What are the most used streaming platforms in the world

Users increased the time they consume content on screen, especially through streaming. These habits did not diminish despite the lifting of the restrictions generated by the pandemic. This is revealed by the latest report by Boston Consulting Group (BCG) Streaming Viewers Aren't Going Anywhere.

The investigation showed that consumers have subscribed to at least three streaming services since the beginning of the pandemic and are still subscribed to them.

Audience remains focused on four main video-on-demand (SVOD) subscription services: Netflix (approximately 70% of respondents use or pay for Netflix), Amazon Prime Video (59%), Hulu (41%) and Disney+ (36%).

For its part, HBO Max, which launched in May 2020, has a user penetration that is now around 20%. In addition, the report concluded that companion and sports content platforms run the highest risk of cancellation by users.

The effects of the pandemic are far-reaching and are here to stay. Fifty-five percent of respondents said they spend more time watching content through streaming services than they would if it weren't for the pandemic.

The report also indicates that users are more likely to get their streaming recommendations from friends and providers. 74% of respondents selected recommendations from friends as one of the main reasons behind content selection.

In turn, 43 per cent of respondents rated these recommendations as the main reason. Meanwhile, 68% of consumers select their content from what providers suggest with some tools such as “see below”.

“It's clear that streaming is here to stay and that new platforms are at a key moment to gain an advantage. Even so, all their efforts must be focused on meeting the expectations of viewers, since the choices made by the user are mainly influenced by the recommendations of friends, in addition to what the provider offers,” said Cristián Carafí, Managing Director & Partner of BCG.

The results of the survey suggest some issues that streaming platforms should consider when retaining their audience:

1. Customer retention is paramount, especially when it comes to new users. Viewers have a lot of options. Change is easy and the willingness to do so is high, especially when it comes to non-basic services.

2. Content is still king. Viewers constantly claim that interesting programs take them to the platforms they watch. They will keep their subscriptions if the platforms offer more content they want to see.

3. Viewers look to service providers for suggestions on what to watch next, which underscores the importance of giving these choices.

4. Making it free can help. AVOD (Advertising Video on Demand) services are a model of content delivery where the user has free access to videos but these clips contain advertising inserts, as is the case in Tubi and Pluto. Services of this type, which are supported by the advertising model remains an option.

Since AVOD services often do not win with new premium content, but rather satisfy their user base with varied video libraries, many players offer a tiered pricing model that leads to paid, ad-free viewing. This could also be an opportunity for smaller SVOD companies to diversify their revenue streams and increase their user base.

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