This surge in consumers has created a huge Indian OTT market, with more than 40 video streaming platforms, each with a different subscription plan to offer. The non-exhaustive segmentation of the platforms and their different plans has left consumers overwhelmed, confused and indecisive on platforms and subscription plans. Moreover, with an attempt to meet the ever-increasing demand especially during the pandemic, telecom operators have begun offering bundled subscriptions.
To better comprehend the rapidly evolving consumer steaming habits of Indians, Amdocs India released the findings of its ‘Streamer 2021 Report’. Having surveyed 1,000 consumers in India on their preferences around streaming and subscription services, the data revealed that a major chunk of Indian customers have higher levels of interest in mega bundle of content and communication services.
Below are key insights from the Streamer 2021 Report.
Subscription rates have grown, and the trend is expected to continue
Clearly, as the line between our personal and professional lives blur, our living spaces also serve as a as a workplace and classroom. Just over three-quarters (76%) of all interviewed consumers, regardless of whether they use satellite/cable services, now anticipate adding to their current membership. The most likely services they plan to add to current subscriptions are streaming video, wellness and e-Health products, and eLearning services.
Customers want a mega bundle
Based on the survey results, it’s clear that customers have a desire for a perfect bundling package where they can easily manage their payments and content. This is because if a consumer has a large number of subscriptions, he or she is more likely to encounter problems with managing payments. In terms of the different bundles that interest consumers, 79% of respondents prefer a bundling of video streaming, entertainment, and communication services.
Quality of content speaks louder than price
While people want bundles, most say they'd rather construct and pay for a package of items they're interested in rather than paying more for access to the provider's complete library. That’s why consumers are more likely to be satisfied if they can choose the content they want, as compared to the providers of any other subscription services. In fact, about 71% of respondents from the survey cite content quality as the primary reason for their loyalty to a media or entertainment provider as opposed to price (45 percent).
Whatever they’re viewing, over two-thirds (69%) of consumers expect their overall time spent on live and on-demand consumption to increase from the current average of 14 hours per week in the next six months, compared to the last year.
Consumers who are confined to their homes and looking for new ways to entertain themselves have benefited from the availability of multiple streaming options under one roof. To meet this growing demand, service providers are working on creating and offering personalised bundling options to their customers, keeping in mind both price and quality of content. The Amdocs survey shows that consumers value content quality over price, with flexible content options indicating how important bundling has become today.