The subscription video on demand (SVOD) giant is losing subscribers at a higher rate in today’s media landscape. How can an SVOD like Netflix grow its user base while generating multiple revenue streams?NFT offers one solution, he said.
Netflix lost 200,000 subscribers in the first quarter of this year, falling short of its long-standing track record of user growth. Because the landscape of media consumption has changed. For one, viewers are spending more time than ever on their mobile devices to consume content, as shown in Amagi’s Streaming TV Industry Report.
Recent headlines and a sharp drop in Netflix’s stock price indicate that the so-called “streaming wars” have turned. What was once a race to create the most compelling content is struggling to convert casual viewers into long-term subscribers. Streaming companies are considering moving to an ad-based model, but are reluctant for fear of audience backlash.
NFTs can be a powerful marketing tool for SVOD brands. / adobe stock
New Channels = New Revenue Streams
We’re not talking about new TV channels, we’re talking about new content delivery channels. Conceptually, there is not much difference between the two. A channel is a particular mode of consuming content as well as a particular mode of engaging with it.
The SVOD giant may have much better options for generating new revenue streams while building loyalty. And you can do it with the same approach that put streaming video on the map in the first place. That means taking the plunge and using new technology to deliver new experiences.
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When SVOD brands use tools that already exist today to give subscribers funding for shows they love, those subscribers can quickly turn into brand ambassadors.
NFT everywhere
Many people think NFTs are either unknowable, fraudulent, or both. This is exactly why SVOD providers should take them seriously. Not so long ago, similar skepticism was directed at the Internet.
“Crypto Winter” has arguably made the web3 space even stronger than before. It is, so to speak, the fat removed. Opportunists and villains are exposed and left behind.
Those who initially disrespected the internet had to catch up. Companies that accepted it gained a great competitive edge.
The same may eventually prove true for NFTs.
Audiences today want to be part of the action, get close to the talent and stories, not just great content. They want to be part of a community of other people who share their passion. They want to be actively involved in something that others are just sitting on the sidelines and want to perceive themselves as wanting to set trends.
SVOD companies already have premium content to attract their audience. All they need to do is tap into the behavior of a new generation of fans. NFTs can help you do just that.
NFT has become the ultimate social media flex. They’re a way for fans to express their ultra-fandom, pledging allegiance to a particular person, brand, idea, or lifestyle, and this is exactly the opportunity for his SVOD brand.
For example, an NFT series modeled after a particular show could drive social media interest in that show and lead to the beginning of a superfan community that also acts as a strong marketing team. SVOD can also leverage NFTs to offer fans new experiences. For example, a top-notch NFT of him can open the door to his Zoom meeting, invitation to an in-person event, or landing opportunity with one of your favorite actor’s girlfriends. role as an extra.
The conclusion is: The streaming war fronts keep moving. In this new technological era we are entering, NFTs can be a powerful tool for cultivating fan communities and inspiring new ways of marketing.
Teddy Zee is a film and television producer with over 30 years of experience in Hollywood. He served as EVP at Columbia Pictures, as SVP at Paramount Pictures, and is a member of the Academy of Motion Picture Arts and Sciences (Oscar), the Academy of Television Arts and Sciences (Emmy Awards), and his Guild of Producers of the United States. He is also the co-founder and chief business officer of his MINTNFT.
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