The National Football League (NFL) announced its latest venture into the world of streaming on July 25: NFL+.
The service is divided into two tiers that have their own sets of perks, allowing the NFL to provide football fans the content they desire while also expanding its subscriber base, according to the press release.
Read on to learn more about NFL+, the current state of the streaming market, and what you can do to ensure you’re meeting the needs of your current and future subscribers.
Engaging with Fans Through a Live Streaming Service
The NFL is re-imagining its direct-to-consumer offering through its new streaming service.
The basic tier, known as NFL+, costs $4.99/month (or $39.99 annually) and includes access to:
- Live games to stream across tablets and mobile devices
- Live preseason games outside of your region to stream on any device
- Live audio coverage of games
- Ad-free library of past NFL content
The secondary tier, NFL+ Premium, costs $9.99/month (or $79.99 annually) and will replace the organization’s past live streaming service, NFL Game Pass. It includes:
- All NFL+ features
- Ad-free full and condensed game replays
- Ad-free access to Coaches Film
The NFL could gain millions of subscribers based on its current fan base. The 2021 regular football season pulled in an average of 17.1 million viewers, and the organization estimated that the Super Bowl LVI had a viewership of over 208 million.
Although this offering could appeal to a large audience, it may not be considered a necessity to all NFL fans. “[82% of people agree that] there’s a limit to the number of sources of entertainment needed even if they can afford it all,” said Jon Giegengack of Hub Entertainment Research at SubSummit 2022.
Is the Streaming Market Oversaturated?
Recent consumer behavior trends may affect the success of the NFL’s latest initiative.
Over one-third of U.S. consumers have canceled a streaming subscription or are on track to cancel one in the next year due to rising costs and the number of subscriptions they currently have, according to a study by Simon-Kucher & Partners.
However, nearly three quarters of respondents would reconsider canceling their subscription if its price was cheaper, even with the addition of advertising. Both NFL+ and NFL+ Premium’s live streaming options include advertising.
The NFL isn’t the only major U.S. sports league to use live streaming services. The National Basketball Association (NBA) has its own offering, NBA League Pass, giving fans access to games and exclusive NBA content. Its viewership through MLK Day in 2021 was up 18% compared to the 2019-2020 season, according to Nielsen Media Research obtained by the NBA.
Major League Baseball (MLB) also has its own service, MLB.TV, where subscribers can access live games outside their regions alongside past MLB content.
“Having a unique offering is the number one reason big brand and single network SVODs (subscription video on demand) are ‘must-haves’ for consumers,” Giegengack noted during his SubSummit 2022 session.
What Do Your Subscribers Want From You?
The NFL’s latest live streaming service is adding to the growing streaming market in an effort to provide the best experience for its fans, according to the press release.
“The passionate and dedicated football fans are the lifeblood of the NFL, and being able to reach and interact with them across multiple platforms is incredibly important to us,” said NFL Commissioner Roger Goodell.
As seen with the launch of NFL+, your focus should be on your audience and what your offer provides them.
But how do you know if you’re giving your subscribers what they want? You should be asking them yourself, according to Julie Ball of Sparkle Hustle Grow.
“When a customer feels heard, they’re more emotionally attached to your business, they feel like they’re receiving customer service, and you get answers!” Ball noted on prioritizing customer feedback during her SubSummit 2022 session.
Whether it’s through surveys or monitoring customer reviews, collecting and implementing your subscribers’ feedback is extremely important for your business.
In today’s economy, it is crucial to have a unique offering that retains subscribers and empowers your brand to be irreplaceable. Spend time evaluating what makes your offering stand out from your competitors as you look for innovative ways to reduce churn.
“Build your subscription around the one thing nobody else is doing,” said Giegengack at SubSummit 2022.
Key Takeaways:
- The NFL has announced its latest live streaming service: NFL+.
- NFL+ has the potential to gain millions of subscribers based on the organization’s viewership numbers.
- Consumers are cutting costs due to inflation, so pay attention to what your audience wants and ensure your subscription offers them something unique.
Interested in staying up to date on the latest trends in subscriptions? Hear from some of the biggest names in DTC subscriptions by attending SubSummit!