The streaming industry is more dynamic than ever. The meteoric growth witnessed in the past two years has left many of us wondering what's next? We know where we've been as far as the evolution of the streaming industry, but where are we going from here? How can top streaming platforms capture the trends while they're still hot, and what should industry leaders consider when it comes to the future of streaming? Most importantly, is streaming on track to stay viable?
We'll answer all of these questions and more as we binge the latest video streaming industry trends. Talk Shoppe has your simple guide to trends to watch out for, innovations that are catching everyone's attention, and what consumers are loving (and hating) in streaming platforms. Let's grab our favorite watch party snacks and dive in!
Consumer Trends to Watch in 2022 and Beyond
Viewers are the foundation of a streaming platform's viability. So what do consumers want out of streaming platforms and what will sustain lifetime subscriptions and increased engagement?
According to Nielsen's State of Play report, Americans increased their average weekly video consumption from "143.2 billion streamed minutes to 169.4 billion between February 2021 and February 2022." The report anticipates both viewing as well as overall platform usage to continue to rise when it comes to video streaming industry trends.
Ninety-three percent of viewers will increase the number of paid streaming services they use over the next year. This means where we'd previously seen households subscribed to a single streaming service such as Netflix vs. Hulu, more and more households are bundling and subscribing to multiple platforms. To capture this trend, many industry leaders are leveraging bundles to offer consumer discounts on multiple services.
One example of this strategy in action is the Disney+ bundle alongside Hulu and ESPN+. These platforms cater to families and offer a platform for everyone in the household to enjoy. That means there's no need for a family feud over which streaming platform to subscribe to.
The downside of the rise in multiple platforms is that consumers are overwhelmed by choice. A key prediction for determining what platforms will garner consumer attention and lifetime loyalty is how simple, user friendly, and personalized the interface is. Viewers are drawn to the easy to use design of industry titan, Netflix, for several core reasons.
The platform is visually appealing, boasts instant brand recognition, allows users to easily customize their profiles, and delivers on point recommendations based on user data and preferences. When a consumer is comfortable with a platform, they're less likely to want to switch to something new. Platforms like Netflix have become the comfort blanket of streaming—both simple as well as innovative with an ever growing library of content.
To sum up video streaming industry trends, Nielsen's states that: "We've moved from infancy into adolescence, and all the complexities that one would expect at that point. It's not just that streaming is increasing year over year. Now consumers want access simplified and the explosion of services has renewed discussions around bundling and aggregation. Ultimately, these challenges signal an opportunity as the industry harnesses streaming for long-term business growth."
Mobile Viewing Is on the Rise for Video Streaming Industry Trends
Gone are the days of being plugged into the TV. Today's viewers spend the majority of their time watching their favorite content from mobile devices. Whether this is a quick YouTube short or a full documentary, viewers are engaged by mobile content. Experts predict that mobile device viewership will continue to beat TV viewership in the next 10 years.
Trend savvy industry leaders can capitalize on this prediction by leaning into the mobile audience. Many top streaming platforms are offering bundled discounts paired with mobile phone plans in partnership with popular cell phone providers.
Others, like Netflix and Disney+, have taken great strides to create mobile friendly and downloadable content that users can anywhere in the world. It's not uncommon for households to watch their favorite series at the airport or enjoy a movie night while camping. Innovative video streaming industry trends are centered around consumer lifestyles. Understanding what devices are being used and how best to leverage this demographic will take streaming companies far in ensuring the viability and relevance of their content.
Live Streaming, Fresh Content, Community Engagement
One way streaming platforms are keeping viewers engaged is by creating a deeper connection between the audience and the content. Live streaming has shown high numbers of viewership, particularly when an anticipated event, new story, or season finale is given the live streaming treatment. This draws the same level of spectatorship as a traditional event with the added benefit of allowing users to connect with family and friends across the globe.
Interactivity is a big selling point in video streaming industry trends. Consider the user engagement that communities such as Twitch have been able to generate. Twitch boasts an impressive 7.4 million streamers posting new content monthly. Streaming platforms hoping to catch this trend should focus on providing fresh content and integrating live streaming to further build their community.
Similarly, more and more viewers are turning to sources like YouTube and TikTok for the latest news, trends, and products. This content is best delivered in short, digestible clips that hold users' attention without having to commit to a lengthy video. Further, these clips allow users to feel like they're a part of discovering breaking trends and events as they occur in real-time. This creates a positive relationship between viewers and their platforms of choice. Viewer community engagement is at the heart of video streaming industry trends. As such, fostering engagement will remain a top priority for industry leaders in the next 5-10 years.
There's no question about the long-term viability of streaming platforms. The only unknown is how industry leaders will leverage video streaming industry trends to take their content to the next level.
Want to learn more about how market research is driving the future of streaming? Contact us and our expert team today.
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