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rodela358868
Apr 11, 2022
In Welcome to the Forum
The reform of the membership system may mean that the inflection point of China's online video membership economy is approaching: staking for members, and has entered a stage of steady development. The mining of membership value is moving from the extensive and romantic "Eden Era" to the fine-grained "Agricultural Era". The global spread of the epidemic has pressed the pause button for most industries, but pressed the "accelerate button" for the online video industry. Social isolation has objectively increased the time people spend watching video content. Not long ago, Netflix announced the data for the first quarter of this year: within three months, the number of paid members of Netflix increased by nearly 16 million, far exceeding Wall Street's expectations of 7.2 million, an increase of 64% compared with the same period last year. In China, at almost the same time, iQIYI and Tencent job title email list announced Q1 data one after another: iQIYI’s financial report showed that its subscription membership reached 119 million, Tencent’s financial report showed that its video membership reached 112 million, the number of members and ARPU value of the two major platforms have improved. Quantitative change produces qualitative change. Following Gong Yu's mention in the earnings conference call that the membership system will be subdivided, iQIYI recently officially launched a new membership service "Star Diamond VIP Membership", allowing different members to access services on demand. In the view of many people in the industry, the reform of the membership system may mean that China's online video membership economy is approaching an inflection point: staking for members, and has entered a stage of steady development. The excavation of membership value is moving from the extensive and romantic "Eden Era" to the fine-grained "Agricultural Era". In fact, further, whether overseas or locally, the continuous refinement of the match between supply and demand is making the deep cultivation of member value-added services become the greatest common divisor of various streaming media giants. These membership services will always evolve in the dynamic balance of segmented user needs and platform content capabilities. Refine operation to formulate "price and quantity agreement" As Liu Run, a business consultant, said, the underlying logic of the economics of the membership system is similar to a "contractual relationship": I promise to spend more with you, and you promise to give me more rights. The membership system is the relationship between the platform and the user. "Price and Quantity". Whether overseas or domestically, matching on demand and refining operations to formulate this "price-volume contract" may be the ultimate destination for the maturity of the video membership economy. Take Netflix as an example, with more than 180 million paid members in more than 190 countries around the world, as its CEO Reed Hastings said: "Streaming video is a business that focuses on 'people' and 'membership'. The overriding principle that underpins Netflix's operations and strategies is member satisfaction." More precisely, it is the satisfaction of different members. Compared with most platforms, the price of Netflix membership is higher, and it has experienced several increases in recent years. The current three-tier membership prices are $8.99, $12.99, and $15.99 per month (49 yuan, 55 yuan, 79 yuan), the largest The difference is the resolution and the number of screens that can be viewed at the same time. The average monthly profit per member of Netflix in Q1 this year increased by 6%, which includes the factor of "membership level change". Although the financial report is good, Netflix has not had a good time recently. More and more giants have launched their own streaming media platforms, and they are constantly polishing their own membership systems. For example, Netflix and ESPN have changed from former collaborators to local competitors. Behind it is the chain reaction of old rival Disney's entry into the streaming media industry. They launched Disney+ at the end of last year, and launched bundled memberships to integrate content such as Disney+, ESPN+ and Hulu. For integration, the package price is $12.99 per month, and it has now harvested nearly 55 million subscribers worldwide.
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