There once was a time where sitting through 18 minutes of ads to watch your favorite one-hour show was an unfortunate necessity in life. Today, however, a 10-year-old wouldn’t be able to distinguish a cable box from a DVD player and binge-watching a show for hours on end is the norm. Video streaming services have clearly been dominating the space for some time now, but television networks aren’t ready to go down without a fight.
Media conglomerates that were once disrupted by the likes of Netflix, Hulu, and Amazon are now entering the race to win back long lost customers. How will they go about doing it, you ask? Our best guess is by crafting impressively entertaining content. After looking at different trends in audience behavior on streaming services, marketers would be wise to take a similar approach when it comes to capturing and holding the attention of their audiences.
Over 600 million people are now subscribed to streaming services worldwide, and the average U.S. adult watches 6 hours of video per day. However, the popularity of streaming services doesn’t just tell us that consumers expect on-demand content from every media company. It also tells us that audiences are hooked on entertainment.
To feed our voracious appetite for both shows and films and, in turn, claim a healthy slice of the market, AT&T, Disney, Apple, Viacom, and Discovery all plan to launch their own streaming services this year.
This battle for market attention should push brands to raise the bar creatively, crafting content that their audience can’t help but want to consume. For instance, imagine if your audience held your docu-series in the same regard as Last Chance U, or if they listened to your podcast over This American Life while commuting to work? That would be an unprecedented level of resonance.
“This battle for market attention should push brands to raise the bar creatively, crafting content that their audience can’t help but want to consume.”
To survive and thrive in this war for attention, it’s time for brands to start tackling what the streaming service industry has already mastered — the ability to entertain.
When content marketing was first gaining steam, earning consumer attention by providing educational advice was a novel and revolutionary idea. Nowadays, educational content is rather ordinary, and people have become habituated to the standard listicle or ultimate guide.
Fortunately, the human brain is wired to pay instant attention to novelty and narrative, so crafting creative, story-driven content can attract and retain an audience. That’s why Netflix, Amazon, Hulu, HBO, Apple TV, and Disney spend the majority of their combined $24.5 billion annual content budget on original productions — they understand humans crave novel experiences.
71% of millennials are now subscribed to streaming services to watch original content. Additionally, the average American subscribes to 3.4 streaming services to access as much variety as possible. In other words, novelty sells.
In the content marketing space, Mailchimp has taken a page from the streaming services industry’s playbook by making sure Mailchimp Presents — their creative studio that produces original series — hits a diverse range of notes. In just eight months, Mailchimp released three docu-series, two comedy series, two documentaries, and two podcasts that all cover different (yet targeted) subject matter. And in the months since Mailchimp Presents officially launched, the people who have engaged with the original series tend to buy their products faster and spend more money with the software company.
Not all marketers should feel like they have to mimic Mailchimp’s showrunning moves, though. Since the content marketing space is already so flooded with similar-looking content, starting with a single, creative, story-driven series is enough to get started and cut through the noise.
While online video streaming is only 12 years old, the number of streaming-service-only households has tripled since 2013, and the number of cable-cord-cutters is expected to increase by 33% this year.
It’s easy to see why so many people are ditching cable for streaming — streaming services provide instant access to commercial-free content and personalized recommendations based on viewers’ history and preferences. On top of that, streaming is much more affordable than cable: subscribing to all four of the main streaming services, Netflix, Hulu, Amazon Prime Video, and HBO, is cheaper than subscribing to Spectrum Cable TV.
“The number of streaming-service-only households has tripled since 2013, and the number of cable-cord-cutters is expected to increase by 33% this year.”
Brands can easily offer these same benefits, too. One business that has emulated these qualities and has built a loyal, passionate audience is Yeti Coolers. As a company that makes coolers, drinkware, bags, and other gear for outdoorsmen, Yeti has crafted over 70 short stories and films about the pursuit of hunting, fishing, the outdoors, ranch and rodeo, and barbecue. All of their binge-worthy content is hosted on a single webpage that’s easy to find through their homepage, making it accessible for any visitor.
Any business can easily host their binge-worthy content on their own website, driving visitors to a home-base where they can consume more content at their leisure. And when it comes to making the content itself, brands can (and should) cater it to their specific target audience while leaving out any mention of their products, just like Yeti.
As marketers, investing in producing documentaries and original series might seem like a big risk, but if there’s one lesson to be learned from streaming services, it’s that our audience craves something that most brands have neglected to provide — binge-worthy content. Maybe channeling our inner screenwriter isn’t a risk after all. Maybe it’s our safest bet!