Netflix’s revenue boost, Amazon’s makeover, and the secret behind loyalty programs
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Welcome back to Subscriptions Weekly! Netflix is celebrating a huge 17% revenue boost thanks to hits like Baby Reindeer and Bridgerton. If you’re gearing up for the 2024 Paris Olympics, Sling TV has you covered with 4K streaming for select NBCUniversal events. On the loyalty front, we dive into how understanding your market can make or break your loyalty program. Universal Music Group is facing a tough spot with a 23% drop in stock value. Lastly, Amazon’s Prime Video is getting a major upgrade to make your streaming experience smoother.
Netflix sees 17% revenue boost thanks to hit shows Baby Reindeer and Bridgerton
Netflix had a stellar second quarter in 2024, with revenue jumping by nearly 17% to $9.56 billion. Lina Tonk, Recurly’s CMO, highlighted Netflix's focus on personalized services and diverse content, including live sports events like NFL games and boxing matches. She emphasized that this approach is key to keeping subscribers loyal and maintaining Netflix’s leading position in the streaming industry. Read more on Campaign.
Catch the 2024 Paris Olympics in 4K with Sling TV!
Sling TV (a Recurly customer!) is rolling out 4K streaming for select NBCUniversal coverage, starting with events on USA Network. You’ll be able to catch team sports like swimming, track and field, soccer, and more, just make sure you have a 4K TV to enjoy this high-def experience. Read more on Sling.
Loyalty programs: How getting to know your market drives success
A lot of brands miss the mark with their loyalty programs because they focus on the wrong things. The trick to a winning loyalty program is making sure your products fit what the market wants, a concept called product-market fit. To unlock the full potential of loyalty programs, brands need to understand and meet customer needs, offer personalized perks, and create a sense of community. Read more on PYMNTS.
UMG stock dips after streaming and subscription revenue misses expectations
Universal Music Group (UMG) hit a rough patch in the super-competitive streaming market. Shares of UMG, home to big names like Taylor Swift, Drake, Justin Bieber, and Adele, dropped 23% on Thursday after reporting slower-than-expected growth in their streaming and subscription sectors. UMG has launched a restructuring plan aimed at saving €250 million annually by 2026. Read more on Yahoo Finance.
Amazon’s Prime Video gets a major makeover to simplify your streaming experience
It’s the biggest one in two years and it's all about making it easier for users to find something to watch without all the hassle. One of the important parts of this update is that it'll finally be clear what’s included with your Prime membership and what your users pay extra for, also recommendations are now powered by generative AI. Read more on Variety.
🙌🏆 How to convert subscriber engagement into revenue
Struggling to convert subscriber engagement into revenue? Join us on August 7 from 10 AM BST or 10 AM PT for a 30-minute virtual event that’ll show you how to easily transform subscriber engagement into meaningful revenue with the right tools and strategies. Register now.
📈💯Strategies to transform subscriber lifecycles
Recurly and Worldpay are teaming up to host an exclusive in-person gathering at Soho House NY. It’s going to be a fantastic evening where we dive into the latest strategies for taking your subscriber lifecycle management to the next level. Don’t miss out on this opportunity to connect, learn, and grow your knowledge in the realm of subscriber engagement. RSVP for the event.
💳✅ Unlock the potential of every successful subscription payment
Explore how payment optimization is pivotal for subscription success in this commissioned study conducted by Forrester Consulting on behalf of Recurly, offering insights on overcoming payment failures, reducing churn, and boosting growth. Read now.