The Insight Summit in Singapore: Key Takeaways

Video providers want to be at the forefront of their chosen market, delivering content that inspires and delights. And what better place to do it than in Asia Pacific, where the content consumption market is incredibly diversified, and opportunity for growth and expansion is plentiful. To explore the unique growth opportunities that exist across the region, we recently brought together industry leaders and experts, at our Insights Summit event series. 

The inaugural event in the series took place in Singapore at The Arts House on 7th of June. It was the first of four special events held at key locations in Asia Pacific: namely in Singapore, Mumbai, Auckland and Sydney. Accedo’s very own Jose Somolinos and Nikki Perugini opened the first event with a deep dive into the world of innovation, the adoption of emerging technologies and the ever-evolving UX Design landscape. It’s fair to say though, that the panelists, Nik Emir Din, Law Kim Meng, Tariq Alam and Suneel Khare stole the show with the panel discussion moderated by Accedo’s Head of Business Development, Abdul Haleem. The panelists explored the unique challenges that they and the wider media industry in Asia Pacific face when it comes to building and maintaining successful video streaming services. Here are 3 key takeaways from the Singapore event.

1. Recognizing the need for local content is critical to success

 While local video service providers can’t compete with the big OTT players in terms of investment into content, they do have one advantage. They understand the user base implicitly, in terms of what users want, and what they connect with. This understanding, and appreciation, of localized needs and cultural aspects is incredibly valuable. Local niche content connects with the audience in a way that generic worldwide content does not, and this is a powerful ace to hold up your sleeve.

 While global OTT providers may well be delivering some local content, it is generally a small proportion of overall content so the majority of content available on a streaming service may not be relevant to the viewer. Not only that, it also makes content discovery less effective, which impacts negatively on UX which drives churn. By having a content library focused on delivering content to meet local needs, providers can sidestep these issues that global service providers face.

2. Great UX is bringing more engagement to local services than ever before

The growth in the OTT market in the region is being driven by investment and improvements to infrastructure, increased internet access, and increased uptake of smartphones and smart devices. Digital products and services across South East Asia and India respectively are maturing at a rapid pace, due to higher demand from customers for premium experiences that are on par with the big players globally. 

This has positively impacted the value and investment being made in product UX across the streaming services in the region. There is a desire to stand out from the saturated streaming marketing in Asia, and the local players are using UX to do this. By developing a deep understanding of their users' needs and wants, they are able to connect with consumers at a deeper level than the global services. By leveraging deeply personalized experiences, localized languages and innovative feature ideas, we are seeing the local streamers build a loyal fan base and drive higher levels of engagement and monetization than ever before.

3. Have a deep understanding of the specific market

When it comes to consumer acquisition and retention across the region, while having a library full of local, high-quality content is a top priority, there are also several other factors that need to be considered. One thing that can impact retention in a big way is seasonality. Content calendars need to be planned accordingly to take into account religious and cultural beliefs, as well as popularity of sports series. This also needs to be managed carefully from country to country, because there will likely be significant differences. It’s about understanding cultural nuances and making sure content plans align with them. 

It’s also worth focusing resource on quality acquisition, because after all, acquiring new subscribers is costly, so it’s important to focus on acquiring users who will stay around, not just users who only subscribe for the duration of one season or sporting series. Another strategy to prevent this type of churn, and incentivize users to stay, may be to team up with other providers and offer compelling bundles that are just too good to turn down. 

Adapting the offering to address specific, local market challenges is also important. To do this well, providers need to understand the reasons for churn, and then adapt accordingly. For example, if users are not staying because of payment infrastructure issues then perhaps offering an attractive, annual rate to entice users to make a single payment up front, could be a solution.   

The video industry is continually undergoing rapid change. What’s working well one month may not be quite so good next month, and what works well for another service, or in another country, may not be so easy to replicate elsewhere. It’s important to try not to follow the pack, and instead, to listen to users so that you can give them exactly what they want. 

The OTT market is continuing to grow across the region and is projected to reach $52 billion in 2028, a 56% increase from the $33 billion recorded in 2022. The APAC market is far from mature and extremely dynamic, meaning there are many opportunities to uncover. OTT providers need to deliver content based on consumer consumption habits, yet at the same time be ready to adapt quickly as those change. By identifying the audience and understanding their needs, providers can develop a clear strategy to build, operate and create a successful OTT offering in this market.

Yes, it’s important to focus on the here and now, to make sure you’re providing a compelling and engaging service, but at the same time, you also need to keep an eye on new trends and technologies on the horizon so that you don’t get left behind.

To find out more about how Accedo can support you to build and maintain a successful video streaming service and manage this balancing act, get in touch.