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There is no loyalty in the world of entertainment as globally 43 per cent of all the media and entertainment apps are abandoned within a month, according to a report by mobile marketing platform CleverTap.
According to the California-based company consumers are abandoning the OTT (over the top) platforms and switching to another are due to four primary reasons such as poor experiences across devices such as mobile or TV, lack of personalised content, difficult consumer on-boarding and lastly, limited or poor quality content.
CleverTap, a B2B platform that works with some of the largest media and entertainment (OTT) app providers to help them analyse customer behaviour and build customer engagement strategies, has analysed over 8.7 billion data points across 100 million devices and 80 million unique users for this report.
According to CleverTap, the OTT segment witnesses a very high churn rate at 67% with people switching from one app to another in less than two weeks.
Marketing strategies
However, even in this competitive market, home grown OTT platform SonyLIV has been able to stay ahead of the competition against global giants such as Netflix and Amazon on back of its data driven marketing strategies such as personalised user experiences based on content and devices, diversified content such as sports, drama, thriller and a fine balance between regional and international content.
“Data-driven marketing approaches, powered by AI and machine learning will help create a sustained competitive advantage that will be a game-changer for any brand that wants to be top of mind for their customers – and their wallets,” said Almitra Karnik, Head of Marketing at CleverTap.
She further added that in the highly competitive OTT segment, it is easier to acquire users than retain them and that the brands must not only focus on acquisition, but also know how best they can deliver value to their customer and keep them coming back for more.
According to a Frost & Sullivan’s report, India’s OTT video services market earned over $37 billion in 2017 and is expected to grow at a compound annual growth rate of 17.3% over the next five years.
Karnik further added that in a bid to differentiate from others, the companies should use their own data to understand what the needs are during various stages of a consumer’s lifecycle.
Citing Netflix’s example, Karnik said that the OTT giant has seen its market share grow by focusing on original content with their ability of data analysis to effectively target users based on demographics and psychographics among other parameters.
She said that by taking insights for instance — 26% of new users played media at least 3 times within the first month — companies would be able to influence the users to watch content at least 3 times in the first month
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