Video via Hulu. All rights reserved.
Ready to take on existing players like Sling TV, PlayStation Vue, Direct TV Now and YouTube TV, Hulu is getting into the cable cutting game with launching Hulu Live TV service that delivers basic cable channels over the Internet. The video features the introduction with this new service.
When talking about TV streaming services, millennials are labeled as “cord cutters” because they don’t pay for traditional cable or satellite TV but turn to the wireless devices such as smart TVs and mobile phones. Number shows that traditional pay-TV industry lost 1.7 million of its customers in 2016, which was up from 1.1 million in 2015. One of the biggest pain point triggering this disruption is millennials. When they are offered satisfying and enough content from those over-the-top (OTT) streaming services with easier access and a more cost-effective price, is there still any reason for these digital natives to plug in the cord?
Maybe there is. But here are more reasons why millennials are leaning towards “cord cutters.”
Better and on-demand content
Content is one of, if not the most important part of TV offering service. For most millennials, watching TV no longer means sitting on the couch killing time no matter what those people in the screen are saying. They are long for interesting and high-quality content, and they want it consistently interesting and high-quality. OTTs are now experts on this, throwing huge amount of money in generating original content and making efforts to ensure quality and uniqueness. And with streaming technology, content is accessible nearly anytime anywhere.
OTTs are all making effort to deliver content to multiple platforms, including TV, phone, and tablet, to provide seamless access across those platforms. Because most millennials are living with owning multiple devices. Imagine it. You watch a show on smart TV at home, then pick back up on mobile devices during daily commute on public transportation. Multi-platforms is another way to provide access without the limit of time and location.
The flexibility and satisfaction of binge-watching is the new and most attractive lure to millennials. No longer need to go through several months to reveal the ending, the entire seasons ore series are offered to stream at anytime they want. This is the preferential way for millennials to consume content, which is hard to do with traditional cable and satellite.
At the end of the day, it is all about user experience in terms of TV watching. Meeting millennials’ demand and expectation of experience is the key driver of the victor of OTT services.
Hulu now is on the right track. In the near future, however, differentiating itself from its competitors is way more important than just joining the game. And it will involve multiple factors including pricing model, number of channels, screens, and features.