CAMBRIDGE, U.K.—With consumers struggling to manage a plethora of subscriptions, a new survey has found that companies who have begun offering bundles of streaming music and video are reporting positive reactions.
A new Bango survey found that 71% of telco leaders in the U.S. and the U.K. say they have seen a boost in customer retention and acquisition off the back of video streaming bundles and deals.
The findings put SVOD (Streaming Video on Demand) subscriptions at #1 in terms of effectiveness for driving new sign ups and retaining existing customers, closely followed by music subscriptions and sports streaming services.
The survey found that the top subscription deals driving acquisition and retention include streaming video services (71%); music streaming services (68%); sport streaming services (64%); food delivery subscriptions (59%); health and fitness subscriptions (57%)
Other bundles that have proved effective include audiobook services (54%), gaming subscriptions (53%) and even subscriptions for workplace and productivity apps (51%).
With the global subscription market set to grow by $268bn in the next three years, offering and bundling subscription services puts telcos at the heart of a fast growth, high value consumer market, the researchers said.
“By leveraging the power of Super Bundling, telco companies can elevate their ability to attract and retain customers,” explained Anil Malhotra, Bango CMO. “This comprehensive approach ensures that telco leaders remain relevant and valuable to their subscribers, unlocking the appeal of third-party subscriptions by providing consumers with offers and bundles tailored to their specific preferences and lifestyles.”
“By deploying a market-proven technology, already compatible with a wide range of popular subscription services, telco leaders can optimize the management and delivery of Super Bundling, making it easier for customers to access and enjoy their array of services,” Mahotra added. “Attempting to build a Super Bundling platform from scratch is both costly and time consuming, so the right technology and expertise is essential to ensure they deliver the quality experiences that customers’ increasingly demand.”
The researchers also argued that companies should look to combine all of these subscriptions into a single “Super Bundling” content hub — something which 78% of US subscription users explicitly asked for in a recent consumer survey; 63% went as far to say they would pay for more subscriptions if they came as part of a centralized content hub.
According to previously released Bango data, 88% of telco leaders have plans to launch their own all-in-one Super Bundling content hubs, while 87% say Super Bundling will be a key source of competitive advantage. These all-in-one offerings are already starting to emerge with the likes of Verizon +play in the USA and Optus SubHub in Australia.
The full study is available here.
