We now have more choice than ever before. Whether deciding where to purchase their weekly groceries, or picking out a hotel for a weekend break, consumers are able to browse through a number of options, before deciding which product or service best meets their personal needs and requirements. The entertainment sector has arguably felt the impact of this development more acutely than others, as individuals increasingly demand access to high-quality content, and seek to explore various genres, niches, and visual formats. This space has recently become incredibly competitive, as rival entertainment companies consistently implement unique and innovative marketing initiatives in the hope of attracting new customers.
Alternate routes to the loot
Not all modern-day enterprises need to execute a progressively more creative advertising strategy, even in situations where they’re experiencing surging demand for their goods and services.
For example, within the online gambling industry, it’s been proven that long-standing marketing methodologies still resonate extremely well with customers, as digital casino operators continue to deploy free spin promotions, deposit match bonuses, and access to daily jackpot games to entice players to visit their respective platforms. We can see these traditional tactics in action when reviewing the current promotional activity of gaming and sportsbook firm Betfair, which regularly commissions an array of top casino bonuses and offers targeted at both new and existing members. These include a 50 free spins bonus when new players make a £10 deposit, daily cash drop giveaways, and their ‘Prize Pinball’ game, which enables users to access an instant prize each day.
In order to best illustrate the nature of marketing within the entertainment sector, it’s worth reflecting on the methods adopted by streaming platforms, who find themselves at the coalface of this wave of heightened public expectation.
Netflix, the planet’s most popular video streaming platform with approximately 232.5m subscribers, deploys a range of imaginative techniques to tempt consumers, such as enabling content to be viewed across all personal devices and allowing users to cancel/adjust their membership plan at any time. When signing up to Netflix, prospective customers are given three subscription options; standard with advertisements, standard, and premium.
Each ‘package’ offers a different streaming experience, whether it be the presence of advertisements (obviously!), the volume of individuals permitted to access the account, or available picture resolution quality, and a staggered pricing system is in place. Installing a tiered membership structure is an intelligent ploy, as customers feel as if they’re only paying for the specific services they need, and it creates a sense of intrigue and exclusivity around the most expensive packages.
Two other major players in the streaming world, Apple TV+ and Amazon Prime, both leverage the multi-faceted nature of their respective parent businesses, using ‘bundle’ packages as a tactic for recruiting new members. In Amazon Prime’s case, subscribers are provided access to other Amazon services, such as ad-free music streaming, photo storage, and one-day delivery on their shopping platform. Similarly, customers can save money by banding together their various Apple subscriptions when purchasing an Apple TV+ membership, amalgamating their monthly payments for services such as Apple Music, Fitness, News, iCloud, and Arcade.
More of the same…
As this colossal market continues to grow at a rapid rate of knots, and contemporary consumers become ever more demanding, it’s likely these companies – and their industry competitors – will need to constantly pioneer new ways to generate revenue.