The Future of Entertainment: Beyond Netflix, Disney+, and Prime Video
Long gone are the days consumers would endure 5 minutes of ads to watch for free; now there is a subscription for almost everything. With the fast-paced nature of the entertainment industry, marketers and advertisers must grow with it or fear being left behind as the consumer continues to change. By Dean Nagib, Commercial Director, UK at MiQ
From traditional cable TV to Netflix, Disney+ and Prime Video - the entertainment industry isn’t what it used to be. Free from the wait, it is of no surprise that these channels quickly became popular among the impatient and home-confined during the country’s lockdowns.
While many of these ‘lockdown behaviours’ are beginning to phase out, there is no question that consumer habits have been permanently reshaped in some ways. Analysing pre-lockdown, mid-lockdown, and post-lockdown consumer behaviours will allow marketers to develop optimal marketing strategies that withstand the test of time.
Marketers will find that utilising a cross-media, programmatic approach of DOOH combined with online strategies is the strongest foundation to best understand, target and reach their audience.
40% Increase in TV Viewership
When compared with pre-pandemic days, TV viewership during lockdown had increased by over 40% - largely spread over movies and sitcoms, with the latter constituting of sports, news and other entertainment genres.
Favoured services such as Netflix, Prime Video, and Disney+ were great contributors to the accessibility of these entertainment streams. In the US and UK alone, just under 60% of consumers subscribed to more than two of these streaming services, with consumers in China taking the lead at over 70%.
With home entertainment being easily accessible, the attitude towards visiting theatres, adventure-theme parks and music concerts had completely changed. Less than 33% of consumers were open to visiting adventure parks or looked forward to in-person events, despite the rollout of the vaccination and safety protocols.
Outdoor Activities are Back
Since post-lockdown, the behaviour towards entertainment changed once again. With the reopening of outdoor activities and cinemas, movie-goers increased their spent time offline, including dining, shopping, and visiting the gym.
With mid and post-lockdown attitudes towards outdoor entertainment being so different, it’s important for marketers to consider how external factors can affect consumer behaviour. Without a doubt, the closure of entertainment venues forced consumers towards digital, increasing online opportunity in the UK by 108%.
As most public places have reopened by now, consumers have adapted once more.
Although streaming services make our lives easier, people still enjoy the experience of the outdoors. In fact, more than 65% of consumers started to look forward to attending sporting events and gaming arcades, regardless of fear of the pandemic.
How can Marketers Stay Current?
The return of offline entertainment was the initial signal for an economic upturn. As consumers find comfort in the idea of jumping back outside and indulging in spending money on entertainment again, marketers will have to re-align their targets.
While this may lead to the idea that more people will be subject to offline advertising, with ideals like remote and hybrid working sticking, it is important not to forget about consumers’ online habits and its surge of almost 120% across the globe during lockdown. Marketers must not entirely move their focus towards mediums like DOOH alone but harness both digital and offline strategies.
Combining these will create a solid cross-media approach and, utilising programmatic tools, marketers will be able to understand television viewers’ behaviours and patterns to target and reach specific audiences at optimal times. This will not only allow marketers to stay current, but also prepared for changes in the future.