How can the entertainment industry attract new audiences?

It’s no secret that times are financially tough on many families’ incomes. At times like this, luxuries are often the first to hit household budgets. This often includes paying for television and movie subscriptions.

It’s no secret that times are financially tough on many families’ incomes. At times like this, luxuries are often the first to hit household budgets. This often includes paying for television and movie subscriptions.

However, in the digital age, with so much competition, streaming giants and movie studios have to keep new viewers in. Below, we discuss ways the entertainment industry can stay strong and vibrant in the coming years.

Introduce incentives

One area that the streaming giants have yet to explore is the concept of bonuses and loyalty programs. While resellers and software vendors have used this tactic for some time, giving people free items and discounts for repeat patronage, it has never been fully utilized in streaming. At most, new viewers will get a one-month free trial.

Bonuses could come in the form of added content for those who sign up for certain periods. It could be access to certain series, episodes, documentaries or exclusive access to movies before the rest of the platform gets a title. An example of where this has worked well is in the iGaming industry and online casinos. As online gambling and sports betting have opened in new states, incentives have been put in place to attract new customers. This includes cash bonuses and even free spins, which would work as extra content. For example, you can learn more here about upcoming changes in Maryland, where it’s currently taking place.

Revitalizing properties

This is what the industry has been doing for a long time and there are arguments both for and against. For many it seems that the barrel of Marvel and Star Wars movies has really been scraped, along with other properties like Transformers. Yet there are still a number of unique and exciting old shows and movies that can be brought back to life.

Examples of this can be found all over the place, but a great attempt was the recent Masters of the Universe franchise reboot. A cartoon for younger viewers and animation more for adults have been released, and a film is in the works. This spans the entire age range from parents who loved the original, to hardcore fandom and the casual market.

The argument against this is that funds intended to rejuvenate old properties prevent new ideas from being realised. This reshuffling of old ideas is a safety net for companies, as they know people will come to view properties based on name and nostalgia alone. More often than not, this diverts money away from new ideas.

Diversify

The ultimate solution is for studios and streaming operators to diversify into other areas. For streaming and productions, the most obvious of these is getting into games. Netflix has already started moving in this direction by buying small development studios. Warner Brothers also has a large games division. However, this costs a lot of money.

A safer way is to license properties, which often already happens. Not all games are big hits. Some are developed by small studios for one-time markets and can prove lucrative, not just financially but in terms of increasing brand awareness.

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