We are currently living in a consumer-dominated world. Just as retailers are constantly looking for ways to impress customers and provide immediate customer service, the same applies to the world of entertainment and media (E&M).
This industry has undergone major changes since the era where we all got excited watching the news or the annual Christmas special on our small TV sets. Today, small players are competing with the major actors by providing direct-to-consumer media-streaming opportunities.
Breaking down traditional TV barriers
Thanks to pioneers Netflix and Hulu for breaking down traditional barriers, many new players, including ones offering more selection and a la carte channel offerings, are taking advantage of this market transition and effectively changing the industry itself.
So what does this mean for consumers and will those new players, some of them startups in their own right, be able to live up to demanding expectations of media-hungry consumers?
After all, as more companies spring up, public demand for innovative video-streaming solutions has risen and will likely explode in 2017.
The Rise of A La Carte Industry-Changing Players
For consumers, the changing industry brings with it numerous options, all of which empower the consumers directly. For starters, there is the option to save money on generic cable television subscription packages that are often quite costly, more or less three to four times the price of a basic live-streaming package that can be easily found on the market. Sling TV and PlayStation Vue are dominant examples of internet-based television streaming services that provide users with this type of cost-effective access.
Secondly, the option to watch their favorite show from the comfort of their smartphone or tablet is consistent with changing millennial consumer lifestyles, ones that are synonymous with always being on the go and/or late for a meeting. Just imagine bringing your old school TV monitor on the bus with you. This doesn’t sound too in tune with 2017, right?
Finally, and perhaps most importantly, with the advent of new a la carte live streaming solutions, consumers now have the flexibility to watch their favorites or choose specific channels to add to their plans. For instance, VIDGO, a rising startup in this online streaming E&M space, has understood the value of adapting their service to meet modern consumer flexibility demands.
They recently introduced a feature that allows users to pick and choose from various shows and movies while also being able to access local programming channels as well as in-demand live TV stations, from sports to local news.
More Choices Empower the Consumers
So with the recent flooding of new and dynamic live streaming solutions, the changing E&M industry has become increasingly customer-centric. We are now accustomed to being able to choose from various online streaming providers and less on the giant cable television companies that, let’s put it frankly, are known more for their lengthy contracts than for outstanding customer service.
The rise of a la carte live streaming solutions is very much welcome, especially given the changing consumer lifestyles that largely stress flexibility and mobility.
The Future is All About Staying Relevant and Being Customer Attentive
It will be interesting to see how the above-mentioned live streaming players as well as similar actors maintain their services and competitive edge.
While the transition from traditional TV subscription plans to today’s more versatile internet-based streaming options positions the customer in a more empowering role, independent streaming providers will need to make sure this hype is supported by fast streaming speeds, outstanding customer service, and friendly prices. These will also be required in order to both acquire new customers as well as keep customers satisfied.
Finally, to sum up, the question of being able to survive in this competitive market comes up quite often when discussing the realm of live streaming. For independent providers to not only survive, but to thrive in this space, they will need to differentiate themselves among other players by providing a better and complete experience for consumers.
This will take really understanding the behavioral insights of the viewers and marketing them accurately based on their past behaviors, wants and desires. While such efforts will require resources and likely result in a number of pivots, this will help emerging players establish relevance as well as a vital relationship with their audience – media-hungry and often demanding consumers.
This post is part of our contributor series. It is written and published independently of TNW.