them. Do you know why? Because they entertain you.
Wait, before you start combing through your bank statements in search of these competitors for your money, you need to first open up those streaming applications and devices. Those are the culprit, the ones doing all they can to be the sole custodians of your money.
Digital entertainment streaming has already reached dizzying heights, and there is a lot of promise in the space. However, the competition to be number one among customers brings another interesting twist to the sector. It is similar to an E Sprts contest, and every player is trying to outsmart the other. As many experts predict, these twists will largely shape the sector, at least for the nearest future.
But isn’t it exciting that you can now have an opinion about your entertainment? Gone are the days when your entertainment options were limited, and you simply had to take whatever the TV stations threw at you. These days, right from your phone, smart TVs, computers, and other streaming devices, you can create a sort of special entertainment menu that matches your palate and satisfies your entertainment cravings.
The competition in the digital entertainment space has placed customers in their rightful position. Customers used to be the subjects of entertainment platforms in the past. Giving customers quality entertainment options seemed like a possibility reserved for parallel universes. Now that the competition is happening right before your eyes, you can only wish for this battle to continue so that weaker services will be replaced with stronger ones that are better at meeting your needs.
The rise of digital entertainment streaming
Since its inception, digital entertainment streaming has fought several battles to own a place in your heart. The battles started with digital entertainment streaming versus terrestrial television. Digital entertainment streaming has largely won that battle because it offers viewers the chance to choose what they want to watch when they want to watch it.
Terrestrial TV operated with many restrictions, but it didn’t realize that it had a limited hold on viewers. They say content is king, and it was true for Terrestrial TV for decades. Viewers were subject to its dictates, and any attempt to voice an opinion was silenced and knocked dead on arrival. Terrestrial TV was a vicious king who ruled without any thought for his subjects.
The internet’s arrival signaled the birth of the “promised Messiah” – the one who will liberate viewers from the shackles of terrestrial TV. And before anyone could blink, digital entertainment streaming knocked off terrestrial TV from the scene.
For more than two decades now, terrestrial TV has not recovered. It still has its kingdom, but its loyal viewers have moved on. The nascent rise of digital streaming won over people’s hearts by going against the very fundamentals of terrestrial TV.
Digital entertainment streaming reaffirmed content’s place in the scheme of things. It is interesting to see the quality of content they keep churning out daily. The competition for your money by these digital entertainment streaming platforms does not start and end with you; they first have to fight and lobby to own content, and only then can they try to lure you with their offerings.
From YouTube to Netflix, Hulu, Disney Plus, Amazon Prime, and others, no one can rest on their oars as viewers no longer exhibit loyalty traits. If you cannot offer quality content or the latest content, watch viewers jump ship without blinking.
Before now, digital entertainment streaming used to operate as a monopoly. Whereas YouTube stood out as the largest content library, it didn’t really stand out for its entertainment prowess. Still, Netflix was the gigantic force that dominated the entertainment streaming space. Everyone was jostling for a piece of Netflix, from content producers to viewers. The big names felt they were invincible, but if they had probably drawn essential lessons from the sorry case of terrestrial TV, this competition they are trying so hard to dominate now might not have seen the light of day.
How are the digital entertainment streaming platforms competing for your money?
The battle for your money is not only restricted to quality content. It is happening simultaneously on many fronts. Every digital entertainment streaming platform that wants to remain relevant keeps trying different strategies to help them scale through.
Here are some of the many aspects that are shaping this battle for your money among digital entertainment streaming platforms:
Digital entertainment streaming platforms are trying hard to offer quality content while keeping their subscription costs relatively lower than their competitors. Quality content is not cheap, but viewers may turn it over to other platforms if overpriced.
To compensate for the cheap prizes, some digital entertainment platforms are starting to accommodate more adverts to increase their revenue. For many viewers, adverts are deal-breakers. Netflix recently announced a loss of over 200 000 subscribers in Q1 of 2022. This loss is partly because of rumors about Netflix exploring advertisement options.
The race to own movies, especially the vintage licensed movies, has been a big battle among digital entertainment streaming platforms. Even traditional production companies like Disney Plus have entered the scene with their vast library of classic movies. Despite this, they still have to compete with Netflix, and others continue to win producers over to their side.
Easy user interfaces are also a major factor that drives viewer retention. From Disney Plus to Netflix, the content libraries have evolved to meet viewer demands. Changes in playback, audio and video autoplay, navigation, and title suggestions are regularly tweaked in line with viewer trends data.
Viewers typically want to have all of their needs met in one spot. Most digital entertainment streaming platforms have started to add content, especially live content that is different from their original offerings, to satisfy their customers. Additional services will form a huge trend in the digital entertainment streaming space in the nearest future.
Digital entertainment streaming is poised for gigantic growth that will drive many significant changes in the nearest future. However, in all of these, the competition for your money will remain top on the agenda of these entertainment streaming platforms. As things stand, the elevated status of viewers is unquestionable, and anyone who cannot serve viewers as they want should be ready to succumb to the fight from other digital entertainment streaming providers.