As the streaming market has become more saturated, the battle for subscribers is heating up. And it’s not just about getting new subscribers (though that’s massively important).
Managing the rate at which people churn out of the service is a key imperative for those hoping to find success in streaming. Recent Magid data shows that for more than a third of consumers, the intended duration when signing up for a streaming service is six months or less.
“As an industry, I think we need to slightly adapt the way we think about attaining subscribers and retaining them over time,” says Magid’s Mike Bloxham. In this video, Mike shares his perspective on the challenge of churn and the imperative for streamers, including setting realistic goals with more sophisticated strategies such as predictive modeling, dynamic messaging, CRM-based approaches, and more.