mkt 620 milestone one

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Apr 3, 2024

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Running Head: MILESTONE ONE Milestone One: Product Category, Determinant Attributes, and Product Brands Streaming Platforms Jordan Sadler Southern New Hampshire University MKT 620: Consumer Behavior & Marketing Professor Crowe

Running Head: MILESTONE ONE Product Category: Streaming Platforms The product category that I have selected to research is streaming platforms. Streaming platforms are online entertainment sources where consumers are able to watch TV shows, movies, and other forms of streamed media. There are also different times of streaming platforms for things like music and video games, but for the purposes of this project we will specifically be talking about streaming platforms for TV shows, movies, and other streamed content (Streaming Platforms: A Complete Guide to Leading the Industry, n.d.). Streaming platforms have had a meteoric rise in recent years as cable television has become increasingly obsolete to consumers, with the top streaming platforms that we will be discussing having hundred of millions of subscribers and continuing to grow. These platforms have become major companies, with a lot of the content on these platforms being professionally shot and produced by studios and media companies that are either owned by the platform themselves or have partnered with them to make content. The platforms that we will be discussing are subscription-based streaming platforms, meaning users typically must pay on a per-month basis to continue using them, and each platform has different prices and packages available (Streaming Platforms: A Complete Guide to Leading the Industry, n.d.). Consumers have an ever-increasing need for content, which means that there is an ever- increasing competition between platforms to capture the attention and eyeballs of consumers. The goal of this research is to learn more about what influences consumers and their buying behavior within the streaming platform industry. We will be outlining different product determinant attributes with the goal of discovering which attributes affect the purchasing decision of consumers the most when it comes to streaming platforms.

Running Head: MILESTONE ONE Determinant Attributes In this digital age of streaming where there is an increasing number of streaming platforms for consumers to choose from, companies are trying to find more and more ways to set themselves apart from their competition. And with these platforms being subscription-based costing consumers a monthly fee, consumers are becoming pickier with what streaming platform they will decide to spend their money on. Recent studies have shown that a staggering 99% of U.S. households pay for at least one or more streaming platforms, with most households paying for up to three streaming platforms a month (Durrani, 2023). So what attributes are most important to consumers when deciding what streaming platforms they would like to do business with? Upon my research and based on my own personal experience with streaming platforms, I found that there are six key attributes that consumers will consider when considering a streaming platform, and those attributes are: price/packages available, library selection, content variation, recommendations, user-friendly interface, and quality (Kvartalnyi, 2022).  Price/Packages Available: What different pricing options do they have available and what does each package include?  Library Selection: What specific TV shows & movies do they have available?  Content Variation: Do they have a variation of diverse content available such as TV shows, movies, live-streamed content, or user-generated content?  Recommendations: Are they able to recommend you good shows based on what you have watched in the past?  User-friendly Interface: Is the platform itself easy to navigate and use?  Quality: Do they offer content with high quality options such as 4K, HDR, Dolby Vision, or Dolby Atmos?

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Running Head: MILESTONE ONE Product Brands With the ever-growing rise in popularity for streamed content, there are many brands that consumers have the opportunity to chose from when making their purchase decision for a streaming platform. And every year it seems like a new streaming platform is arising, or current streaming platforms are being merged together. But with this growth in the streaming industry, there are a few main players that continue to dominate the industry and are usually at the top of the list for consumers when considering their options. The top brands that we will be evaluating are Netflix, Amazon Prime Video, Disney+, and Max. Netflix is the largest and most popular streaming platform in the market, reporting over 260 million subscribers at the end of the 2023 fiscal year. Something to keep in mind when considering Netflix’s success is the fact that they are the oldest streaming service in the market, having been available globally longer than any of their competitors. But not only that, they also have the largest selection of content out of any of their competitors. They have TV shows, movies, foreign & domestic content along with a wide list of categories such as action and adventure, classics, comedies, children and family, documentaries, sports, anime, sci-fir and more. There is always something to watch on Netflix because they are constantly rotating in new content, with much of their content being produced by the company themselves (Nickinson, 2024). Amazon Prime Video is the second largest streaming platform in the market with just over 200 million subscribers. Amazon Prime Video is slightly different from other streaming platforms on the market because it is a part of the vast Amazon Prime Ecosystem. Consumers who are members of Amazon Prime get access to Amazon Prime Video as part of their subscription. This is why Amazon Prime Video has as many subscribers as they do, because that

Running Head: MILESTONE ONE number encapsulates regular Amazon Prime members. And just because someone is an Amazon Prime member, doesn’t mean that they are actively using their Amazon Prime Video access. But regardless of that point, Amazon Prime Video does also have a large selection of TV shows and movies, as well as the option to rent or buy newer TV shows and movies, which a lot of other streaming platforms do not have access to. Amazon Prime Video is also different because they have the option to subscribe to other streaming platforms through their service (Nickinson, 2024). Disney+ is the third largest streaming platform on the market with just over 150 million subscribers. Disney+ is one of the newest streaming platforms in the market having launched in November 2019, but despite that they have quickly grown to be one of the largest. One factor that has contributed to the success of Disney+ is the fact that they own several other streaming services and have created pricing bundles so that consumers are encouraged and have easier access to subscribe to multiple services at once. Disney owns Hulu and ESPN+, which are both available to add in a pricing bundle. Disney+ is home to all things Disney, which includes content from Marvel, Pixar, National Geographic, and much more (Nickinson, 2024).

Running Head: MILESTONE ONE References Streaming Platforms: A Complete Guide To Leading the Industry . (n.d.). Endavo Media. https://www.endavomedia.com/streaming-platforms-a-complete-guide/ Durrani, A. (2023, March 27). Top Streaming Statistics In 2024 . Forbes Home; Forbes Home. https://www.forbes.com/home-improvement/internet/streaming-stats/ Kvartalnyi, N. (2022, November 30). 13 Must-Have Features for Streaming Platforms . Inoxoft. https://inoxoft.com/blog/essential-features-for-streaming-platforms/ Nickinson, P. (2024, February 28). The 10 most popular streaming services, ranked by subscriber count . Digital Trends. https://www.digitaltrends.com/home-theater/most- popular-streaming-services-by-subscribers/

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mkt 620 milestone one

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