Nowadays, data isn’t only informative but is also key to making thoughtful and effective decisions. Streaming platforms are extremely popular, and businesses desire to be spotted on them. Additionally, producers want to know how to make their content more attractive and tempting to viewers. However, usually, only streaming platform owners have the full package of information necessary for estimating the value of the content or its performance. Considering the fact that because ads are becoming more popular in subscription video-on-demand (SVOD) platforms, it is time to change the game rules and equip the entertainment industry with trustworthy insights and data coming from SVOD services, time to explore the world of streaming content.
Why is SVOD data an almost unknown landscape?
Have you ever wondered what or who decided if this, that, or which content would be successful or, on the contrary, a complete disaster? How do SVOD platforms decide to cancel a show and not continue its production? Fans and commentators often detach themselves from the fact that entertainment is a business, and businesses are all about money and metrics. Fandom does provide a boost, but as outsiders, we will never know the full reasoning behind any of these decisions unless we are explicitly told by the decision-makers. Viewership, time spent on a title, completion rates, binge worthiness, reactivation of light and heavy viewers, and more are engagement metrics often taken into consideration when deciding if content is successful. But still, we are just bystanders in the process of describing as much of the reality as possible. Without knowing the internal KPIs, the cost of production, and licensing, we lack an important part of the picture to explain why canceling something was a good decision.
Consider the show 1899, whose cancellation took many by surprise. The data shows that 1899 was slightly more “addictive” to U.S. viewers. The show’s audience only needed six days to complete the series. However, when the length of the show was taken into consideration, one can say that “the point of no return” for the show was two episodes before the finale.
So why did Netflix cancel the show?
One reason may be the changes in global streaming habits. Nowadays, when more engaging content is just one click away, it’s essential to get viewers hooked as soon as possible. For comparison, Wednesday premiered only one week after 1899 and captured almost four times more (42M) unique viewers in the U.S. within its first seven days on Netflix. Wednesday’s audience needed only four (out of eight) episodes to stay with the show until its finale. Thus the need to explore the world of streaming content.
Who needs data and why is it important?
The SVOD data insights are necessary to support studios and producers by conducting market research on consumer preferences and trends. This can include analyzing data on streaming viewership as well as providing insights on potential new markets and distribution channels.
Large networks are also interested in data. Networks need a platform to help in audience research, competitive analysis, programming decisions, and business strategies. Additionally, brand awareness and perception research can help networks improve reputation and gain a competitive edge in the entertainment industry.
Additionally, Talent agencies are an enormous part of the SVOD data business. Agencies are keen to know how to optimize content creation, actor selection, and marketing strategies. Reliable and detailed SVOD data help talent agencies remain ambitious against competitors and maximize revenue potential.
The World of Streaming Content
Overall, a wide range of business branches can benefit from access to deep, comprehensive, and updated information about viewership on SVOD platforms. Even fast-moving consumer goods (FMCG), consulting, and advertising companies are watching multiple platforms closely because when ads appear on SVOD, companies need to know when and what to promote via Netflix, HBO Max, or the world of streaming content and platforms. This also helps companies effectively manage media budgets. All in all, data is king.