Streaming video services are rapidly displacing the traditional ways in which people watch television. Consumers want immediate access to shows and movies rather than patiently waiting for a broadcaster to schedule the programming they desire. Researchers in Egypt have surveyed the streaming video landscape, more formally known as the Subscription Video-On-Demand (SVOD) sector, and found it to now be taking centre stage in the evolving entertainment landscape.
Writing in the EuroMed Journal of Management, Neveen Badr of Nile University, and Sayed Sharaf and Abeer A. Mahrous of Cairo University in Giza, Egypt, explain how the shift in the consumption of programming is seeing traditional television use dwindling in many places. As it does so, the multi-billion-dollar SVOD market continues to expand with the likes of Disney+, Amazon Prime, Apple TV+, Netflix, perhaps the most prominent proponents although many other services are vying for consumer attention and consumer subscriptions. The research looks closely at this global expansion but also focuses on the industry in Egypt where the “Watch It” streaming service is becoming well-known.
Demographically, SVOD services find favour primarily among Generation Y (the so-called Millennials who were born roughly between 1981 and 1996) and Generation Z (the “Zoomers” born around 1997 to 2012). Understanding their preferences is crucial for both local startups like Watch It and the internationally renowned industry leaders such as Netflix, prompting tailored content for different demographics. The study highlights the importance of customer choice and financial analysis in efforts to understand the streaming market.
Badr and colleagues point out that the ability of the larger streaming companies to weather a crisis like the pandemic, and perhaps even thrive, highlights their resilience and adaptability to changing consumer demands. However, society is changing, technology evolves, new players come and go, and even the political landscape can have an economic significance on how the SVOD industry changes. Moreover, where a crisis like the pandemic benefited those companies offering services that consumers could use at home during lockdowns, for instance, there may well be changes afoot in the ranking of the various players in the streaming market as demands become sharpened in the post-pandemic world.
Digital transformation and developing technology, changes in audience perception and demands, pricing strategies, subscription models, and content initiatives are all now emerging as key considerations for any streaming company hoping to compete in this still-burgeoning market. Most important, however, is to understand customer needs and behaviour. This would allow established companies to plan strategically for their ongoing success. But also allow competitors to emerge, grow, and provide increasingly tailored offerings to consumers.
Badr, N., Sharaf, S. and Mahrous, A.A. (2024) ‘Streaming wars: an analysis of the growth and competitive landscape of the subscription video-on-demand services market’, EuroMed J. Management, Vol. 6, No. 1, pp.23–41.
No comments:
Post a Comment