June 21, 2022
Are the curtains closing for Netflix?
BrandVue’s Most Loved Media Brands 2022
However, despite currently boasting an ad-free service, Netflix isn’t completely brand free...
As the entertainment industry showed signs of bouncing back to capacity, following its decimation during the pandemic, one name stood out as synonymous with the changing media landscape, reflecting its position as the UK’s most loved media brand.
It came as no surprise to see perennial Oscar nominee Netflix taking the number one spot in our Top 100 Most Loved Media Brands League Table. Further demonstrating the UK’s love for streaming services, we see YouTube, Amazon Prime Video, Disney+, and Sky TV also making it to the top 10.
Looking at data from our BrandVue Media platform we can see that, against the plethora of media brands consumers could mention, Netflix is 2nd most top of mind behind BBC and is very much a household name. It’s second only to Sky TV for advertising awareness and takes the lead by a considerable margin when we look at positive buzz, demonstrating that consumers love what they hear about the brand or, at least, they did.
However, the hike in cost of living is taking its toll; news of Netflix’s shares falling by over 35% in April, suggests that consumers are rethinking their subscriptions to streaming services, which grew vastly in popularity during the lockdown months.
But this problem won’t be unique to Netflix. It has such a commanding position in the market it’s likely to remain the market leader for the foreseeable future, and if people are going to ditch a subscription, Netflix won’t necessarily be the first choice.
So, what is it about Netflix that we love so much?
Netflix is seen as being at the forefront of its sector. In comparison with other media brands, consumers rank it the highest for being desirable, a brand for ‘people like me’ and exciting. It also takes the lead for being attractively priced. Whilst that may be contested following its price increase announcement, this likely boils down to the value consumers place on the other things Netflix has to offer, such as its vast range of content.
It can be difficult to contextualise when comparing an entertainment provider against commodified offerings, where product and service engagement is limited. But, regardless of a brand’s offerings, they would all benefit from building a brand image similar to that of Netflix.
Netflix has stuck by its principles; despite a host of well-funded streaming providers nipping at its heels, the streaming giant has resisted pressures to drive new revenue streams, be that advertising or premium rated on demand video. Thus far, Netflix have maintained an ad free, one payment subscription model – a huge bonus for customers, but a blow for advertisers who can’t take advantage of the Netflix viewing action.
However, despite currently boasting an ad-free service, Netflix isn’t completely brand free. Speculation surrounding paid for product placement is apparent; among the likes of Coca-Cola, Subway and Diesel, to name a few, have all been linked with Netflix original shows.
In 2020, Ben & Jerry’s even latched on to what has become common parlance, with their flavour ‘Netflix & Chill’d’ – a direct brand partnership with the streaming platform, suggesting there’s an opportunity for brands to hang on to the coat tails of the streaming giant’s success if it can indeed maintain its competitive edge.
With Netflix now having entered the mobile gaming space, and all that entails with Metaverse brand partnership possibilities, there seems to be a further opportunity to benefit from its position as the most loved brand among consumers.
The challenge for Netflix is now to maintain its position as the number one streaming service. From Disney+ to Hulu, the brand is facing strong competition, and its recent share price disaster reflects the challenges it faces as subscription rates flatten and the need to provide new and engaging content remains. The jury is out on whether Netflix will eventually succumb to a tiered advertising subscription model for commercial survival. A lot could still be achieved by others from following in the brand’s footsteps or being linked with it.
BrandVue’s Most Loved Media Brands 2022
Download the full report to discover the UK’s Top 100 Most Loved Media Brands as well as expert analysis on where the industry is heading and what brands can do to become more loved by consumers.
The report also provides an insight into how the No.1 Most Loved Media Brand gained the top spot and whether this can be maintained. We also take a look at how brands can succeed with multi-generational marketing campaigns, and touch upon what Spotify’s success can teach us about Brand Love.
Download the report here for the full Top 100 league table as well as more media trends and insights.
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