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every+one, Trends, Featured

Entertainment: The streaming wars have only just begun

 2020 was a great year for video streaming companies. Around the world, most people were forced to stay home with no other option than to binge-watch movies and series. Even after lockdowns ceased, many kept their streaming habits. In Singapore, the imminent arrival of global giant Disney+ will soon be pushing local and regional players out of their comfort zone – to the benefit of consumers. 

Our data shows that Netflix is king in Singapore… for now. Many Singaporeans still do not subscribe to a service, representing an untapped opportunity for a new provider who meets their content/pricing needs. At 57%, Netflix dominates the Singapore market, with YouTube TV (22.5%) and Amazon Prime Video (15.7%) trailing behind. Some 30% of Singaporeans do not subscribe to any digital streaming service. For those who will consider a new subscription service, Disney+ (22.2%) leads the way, followed by HBO Max (13.8%) and Discovery+ (13%).

Apart from acquiring market shares, a key challenge for streaming providers will be potential over-saturation of Singapore’s small market. Most Singaporeans already think there are too many options available (even at this early stage), and many are not keen to add an extra subscription service to their existing ones. Two in five (39%) do not want to add another streaming service. So platforms are going to have to really differentiate and build in new services and offers over time to win over new customers.

In this context, streaming providers will have to work hard to stand out. What will be a key factor in their success? Price is at the top of the list when it comes to choosing a streaming service – but it is not the only criteria.

72.5% of Singaporeans put price as the main reason they choose a streaming service over another, but original and exclusive content also comes into play (51.2%) followed by the fact that it comes bundled with other offers (38.5%). These findings suggest that future market dominance may lie in providers’ ability to bundle unique or niche offerings, such as live sporting events.