After Netflix admitted losing millions of subscribers last week, the debate around how to retain customers in an overcrowded streaming market has never been more relevant. As companies race to steady their respective ships and mobilize strategies to keep customer churn in check, the question that needs to be asked pertains to growth levers – is content enough or are there other factors like price and customer experience?

There is evidence that households are starting to seriously prioritise where and how their disposable income is spent. A new Kantar study shows that the number of British households subscribing to at least one video streaming service is falling due to the cost-of-living crisis. With inflation in the United Kingdom hitting 6% during the first quarter of 2022, and further rises in energy and fuel costs likely, households are starting to seriously prioritise where and how their disposable income is spent.

Further to this, the war in Ukraine and the return to offices are also contributing to a reversal of growth with some key players, according to Netflix’s CEO. The streaming company just announced a loss of 200,000 subscribers in Q1, meaning more people unsubscribed from the platform than actually subscribed to it. Nevertheless, in the last twelve months, competitor services such as Disney+ and Apple TV+ have been enjoying huge market share gains.

Countering these macro-level trends will be a huge challenge. Brands have to focus on clever and contextual content to keep consumers engaged and satisfied. Product placements and branding integrations should be at the forefront like we’ve seen on the big screen with James Bond. All the major streaming players have departments devoted to this, if a meaningful brand fit exists, and is a relevant part of the storyline, there’s an opportunity.

As well as clever content, brands should also bet big on dynamic ads. They can be served to different markets and people based on their viewing habits. Companies such as Google are able to pull a deep set of data points to align brands with customers that fit ideal customer profiles. This comes down to contextual marketing as well as understanding personas and human behaviours and in a world powered by data, brands and agencies must pay far greater attention to how subscription habits are changing. For example, with an overwhelming portion of Amazon customers subscribed to Amazon Prime and the high quality of data that Amazon’s ecosystem provides, the level of insights and touchpoints the platform has on its customers allows them to offer not only perfectly aligned content options to their prime video customers, but also have the data to provide contextually aligned brand integrations to maximise revenue. With Netflix and Disney’s recent move to introduce an ad-supported tier, the trend for specific targeting is set to continue. What is undeniable is that there are enormous shifts in market share right now in the streaming space.

There is a huge opportunity to take content that exists on streaming platforms and bring it to a whole new level. The TikTok dance craze inspired by Disney’s ‘We Don’t Talk About Bruno’, is a great example of how content can go viral and cross-platform, maximising consumer affinity and driving them back into the platforms that host the content.

There is also a huge shift in supporting equality and diversity (especially seen recently with Disney+) which, whilst it is obviously something that should have always been there, does open up the platforms to resonate with different ethnic groups, countries and communities and further drive affinity with customers over other platforms.

Now more than ever, streaming platforms must stay on top of cultural and political shifts, consumer purchasing behaviours and ensure that all ad-based marketing is contextually aligned to their audience, so as not to alienate their audience and risk viewers switching platforms.