NEW YORK—In another sign that consumers are feeling overwhelmed by the available streaming content, a new survey of 3,000 people by Movable Ink has found that more than half of consumers (52%) in the U.S., Canada, the U.K. and Ireland feel that four or more streaming services are too many.
The survey also found that brands in general–not just streamers–need to find better ways to communicate with customers and to personalize those communications if they want to retain their loyalty in a very crowded marketplace.
Over two-thirds (68%) of consumers say they are likely to be a loyal customer and purchase more of a brand's products if they're engaging and building personal relationships with them and over half (51%) of U.S. consumers reported they would be more likely to trust the brand that sent them personalized communications, which is an increase of 6% from the 2021 survey.
At the same time, privacy remains an important issue with 20% of consumers saying a lack of transparency around how brands use data is a top concern. About 40% said misuse of personal information would cause them to cancel services or not purchase from the company.
In specific questions about streaming, the survey highlighted several things that are effective in terms of getting consumers to use the service, which in turn is important for retaining subs.
About 18% of consumers said original content was the most compelling reason to watch or listen to content, followed by new episodes for previously watched content (17%), trending content (14%), a reminder of what’s on their watch/listen list (13%), a reminder of unfinished content (6%), and word of mount (10%).
When asked about what types of communications they wanted to receive from streaming services, 35% said they wanted notifications of new episodes for previously watched content, followed by notifications of trending content (25%), notification of original content (24%), reminders of what’s on their watch/listen list (24%), and a reminder of unfinished content (21%).
"A spotlight on data privacy regulations, tech changes, and consumer preferences has caused a tectonic shift across the marketing industry. However, despite the ever-changing landscape, our latest research reiterates consumers' calls for more personalized experiences and that they're willing to exchange data if it means a more tailored brand experience," said Vivek Sharma, CEO at Movable Ink.
The full report is available here.
