UNIT 6: SOCIAL MEDIA AND THE INTERNET
My name‿ is Leo. My househol(d) subscribes to three streaming services,│ an(d) when we cancelled one recently nobody noticed for‿ a fortnight,│ which‿ is‿ a tolerably eloquen(t) comment‿ upon the value we believed we were receiving.
The industry occupies‿ an‿ awkwar(d) position. Every platform requires‿ exclusive conten(t) to justify a subscription,│ so a catalogue formerly located‿ in one place has been fragmented‿ across six,│ an(d) the consumer‿ is‿ expected to finance‿ all‿ of them. This‿ is subscription fatigue,│ and‿ it‿ is not principally a matterma-der‿ of price sensitivity;│ it‿ arises from the perception that one‿ is paying more for less. Licensing‿ arrangements mean‿ a series may vanish‿ overnight,│ which renders‿ a subscription‿ a rental rather than‿ a collection,│ an(d) the algorithm recommending your nex(t) programme‿ is remarkably adept‿ at persuading you│ that your portfolio remains worthwhile.
What‿ I anticipate‿ is consolidation. Two or three platforms will‿ absorb the remainder,│ an(d) passwor(d) sharing,│ which companies‿ are currently curtailing,│ will be tolerated│ once more│ when they recognise│ that‿ it was never the principal threat to revenue. Meanwhile‿ I apply a single condition:│ if‿ a subscription costs‿ as much‿ as‿ a cinema ticket monthly,│ it mus(t) be justifiable‿ upon those terms,│ an(d) mine‿ at present‿ are jus(t) barely so. The incentive to produce something durable‿ is weak│ when the rewar(d) lies‿ in retention rather than‿ in satisfaction,│ an(d) that‿ is the structural defec(t) no merger will remedy.