There is a word that you may not even have heard before, but it strikes fear in the hearts of streaming executives. That word is “churn.”
This simply means the act of a subscriber cancelling their account, and in a time where it’s as easy to lose someone as it is to bring someone in, these are the numbers everyone is worried about. And they should worry, according to this article:
According to Deloitte’s survey of 1,100 people in October, 46% of respondents canceled at least one streaming service in the last six months. That’s a dramatic increase from the 20% who said in a similar January survey that they’d canceled a service in the previous year. Of the people surveyed who canceled a streaming subscription, 62% did so because they finished the show or movie that they had signed up to see, Deloitte said.
The ease with which people can cancel a streaming service may be convenient, but it certainly has complicated matters for the services themselves. Also from the article:
Westcott predicts companies will increasingly try to improve users’ experience on their apps in 2021 by improving the use of data and recommendation technology. Streamers have far greater access to their customers’ preferences than traditional TV channels, which also should help them improve how they target advertising, if that’s part of their business.
So if streamers are concerned about churn and how to make their subscribers’ time on their platforms better, then they need the best tools to make that happen.
With Resonance AI, a streamer can take full advantage of their content and viewer data to create the most comprehensive presentation of their library.
With the use of machine learning, Resonance AI can home in on specific preferences by viewers, as well as create far more reliable recommendation engines.
Instead of having humans make decisions on what kind of content appeals to a certain audience, a dive into all the elements of the content can surface similarities that can only be found through AI.
Additionally, for those streamers that are ad-supported, determining what kind of ads are best for certain kinds of content is another way to keep viewers happy and still watching.
People have enough options with streamers that they’re getting fickle and need to be persuaded every day to stay away from the Unsubscribe button. One of the most reliable ways to do that is using Resonance AI.