The team at Antenna reports a staggering 300% increase in subscription cancellations across streaming platforms. They’ve also identified a notable trend: “show chasers” who migrate from one service to another, following their favorite series.
This revelation is hardly shocking.
As recent Parks Associates data suggests, with an overabundance of general entertainment streaming services and loyalty hitting rock bottom, streaming services that rely solely on content are missing the mark.
Legacy media companies are inherently content-driven—this is their core identity, and despite their claims of technological sophistication, it likely won’t change. Yet, believing that merely offering a steady stream of high-quality shows and movies will keep subscribers engaged in 2024 is increasingly unrealistic.
This approach encourages a ‘hit-and-run’ style of consumption—viewers come for the show and leave as soon as it ends, with little incentive to stay.
“But Kirby, the library content.”
The problem is everyone has library content now. Even Apple TV+.
Take a cue from apps like Temu and SHEIN. Did I really need that bamboo spork? Of course not. Yet, these platforms have transformed into compelling hubs where browsing and transacting become part of your daily or weekly routine. Streaming services should be taking notes.
While we acknowledge that Temu is facing legal challenges in the EU, and can’t comment on the alleged “manipulative” practices unrelated to our discussion, the fact remains that the company is excelling in user engagement. This is a key area where streaming platforms can learn valuable lessons.
I’m ambivalent about the term ‘gamification,’ but it’s become relevant. Gamification is more than just accumulating points, coins, or unlocking badges. It’s about crafting an engaging, interactive ecosystem that rewards viewers for their loyalty and participation.
Why not offer rewards for binge-watching a season, participating in a fan poll, or attending a virtual watch party?
I’m brainstorming.
Your profile could present fun challenges that encourage you to explore new genres. It might even display how you compare to friends or suggest group watch sessions based on what your circle enjoys.
Certainly, content rights issues might complicate some of these ideas, but this innovative thinking is exactly what streaming platforms need. It’s about creating a more enticing, rewarding environment that attracts viewers for the shows and the entire platform experience.
Moreover, we can’t overlook the importance of community. Introducing features like shared watch lists, viewer leaderboards, and real-time reaction feeds can foster a sense of belonging. This is about creating a communal viewing experience akin to enjoying sports or live events, turning every episode or movie premiere into a significant event.
Ultimately, when every service offers content— and even exclusive content— that alone isn’t enough. An overwhelming amount of content is available; realistically, some will go unwatched.
As viewers, we seek more interaction, engagement, and reasons to remain on a platform after the credits roll.
Streaming services that recognize this shift and innovate beyond being digital libraries will transform casual viewers into dedicated fans.
