Some 55 per cent of US households subscribe to at least one streaming service, according to findings from Deloitte, and ESPN+ is the latest example of the rising popularity of OTT, having garnered over 1 million subscribers within the first five months.
But many of these apps experience an unusually high churn rate, according to CleverTap, a mobile marketing and user engagement platform, which has analysed the OTT apps space by reviewing data points across 100 million devices. The report – Industry Benchmark Report for Media and Entertainment (OTT) Apps – which examines performance metrics from some of the most successful media and entertainment apps, found that 43 per cent of all apps are abandoned just one month after download.
Other key findings include:
– OTT applications experience 67 per cent churn within the first two weeks;
– Conversely, only 26 per cent of new OTT app users engage media at least three times within the first month.
– Bringing insights from 8.7 billion data points, the report helps growth marketers benchmark against some of the most successful apps in the OTT industry.
– The report also includes proven strategies and best practices to help OTT companies optimise their content offerings.
“There’s intense competition in the OTT space, and thus the need to differentiate the offering with exclusive content and a superior customer experience becomes all the more important,” advised Almitra Karnik, Global Head of Marketing at CleverTap. “CleverTap’s OTT Benchmark Report provides the essential metrics that mobile marketers can use to benchmark their app’s performance and use data-backed #CleverTips to help engage customers at each stage to grow their app’s revenue.”
“It is fundamental for marketers to monitor the user journey while analysing OTT app’s performance,” asserted Elliot Goldwater, Director, BD & Partnerships at SendGrid – one of CleverTap’s email delivery partners. “Unless monitored end-to-end, key issues can get overlooked. CleverTap’s Industry Benchmark report enables marketers to look at this complete picture, keeping the user at the centre. Along with benchmarks for essential metrics at each lifecycle stage, it provides benchmarks for the percent of users that advance to the next stage, and in how long. These metrics make the report unique — and necessary for every data-driven marketer to have.”